Foreclosures | Mortgages | Financing
The Mortgage Bankers Association was one of the first groups to publish their thoughts for the government on how to best tackle reforming Fannie Mae and Freddie Mac. Now as the list of people commenting on how to execute reform continues to grow, David Stevens, Mortgage Bankers Association president and CEO, decided to go back and highlight one of the MBA’s main points: The need for multiple guarantors. …read more
From:: Real Estate Wire
Intuitive Surgical Inc. announced Friday afternoon that it plans a 3-for-1 stock split as the company’s shares near $1,000 apiece. The company, which sells the da Vinci line of surgical robot products, will ask shareholders to approve the split at its annual meeting on Sept. 22. If the move is approved, investors who hold the stock as of Sept. 29 would receive two additional shares for every one they own ahead of the open of trading on Oct. 6. Intuitive Surgical shares have gained 48.6% so far this year, as the S&P 500 index has gained 8.9%, and closed Friday at $942.25; the stock gained about 0.3% in late trading after the split was announced Friday.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Snap Inc. spent $348 million to acquire two companies this past quarter as it pushed into the location-mapping field. Snap bought Zenly, a social mapping app, for $213 million in cash in May and $135 million in cash for Placed, an ad-tech company that offline purchases, according to the company’s 10-Q filing released Friday. Management said on the earnings call that the Placed acquisition would be reflected in next quarter’s earnings. According to the filing, Snap also acquired part of a business from a “social advertising software company” for $62 million in June and bought all outstanding shares of a “company that operates a cloud hosted platform for building content online,” but it did not name the companies. Shares of Snap were sinking 13% Friday, a day after the company missed second-quarter earnings expectations. The stock is on track to close at a record low Friday.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Tesla Inc. set the terms for its first-ever pure bond deal Friday, pricing it at a yield of 5.25% and increasing the size to $1.8 billion from a previous $1.5 billion, The Wall Street Journal reported. Demand was strong enough to support an increase in the size of the deal, the paper said.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Among a host of updates made by the Federal Home Loan Mortgage Corp. on rental income is the utilization of income from short-term rentals.
McLean, Virginia-based Freddie Mac says the nation’s housing trends in the rental market are evolving, and it is studying the changes.
The trends include short-term rental income, where a lease is not utilized. So the government-sponsored enterprise has issued guidance on such situations.
From:: Financing
Although purchase financing drove overall new mortgage business lower this past week, an increase was recorded for refinances and jumbo loans as adjustable-rate mortgage activity surged.
Mortgage Daily’s U.S. Mortgage Market Index, an indication of upcoming home-lending activity based on per-user rate locks at OpenClose, was 147 in the week ended Aug. 11.
Volume retreated by 5 percent from the preceding seven-day period and sank by more than a fifth from the same seven days last year. There are no adjustments made for seasonal factors.
From:: Financing
Gold prices settled Friday at their highest level since early June, up 2.3% for the week, as tensions tied to North Korea boosted haven demand for precious metals. December gold added $3.90, or 0.3%, to settle at $1,294 an ounce. That was the highest finish for a most-active contract since June 6, according to FactSet data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Among the roles that have recently been filled at a variety of real estate finance firms are chief financial officer, president and chief executive officer.
Former Ginnie Mae president Ted Tozer has joined the board of directors of PennyMac Financial Services Inc., a July 19 announcement indicated. He was at Ginnie for seven years.
Royal United Mortgage LLC President and CEO Mike Keleher has been recognized as a highest-rate CEO in the Glassdoor Employees’ Choice Award. Keleher has led the Indianapolis-based firm since 2008.
From:: Financing
Contura Energy Inc., which was set to be the third coal company to go public this year, withdrew its initial public offering, citing “capital market conditions.” All the shares in the offering were to be sold by the company’s shareholders, who decided that going public at this time would “undervalue the company,” according to the press release Thursday. The offering had set a range of $23 to $27 a share to raise up to $162 million. YogaWorks Inc. , another company that had postponed its IPO due to market conditions, did debut on the market today, and saw its stock plunge 16%. Contura has permitted $150 million in cash to be used for the payment of a $100.7 million dividend, and said it may use the remaining cash to create a common stock buyback program.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
New York City made it official – it became the first city to guarantee legal council to all low-income tenants facing eviction. NYC Mayor Bill de Basio signed the bill at the No Tenant Stands Alone rally, where he explained what this new law will mean for tenants and landlords. …read more
From:: Real Estate Wire