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Under Armour names Aldo CEO Patrick Frisk as new COO

Under Armour Inc. said Tuesday it has appointed Patrick Frisk as its new chief operating officer, effective July 10. Frisk comes to the job from footwear company The Aldo Group, where he was chief executive. The executive has also done stints at Outdoor Americas, Timberland and Outdoor & Action Sports. Under Armour also named Paul Fipps as chief technology officer and Colin Browne as chief supply chain officer. Shares were not yet active premarket, but have fallen 20% in 2017, while the S&P 500 has gained 9%.

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Google fined €2.42 billion by EU antitrust watchdog

Google Inc. has been fined 2.42 billion euros ($2.72 billion) by the European Union’s antitrust regulators for giving illegal advantage to its comparison shopping service. The search engine giant has 90 days to “end its conduct” or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google’s parent company, the European Commission said in a statement Tuesday. “Google abused its market dominance as a search engine by promoting its own comparison shopping service in its search results, and demoting those of competitors,” Competition Commissioner Margrethe Vestager said in the statement. Google could not be reached immediately for comment. Alphabet shares were down 1% in premarket trading.

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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European stocks decline, but miners buck losses

European stocks fell Tuesday, led by declines among telecom, industrial and consumer goods shares. The Stoxx Europe 600 eased 0.4% to 387.69. But showing slight gains were basic materials shares after Chinese Premier Li Keqiang said government initiatives are driving job growth. In London, the FTSE 100 was flat at 7,447.98. Germany’s DAX 30 shed 0.2% to 12,744.05 and France’s CAC 40 was off 0.3% at 5,281.54. Investors will watch for remarks by Bank of England Gov. Mark Carney, at 6 a.m. Eastern Time, and Federal Reserve Chairwoman Janet Yellen, at 1 p.m. Eastern time, with both in London. European Central Bank President Mario Draghi early Tuesday defended the bank’s monetary stimulus efforts. On the 600, Bankia SA rose 3.8% following a deal to purchase lender BMN. Meanwhile, a profit warning dragged down shares of auto parts supplier Schaeffler AG .

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Finance of America Lending/Servicing/Staffing Down

Quarterly mortgage originations were slower at Finance of America Holdings LLC. Also diminishing was the lender’s staffing and servicing portfolio.

The Horsham, Pennsylvania-based firm serviced 15,514 single-family loans with an aggregate unpaid principal balance of $3.272 billion as of March 31.

Finance of America disclosed the data, along with other operational metrics, as part of the Mortgage Daily First Quarter 2017 Mortgage Origination Survey.

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Ginnie MSRs Being Offered on Behalf of Failed Bank

An auction is being held for mortgage servicing rights on Government National Mortgage Association loans from a financial institution that failed last month.

An offering is being made on behalf of the Federal Deposit Insurance Corp. that includes MSRs on 540 Ginnie Mae loans with a collective unpaid principal balance of $73 million.

The FDIC is selling the MSRs as receiver for Guaranty Bank, which last month was closed down by the Office of the Comptroller of the Currency.

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Office Drives Improvement in CMBS Delinquency

After worsening for several months in a row, the past-due rate on securitized commercial real estate loans moved lower. Office building loans drove the decline.
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Loans that are included in commercial mortgage-backed securities had a 30-day delinquency rate of 3.09 percent as of May 31, 2017.

The ratio of past-due CMBS payments improved from 3.14 percent the preceding month — when delinquency had been up five consecutive months.

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One year later, here is how Fifth Third’s no-down mortgage program is performing

This time last year, Fifth Third Mortgage revealed its exclusive Down Payment Assistance Program that offered 3% of the purchase price in down payment assistance, leaving the borrower to put zero down on the home. Since no-down mortgage programs are still hard to come by, HousingWire visited with the lender for an update on the program to see how it’s performed. Spoiler alert: It’s performing well. …read more

From:: Real Estate Wire

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Arconic tries to distance itself from Grenfell Tower fire

Arconic Inc. late Monday tried to distance itself from the devasting Grenfell Tower fire that killed at least 79 people by stressing that it supplies cladding panels to clients with the assumption that its products are used in compliance with various building codes. “Arconic supplied one of our products, Reynobond PE, to our customer, a fabricator, which used the product as one component of the overall cladding system on Grenfell Tower,” said the company in a statement. However, it said it did not participate in refurbishing the building or in the original design. ” Our product is one component in the overall cladding system; we don’t control the overall system or its compliance,” said the company. It also expressed its condolences and reiterated its decision that it will no longer supply cladding panel in other high-rise buildng projects, regardless of codes and regulations.

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