Foreclosures | Mortgages | Financing
Consumer Financial Protection Bureau’s finalized updates to the Know Before You Owe mortgage disclosure rule, also known as the TILA-RESPA Integrated Disclosure rule, will officially take effect on Oct. 10, 2017. But, it’s important to note that despite the effective date, the CFPB set a mandatory compliance date for Oct. 1, 2018. …read more
From:: Real Estate Wire
Shares of YogaWorks Inc. tanked 16% Friday as the stock made its debut on the Nasdaq. YogaWorks priced its offering Thursday at $5.50 a share, the low end of its price range, and sold 7.3 million shares to raise $40 million. Shares opened at $5.50, but quickly tumbled to around $4.70 Friday afternoon. The price range had already been cut to $5.50 to $6.50 a share from its previous range of $12 to $14 a share. YogaWorks had attempted to go public at the end of July, but postponed the IPO citing “market conditions.”Cowen, Stephens Inc. and Guggenheim Securities were the lead underwriters on the offering.
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From:: Stock Market News
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 3 to 768 rigs this week. However, the total active U.S. rig count, which includes oil and natural-gas rigs, fell by 5 to 949, according to Baker Hughes. September West Texas Intermediate crude was up 4 cents, or less than 0.1%, at $48.63 a barrel on the New York Mercantile Exchange. It traded at $48.51 before the data.
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From:: Stock Market News
Mortgage Research Center, which does business as Veterans United Home Loans and VAMortgage Center, will pay more than $1.1 million to settle allegations that the lender overcharged on loans primarily insured by the Department of Veterans Affairs. As part of the settlement, Veterans United will pay approximately $604,000 in restitution to the affected borrowers, many of whom are military veterans, plus a $500,000 penalty to the state of New York. …read more
From:: Real Estate Wire
Snap Inc. shares were on track to close at a record low Friday, a day after the Snapchat-parent missed second-quarter earnings expectations. Snap shares were down 11% Friday afternoon, at one point falling to an intraday low of $11.81, the lowest point the stock has fallen in its history. Shares fell sharply Thursday afternoon, plunging around 15% during the earnings call, in which management detailed lower ad pricing, in addition to other missed metrics. Shares of Snap have lost 21% in the past month, while the S&P 500 has gained 1%. This would be the 11th time the stock has closed at a record close in the last month.
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From:: Stock Market News
Audio streaming platform SoundCloud staved off reportedly being shutdown, with an investment from The Raine Group, a global bank, and Temasek, a Singapore-based sovereign wealth fund, and the removal of its chief executive officer. Alongside the investment announcement Friday, Kerry Trainer, formerly chief executive of Vimeo, will become chief executive of SoundCloud, while Alexander Ljung, the current CEO, will step down to become chairman of the board. Michael Weissman, most recently chief operating officer at Vimeo, will be the chief operating officer. Eric Wahlforss, a co-founder of the SoundCloud, will remain with the company as chief product officer. The financial terms of the investment were not disclosed. The investment comes as SoundCloud was reportedly struggling financially, with media reports saying the company could not have continued without the investment. In the press release, SoundCloud said it has a $100 million annual run-rate for 2017.
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From:: Stock Market News
The S&P 500 is bouncing 0.3% Friday, from a one-month low in the previous session, but the number of stocks that have hit new 52-week lows in intraday trade continues to dominant the number of stocks reaching new highs. Within the index, there were 15 stocks that have hit new lows and just 3 that have reached new highs. Of all the stocks listed on the New York Stock Exchange, new lows are outnumbering new highs by 166 to 23. That 143-spread of new lows over new highs is the widest since Feb. 11, 2016, when there were 674 new lows to just 32 new high. On the Nasdaq, the spread is a little narrower Friday, at 91 new lows to 18 new highs. Meanwhile, the S&P 500 was down just 1.9% from its 52-week intraday high of 2,490.87 on Aug. 8, and 17% above its 52-week low of 2,083.79 on Nov. 4.
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From:: Stock Market News
The U.S. Department of Housing and Urban Development swore in its new secretary of housing and equal opportunity. Anna Maria FarÃas will join the department once again after serving under former President George W. Bush. This appointment fills another key vacancy at HUD. …read more
From:: Real Estate Wire
A couple buying a home in Washington D.C. lost $1.5 million after a hacker pretended to be a title company and falsely convinced them to wire the money to an account they owned. Unfortunately, this type of scam isn’t new. Here’s a reminder of what buyers can do about the schemes. …read more
From:: Real Estate Wire
Shares of Blue Apron Inc. fell as much as 2.7% in morning trade Friday to an intraday low of $5.00, which was exactly half the meal-kit company’s IPO price, before paring some gains. The company, which went public on June 29, reported Thursday second-quarter revenue that beat expectations but also a wider-than-expected loss and delays at a New Jersey factory. SunTrust analysts followed by downgrading Blue Apron to hold from buy, and Oppenheimer’s Jason Helfstein cut his rating to perform from outperform, saying the company’s story “shifts from growth to capital preservation.” The stock was now down 1.4% at $5.07, and has lost 49% since it closed at its IPO price on the first day of trade. Over the same time, the S&P 500 has gained 1.1%.
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From:: Stock Market News