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Flow GSE Offering for MSRs On at Least $720 Mil

A new offering will provide the successful bidder with mortgage-servicing rights on at least $720 million in government-sponsored enterprise loans — though the amount could be much more.

The co-issue flow offering is for MSRs on between $60 million and $90 million per month in Fannie Mae and Freddie Mac residential loans.

The seller, an independent mortgage banker with a strong retail presence in Illinois, is requesting a 12-month commitment with minimum three month pricing commitments that are renewed.

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From:: Financing

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Trump’s pick to head FDIC withdraws from consideration

President Donald Trump’s choice to head the Federal Deposit Insurance Corporation, James Clinger, has withdrawn from consideration, a White House spokeswoman told MarketWatch. Trump announced his intent to appoint Clinger on June 16.

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.

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From:: Stock Market News

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RBS MBS Settlements Exceed $7 Billion

A massive settlement reached by the Royal Bank of Scotland Group plc brings to more than $7 billion the amount the bank has paid in actions related to mortgage-backed securities.

Since 2014, RBS entities have agreed to MBS-related settlements with the state of Connecticut, Federal Housing Finance Agency, National Credit Union Administration and pension funds.

In all, those settlements have cost the European financial institution in excess of $1.6 billion.

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From:: Financing

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Apps for Home Purchase Financing Up From Year Ago

Despite a week-over-week decline in new applications for mortgages, the volume of people applying for loans to finance a home purchase has strengthened from a year ago.

During the week ended July 7, the Market Composite Index declined more than 7 percent from the prior week. The index was adjusted to reflect the Fourth of July holiday.

The index, which is a measure of retail residential loan application volume, plummeted 26 percent from the week ended June 30 without any adjustments made for seasonality.

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RBS finally settles multibillion-dollar lawsuit with FHFA over mortgage-backed securities

The Royal Bank of Scotland Group finally shut the door on its settlement with the Federal Housing Finance Agency, as conservator of Fannie Mae and Freddie Mac. The case struggled to close due to the timing of the election and changes in the government. Now that the case is complete, it wraps up one of the last cases dating back to the financial crisis for Fannie Mae and Freddie Mac. …read more

From:: Real Estate Wire

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Verizon CEO says company is not eyeing deal to buy Disney

Verizon Communications Inc. Chief Executive Lowell McAdam told journalists during the annual media and technology summit in Sun Valley, Idaho that “No,” the telecommunication and media company will not buy Walt Disney Co. , according to media reports. Last week the New York Post reported that rumors had been circling that Verizon was eyeing a purchase of the Mouse House empire. Analysts were quick to the denounce the report and now Verizon’s chief executive has said the company isn’t looking at a potential deal. Verizon recently completed its acquisition of Yahoo Inc.. And the narrative looming in the media industry has been that media companies would be attractive targets for tech and telecom companies. The industry has been waiting to see if Facebook Inc. , or Apple Inc. would look to acquire a media company to help their push into TV, and Verizon rival AT&T Inc. is currently in midst of a deal for Time Warner Inc. . Verizon shares have declined more than 19% in the year to date, while Disney shares are down less than 1% and the S&P 500 index is up 9% during the same period.

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.

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From:: Stock Market News

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Oil extends gains as EIA reports a second-straight weekly drop in U.S. crude supplies

Oil prices extended their earlier gains Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies dropped 7.6 million barrels for the week ended July 7. That topped a forecast for a decline of 2.6 million barrels by analysts surveyed by S&P Global Platts, but came in a bit less than the decline of 8.1 barrels reported by the American Petroleum Institute late Tuesday. Gasoline stockpiles also fell by 1.6 million barrels, but distillate stockpiles climbed by 3.1 million barrels last week, according to the EIA. August crude rose $1.29, or 2.9%, to $46.33 a barrel on the New York Mercantile Exchange. It traded at $46.17 before the supply 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.

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From:: Stock Market News

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Eli Lilly settlement will result in Cialis patent expiring as early as 2018, rather than 2020

Eli Lilly & Co. said on Wednesday that as part of a settlement with generic companies over its Cialis patent, the exclusive patent is now expected to end on September 27, 2018 at the earliest, roughly a year-and-a-half earlier than the patent was going to expire. The settlement won’t affect 2017 financial guidance or mid-term expectations through the rest of the decade, the company said. The dispute centered around a patent on the unit dose of the drug. Eli Lilly defended the disputed patent as “valid” but said that “this is a royalty-bearing license agreement that provides us with more certainty regarding our U.S. exclusivity,” according to Michael Harrington, the company’s senior vice president and general counsel. Cialis treats erectile dysfunction, but the drug — tadalfil — is also sold under the name Adcirca for pulmonary arterial hypertension. Adcirca’s patent is still expected to expire on November 21, 2017 or, if the Food and Drug Administration grants the company pediatric exclusivity, on May 21, 2018, Eli Lilly said. Eli Lilly shares rose 1.8% to $83.80 in morning trade. Shares have dropped 2.9% over the last three months, compared with a 4.2% rise in the S&P 500 .

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.

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From:: Stock Market News

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MSC Industrial’s stock plunges toward biggest loss in 15 years after disappointing results, outlook

Shares of MSC Industrial Direct Co. plummeted 13% in morning trade Wednesday, putting them on track to suffer the biggest one-day selloff in 15 years, after the metalworking and maintenance services company missed fiscal third-quarter revenue expectations and provided a downbeat profit outlook. The stock was headed for the lowest close since Nov. 4, 2016. MSC reported earlier a profit for the quarter to June 3 of $62.8 million, or $1.09 a share, compared with earnings $64.8 million, or $1.05 a share, in the same period a year ago, matching the FactSet EPS consensus of $1.09. Revenue rose to $743.9 million from $727.5 million, but missed the FactSet consensus of $745.2 million. For the fourth quarter, the company expects EPS of 97 cents to $1.01, below the FactSet consensus of $1.06, and expects revenue of $732 million to $746 million, surrounding expectations of $737 million. The stock, which is headed for the biggest decline since it shed 32% on Aug. 6, 2002, has tumbled 19% year to date, while the SPDR Industrial Select Sector ETF has climbed 11% and the S&P 500 has gained 9.1%.

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.

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From:: Stock Market News