Finance & Mortgage
- Clinton Portis, former NFL star, sells Miami condo to avoid foreclosure
- Clinton Portis, former running back who played in nine NFL seasons, has avoided a foreclosure on his condominium in Bristol Tower in Miami by selling it for $900,000, reports the South Florida Business Journal.
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- Vornado Realty Trust to spin off shopping strip into new REIT
- Vornado Realty Trust, the popular New York-based real estate investment firm, has announced that it will be combining its strip shopping businesses consisting of about 81 open shopping centers and four malls to create a new Real Estate Investment Trust (REIT).
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- UK housing market gathers pace in March
- British house prices unexpectedly picked up speed in March and sales reached a six-year high, a survey showed on Thursday, suggesting the market is still firmly on the rise, after recent releases indicated a slight loss in momentum.
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- Wells Fargo profit beats estimates, helped by one-time gains
- Wells Fargo & Co, the biggest U.S. mortgage lender, reported a higher-than-expected 14 percent rise in first-quarter net profit, as a series of one-time gains helped offset the continued slowdown in its home loan business.
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- JPMorgan profit weaker than expected as trading revenue falls
- JPMorgan Chase & Co posted far weaker-than-expected quarterly profit as uncertainty about the U.S. economy weighed on investor trading volumes and consumer borrowing.
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- Canadian new housing prices remain tame in February
- The price of new Canadian homes rose 0.2 percent in February from January, topping expectations of a 0.1 percent gain after January's 0.3 percent increase, according to Statistics Canada data on Thursday.
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- Wall Street dips after rally, biotechs drag Nasdaq
- U.S. stocks dipped on Thursday, with the Nasdaq underperforming other major indexes, as investors once again rotated into defensive names and sold momentum-driven stocks.
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- Fannie and Freddie add-on fees hampering home buying
- The add-on fees charged on home loans by Fannie Mae and Freddie Mac, the two government-backed mortgage giants, are hampering new home buyers and doubling expenses for consumers, critics claim.
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- Momentum stocks sell off for second day; Nasdaq down 2 percent
- The Nasdaq tumbled more than 2 percent on Friday as momentum stocks like Netflix and TripAdvisor sold off for a second straight session.
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- Fed survey: U.S. dealers see more private-label mortgage security demand
- Big Wall Street firms have seen demand for private-label mortgage-backed securities pick up over the last few months, according to a survey released by the Federal Reserve on Thursday.
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- Bank of England says lenders expect to expand supply of credit to households, businesses
- British lenders expect the availability of mortgages and business loans to pick up significantly in the second quarter of this year, a Bank of England survey showed on Thursday.
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- Cuba Gooding Jr. sells Pacific Palisades home for $10 million
- Cuba Gooding Jr., Academy Award-winning actor known for his portrayal of Rod Tidwell in "Jerry Maguire," has just sold his 6,753-square-foot Pacific Palisades mini-estate for $10 million, reports TMZ.
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- Bank of England's Andrew Bailey says no let-up over bank capital levels
- Banks still need to be persuaded that well-capitalized lenders are important to economic growth, Bank of England Deputy Governor Andrew Bailey said on Monday, but Britain's regulators will keep up the pressure to boost capital levels.
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- UK mortgage approvals dip in February, business lending contracts again
- British mortgage approvals slowed in February by more than expected, possibly reflecting bad weather during the month, and there was another contraction in business lending.
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- Stocks rise on US data, China; European bond yields down
- Global equity markets rose on Friday, bolstered by U.S. economic data that was largely promising and signs that China will step in to support a cooling economy, while euro zone government bond yields fell on renewed bets the European Central Bank will ease policy next week.
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