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Sen. McCain diagnosed with aggressive brain cancer

Sen. John McCain has been diagnosed with an aggressive form of brain cancer, according to a release from his office. The Arizona senator underwent a procedure last Friday, July 14, to remove a tumor above his left eye at the Mayo Clinic in Phoenix. According to the statement, the 80-year-old politician is “reviewing further treatment options,” which may include “a combination of chemotherapy and radiation.”

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Trump Jr., Kushner, Manafort to testify in Russia probe next week

White House adviser Jared Kushner, Donald Trump Jr. and former Trump campaign manager Paul Manafort will testify on Capitol Hill next week as part of investigations into Russian meddling in the November election. Kushner, the son-in-law of President Donald Trump, will testify in a closed-door session of the Senate Intelligence Committee on Monday, ABC News first reported late Wednesday. Kushner’s lawyer, Abbe Lowell, confirmed he would appear, saying Kushner “is prepared to voluntarily cooperate and provide whatever information he has on the investigations to Congress.” Separately, Reuters on Wednesday reported Trump Jr. — the president’s eldest son — and Manafort, who quit the campaign last August, will publicly testify Wednesday before the Senate Judiciary Committee. All three were said to be at a meeting with a Russian lawyer and a number of others last June in an effort to obtain damaging information on Hillary Clinton.

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TPG RE Finance Trust prices IPO at $20 a share

TPG RE Finance Trust Inc. said late Wednesday it priced its initial public offering at $20 a share. The commercial real-estate company said it plans to offer 11 million shares to trade on the New York Stock Exchange on Thursday. Last week, in a Securities and Exchange Commission filing, TPG had said it expected a maximum offering price of $21 a share.

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Stanley Black & Decker board hikes dividend

Stanley Black & Decker Inc. late Wednesday said its board raised the quarterly dividend by nearly 9%. The 5-cents-a-share hike makes for a dividend of 63 cents a share to be paid Sept. 19 to shareholders of record as of Sept. 1. Shares of Stanley Black & Decker were unchanged after hours.

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RMBS Investors Face New Risk From Clean-Up Calls

An unexpected move last month by a residential mortgage-backed securities trustee has created new risk for investors in non-agency deals issued prior to the financial crisis.

Wells Fargo Bank, N.A., as trustee for RMBS transactions, in June notified bond investors that it would withhold some of the funds from clean-up calls of 20 transactions.

The move was made so that the Sioux Falls, South Dakota-based financial institution can establish reserve accounts to cover current and future legal expenses on the deals.

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Brazen leader of massive mortgage modification scheme gets 20 years

Three California residents will spend a combined 39 years in prison after being convicted for their roles in a nationwide, multi-year mortgage modification fraud scheme that scammed thousands of distressed borrowers out of at least $11 million. The scheme’s ringleader used much of the money taken from distressed borrowers to lead an extravagant lifestyle, which included purchasing expensive vehicles, a racehorse, and producing a reality TV show. …read more

From:: Real Estate Wire

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Sarepta shoots higher as sales of $300,000-a-year drug exceed expectations

Sarepta Therapeutics Inc. shares shot more than 13% higher in late trading Wednesday after the company reported sales of its $300,000-a-year drug for Duchenne muscular dystrophy were better than expected. Sarepta announced second-quarter revenue of $35 million, easily beating the average analyst forecast of $22.5 million, according to a FactSet survey. The company brought in nearly as much in sales during the second quarter as it did in the previous six fiscal years, when it recorded $36 million in revenue amid a nearly decade-long effort to get FDA approval for eteplirsen, the first approved treatment for DMD. Sarepta also increased its forecast for full-year revenue, to a range of $125 million to $130 million from previous guidance of more than $95 million. Sarepta stock rose to about $38.80 in late trading, after closing with a 0.6% gain at $34.08; the stock is up more than 61% in the past year, as the S&P 500 index has gained 13.7%.

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CBO: Obamacare repeal would leave 32 million more uninsured and double premiums

Republicans’ Obamacare repeal bill would leave 17 million more people uninsured next year, and 32 million more in 2026, the Congressional Budget Office said in an estimate Wednesday. It also said premiums would double by 2026. Senate Republicans are planning to vote again on a bill next week, and President Donald Trump is urging lawmakers to cancel recess to get a bill to his desk. The measure would also save $473 billion over the next decade, the CBO said. By 2026, three quarters of the population would live in areas with no insurers participating in the non-group market, due to upward pressure on premiums and downward pressure on enrollment, the report found.

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From:: Stock Market News