Foreclosures | Mortgages | Financing
Over the last few years, Ginnie Mae experienced a significant shift in its business, with its share of nonbank originations rising from 37% in 2013 to 75% this year. In 2011, nonbanks made up only 11% of Ginnie Mae’s originations. But, according to a new report from a government watchdog, Ginnie Mae was not prepared for the rise of nonbank mortgage lending and “did not adequately respond” to the changes in its lender base. …read more
From:: Real Estate Wire
President Donald Trump will give a speech Wednesday in Indianapolis that includes “new details” about tax cuts and reform, White House press secretary Sarah Huckabee Sanders said Monday. Sanders told reporters that the details will include proposed rates for individuals, corporations and small businesses. Trump and congressional leaders will reportedly propose cutting the corporate rate to 20% from 35%, and the top individual rate to 35% from 39.6%.
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From:: Stock Market News
The recovery efforts after Hurricane Harvey are hitting the same issue that long plagued the Texas housing market: A shortage of construction workers. Following early concerns from the National Association of Home Builders, rebuilding Texas’ housing market down south will take time due to a lingering labor shortage and rising lumber prices. …read more
From:: Real Estate Wire
Gold prices settled at their highest level in more than a week Monday, as growing tensions between the U.S. and North Korea and declines in the U.S. stock market lifted the metal’s appeal as a safe-haven investment. December gold rose $14, or 1.1%, to settle at $1,311.50 an ounce. That was the highest finish since Sept. 15, according to FactSet data.
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From:: Stock Market News
Exchange-traded funds that track the Germany stock market fell on Monday, in the wake of an election in the country that suggested political turbulence could be ahead in Europe’s largest economy. The iShares MSCI Germany ETF fell 1% in its biggest one-day decline since Aug. 29, though it remains up by 20.3% for 2017. Chancellor Angela Merkel’s conservative alliance won the German election; however, the Christian Democrats and their Bavarian sister party saw their worst result since 1949, losing around a fifth of the 41.5% support they garnered just four years ago. Meanwhile, an anti-immigrant party saw a surge in support. Among other funds, the First Trust Germany AlphaDEX Fund fell 1.4% and the iShares MSCI Germany Small-Cap ETF lost 1.1%. The euro fell to $1.1840 from $1.1948 late Friday in New York.
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From:: Stock Market News
As demand has diminished for refinanced single-family loans, credit standards on mortgages — especially government-sponsored enterprise loans — have loosened.
Compared to three months ago, half of senior mortgage executives have experienced increased demand for purchase financing that is eligible for purchase by Fannie Mae or Freddie Mac.
At the same time, 16 percent of executives indicated that demand for GSE programs used to finance a home purchase has diminished over the preceding three months.
From:: Financing
Alphabet Inc. self-driving vehicle unit Waymo LLC said it seeks $1.86 billion in damages from Uber Technologies Inc. in its lawsuit over a trade secret related to technology that Waymo says a former Uber executive stole from it, according to court papers filed late Friday. Uber has denied the allegations. Alphabet stock is down 1.7% to 927.08 in early afternoon trading. Last week, an Uber attorney had said in a San Francisco federal court that Waymo wanted $2.6 billion in damages for a single trade secret it is accused by Waymo of appropriating. The Friday filing also notes that the damages Waymo seeks aren’t additive and that if the jury says that Uber did steal every trade secret it has been accused of, Waymo would still seek $1.86 billion. The litigation is set to begin jury selection on Oct. 10, though Waymo’s lawyers have asked federal magistrate William Alsup for more time because it recently received a large document cache from Uber and needs more time to prepare for trial. The judge has told Waymo to make a “good college try” to be prepared for the scheduled date. Alphabet shares are up 17% this year, with the S&P 500 index up 11.8%.
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From:: Stock Market News
Shares of Colgate-Palmolive Co. ran up 3.4% toward a 2 1/2-month high in midday trade Monday, after the consumer products company was upgraded at Morgan Stanley, citing valuation and expectations of a re-acceleration in sales growth. Analyst Dara Mohsenian raised his rating to overweight from equal weight, and lifted his stock price target to $84 from $75. In a recent survey of investors, Mohsenian said Colgate-Palmolive scored the lowest on sentiment among the mega-cap consumer staples companies covered, which likely stems from three-straight quarters of sales growth disappointments and subpar earnings quality. But Mohsenian said he believes revenue growth will accelerate given easier comparisons and a rebound in emerging markets, at a time when the market is “mispricing” the company’s strategic options and competitive position. “We see a rare opportunity to buy a well-positioned business at a valuation level close to structurally less-attractive peers, as [Colgate-Palmolive’s] topline slowdown vs. peers has driven stock underperformance,” Mohsenian wrote in a note to clients. The stock has lost 3.1% over the past three months, while the SPDR Consumer Staples Select Sector ETF has eased 2.2% and the S&P 500 has gained 2.2%.
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From:: Stock Market News
Shares of Sprint Corp. sank 7.3% in active midday trade Monday, after a Bloomberg report that Sprint’s largest shareholder SoftBank Group Corp. would accept a buyout by T-Mobile U.S. Inc. at current market prices. Volume topped 22.6 million shares within two hours after the open, already more than double the full-day average of about 10.4 million shares. Bloomberg reported late Friday, citing people familiar with the matter, that while T-Mobile and Sprint haven’t decided on a price for the expected merger, Softbank doesn’t expect to receive much of a premium to current prices. Softbank owned 3.3 billion shares of Sprint, or 82.9% of the shares outstanding. T-Mobile U.S.’s stock slipped 1.3% in midday trade. Over the past three months, Sprint’s stock has lost 1.9% and T-Mobile shares have eased 0.3%, while the S&P 500 has gained 2.3%.
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From:: Stock Market News
Realtors and home builders who have homebuyers with loans pending at Caliber Home Loans Inc. will now have access to details about their pipelines.
The Coppell, Texas-based mortgage banking firm on Monday issued an announcement indicating that it has launched MyPipelineConnect.
The proprietary web portal reportedly provides real estate agents and home builders with comprehensive details about their customers’ financing process.
From:: Financing