Foreclosures | Mortgages | Financing
The Senate Committee on Appropriations unanimously approved the fiscal year 2018 Transportation, Housing and Urban Development, and Related Agencies Appropriations Act. This new bill, passed by the committee, shifts away from Trump’s budget proposal and includes additional resources to prevent and end homelessness among veterans and youth, as well as to maintain existing rental housing assistance for nearly 5 million households nationwide. …read more
From:: Real Estate Wire
Despite rising quarterly business, a growing book of business and falling delinquency, a one-time charge pushed earnings at Radian Group Inc. into the red.
During the three months that concluded on June 30, 2017, pre-tax income was a $35 million loss, according to Radian’s second-quarter earnings report.
Earnings at the Philadelphia-based mortgage insurance company swung from a $115 million profit in the prior three-month period and a $157 million profit a year prior.
From:: Financing
Although the Federal Home Loan Mortgage Corp. pushed up the quarterly volume of residential purchase-money loans it financed, a drop in refinance activity more than offset the gain.
For the period that started on April 1, 2017, and ended on June 30, pre-tax income at Freddie Mac came to $2.5 billion. Earnings improved compared to 1.5 billion a year earlier.
The McLean, Virginia-based organization covered its latest earnings, as well as other financial and operational results, in its second-quarter 2017 earnings report released on Tuesday.
From:: Financing
Home prices increased from last year and last month, and the increase is expected to continue, according to the latest report from CoreLogic. Already, home prices in four of the top 10 largest metros are so high they may be overheating those markets. …read more
From:: Real Estate Wire
The new shares of Tidewater Inc. began trading on the New York Stock Exchange Tuesday, after the provider of offshore service vessels for the energy industry emerged from bankruptcy. The stock, which was listed under the same ticker symbol of “TDW” as it was before the emergence from bankruptcy, changed hands at $24.82 in morning trade, up 18% from an opening trade of $21. The stock had closed Monday at 93 cents. Through its bankruptcy, the company was able to eliminate $1.6 billion worth of debt, and cut annual interest and operating lease expenses by $73 million. “The company believes that its substantially deleveraged balance sheet positions it for long-term success for the benefit of all of its stakeholders,” Tidewater said in a statement released Monday. Tidewater emerges from bankruptcy at a tough time for the oil services sector, as the VanEck Vectors Oil Services ETF has tumbled 26% year to date, while the S&P 500 has gained 11%.
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From:: Stock Market News
Shares of Air Products & Chemicals Inc. rose 3.7% Tuesday, after the industrial gases company beat profit and sales estimates and raised its outlook for 2017. Lehigh, Pa.-based Air Products said it had net income of $102 million, or 46 cents a share, in the second quarter, down sharply from $354 million, or $347 million, or $1.59 a share, in the year-earlier period. Adjusted per-share earnings came to $1.65, ahead of the FactSet consensus of $1.59. Sales rose 11% to $2.12 billion, also ahead of the FactSet consensus of $2.06 billion. The company raised its adjusted EPS forecast for the full year to $6.20 to $6.25, a 10 cents gain from prior guidance at the midpoint. Shares have gained 2.6% in 2017, while the S&P 500 has gained 10.5%.
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From:: Stock Market News
Shares of engine maker Cummins Inc. slid 5% Tuesday and were the second-biggest decliner on the S&P 500, after the company missed profit estimates for the second quarter. Columbus, Ind.-based Cummins said it had net income of $424 million, or $2.53 a share, in the quarter, up from $406 million, or 2.40 a share, in the year-earlier quarter. Revenue rose 12% to $5.1 billion. The FactSet consensus was for EPS of $2.58 and revenue of $4.8 billion. “Earnings increased due to solid operational performance, partially offset by higher warranty costs that resulted in second quarter EBIT that was below our expectations” Chief Executive Tom Linebarger said in a statement. However, due to stronger demand from truck and construction markets in North America and China, the company raised its full-year outlook. It now expects revenue to climb 9% to 11%, up from prior guidance of 4% to 7%. Shares have gained 25% in 2017, outperforming the S&P 500’s 10.6%.
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From:: Stock Market News
Despite recording a net loss for the second quarter, private mortgage insurer Radian Group managed to report a strong quarter for new mortgage insurance written. According to the company’s financial results, new mortgage insurance written surged 43% from the first quarter of 2017 and 11% from the prior-year quarter. …read more
From:: Real Estate Wire
Shares of Ford Motor Co. dropped 2.9% in very active morning trade Tuesday, after the auto maker reported a sharp drop in car and truck sales in July. Volume topped 19 million shares within the first 30 minutes after the open, already more than half the full-day average, and enough to make the stock the most actively traded on the major U.S. exchanges. Ford said total vehicle sales for last month tumbled 7.5% from a year, as a 19.4% plunge in car sales and a 7.1% slide in truck sales offset a 2.2% rise in SUV sales. Separately, rival General Motors Co.’s stock slid 3% after reporting July vehicle sales fell 14%. Ford’s stock has now lost 10.2% year to date, while GM shares have edged up 0.2% and the S&P 500 has gained 10.5%.
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From:: Stock Market News
Athenahealth Inc. shares surged 4.2% in morning trade Tuesday after the company announced a slate of changes as part of a strategic review, including about $100 million in cost-saving opportunities. Athenahealth also plans to create a president role and separate the roles of chairman and CEO. The company said it would provide more information about cost-saving opportunities, including plans to “significantly” increase operating margins in 2018 and afterwards, by its third quarter earnings release, which is scheduled for October. Athenahealth shares have surged 37.3% year-to-date, compared with a 10.4% rise in the S&P 500 .
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From:: Stock Market News