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A federal regulator signaled it would take a tougher stance with seller-financed home sales on Tuesday, saying that they were subject to many of the same consumer protections as a home bought with a more traditional mortgage. The Consumer Financial Protection Bureau released an advisory opinion that put sellers on notice that it would not tolerate the predatory practices that have come to dominate the so-called contract for deed market. These seller-backed sales have become popular in poor neighborhoods with rundown single-family homes, where mortgages are hard to come by. Contract for deeds are multiyear installment contracts in which the seller retains the title to a home until the buyer makes a final payment. These risky deals often have above-market interest rates and put the burden of repairs on the would-be buyer.
Organizations: Consumer Financial
Mortgage interest rates dropped last week to the lowest level since May 2023, causing a surge in mortgage demand from both homebuyers and especially current homeowners. Total mortgage application volume rose 6.9% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Despite the downward movement in rates, purchase activity only saw small gains, with an increase in conventional purchase applications offset by decreases in government purchase applications. "This is how things often play out when the bond market forces a quick move to extreme rate levels. For example, several of the biggest drops in daily mortgage rates have followed quick moves to long-term highs," wrote Matthew Graham, chief operating officer at Mortgage News Daily.
Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Hawthorn Woods , Illinois
"QAnon Shaman" Jacob Chansley will regain possession of the makeshift spear and horned helmet that he carried as he stormed the U.S. Capitol during the Jan. 6, 2021, riot with other Trump supporters, a federal judge ruled Monday. "Since the government has not established that it still needs these items as evidence and has not sought their forfeiture, the Court will GRANT Mr. Chansley's motion," Lamberth wrote. The DOJ last month said it wanted to hold on to Chansley's property, because despite having expressed remorse at his criminal sentencing, he has since challenged his conviction and sentence. "Even if the government may need to reprove Mr. Chansley's guilt, the government has not explained why it would need his property," the judge wrote in Monday's order. "He was like thousands of others that day," Lamberth wrote in Monday's order.
Persons: Jacob Chansley, Royce Lamberth, GRANT Mr, Lamberth, District of Columbia Matthew Graves, Chansley's, Chansley, Joe Biden, Donald Trump, Trump, Mike Pence Organizations: U.S, Senate, U.S . Capitol, Capitol, Trump, Justice, Washington , D.C, DOJ, Attorney, District of Columbia Locations: Washington ,, United States, American
The average rate on the popular 30-year fixed mortgage dropped 22 basis points to 6.4% Friday, according to Mortgage News Daily. The 15-year fixed rate fell to 5.89%, its lowest level since early May 2023. Mortgage rates loosely follow the yield on the 10-year U.S. Treasury. The 30-year fixed rate started the week at 6.81%, so the drop in just the past five days is dramatic. Buyers were battling not just high interest rates but high home prices and a lack of supply.
Persons: Jerome, Powell didn't, Matthew Graham, Graham, Mike Fratantoni Organizations: Mortgage News, Treasury, Federal, Buyers, Mortgage, Association, Mortgage Bankers Association
Federal prosecutors and securities regulators filed criminal and civil fraud charges against a well-known investor who frequently appeared on cable TV business shows to discuss his often bearish views on stocks, the authorities said on Friday. They accused the investor, Andrew Left, of raking in at least $16 million in illegal profits from a multiyear scheme to manipulate market prices of roughly two dozen stocks on which his firm, Citron Research, had published reports. He is charged with illegally profiting through stock trades he made that were contrary to the public recommendations he was making to investors. The authorities in Los Angeles said Mr. Left essentially used a bait-and-switch strategy that was at odds with his Wall Street reputation of being a vocal short seller, with supposedly long-held negative views of the stocks on which he published critical reports. The charging documents said Mr. Left, 54, used his high profile on Wall Street to make quick profits from big price changes in a stock and misled investors by making them believe his economic interests were aligned with what he said in his reports.
Persons: Andrew Left Organizations: Citron Research Locations: Los Angeles
Small banks are feeling misunderstood. Investors worry that those banks could be a crisis waiting to happen. But executives at these firms — which number about 4,100 in total — say there is an important distinction, and some industry analysts concur. They caution that small banks are being lumped in with lenders to the owners of half-empty towers in Manhattan, San Francisco and Chicago, which are in the most trouble. Instead, a majority of commercial building loans by community banks are for smaller buildings — like those housing doctors and local businesses — that tend to be fully leased.
Organizations: Investors Locations: Manhattan, San Francisco, Chicago
Michail Chkhikvishvili, a 21-year-old man from the Republic of Georgia, was indicted on four charges, including soliciting hate crimes and acts of mass violence, according to a statement from the US Department of Justice. In November 2023, Chkhikvishvili began planning a “mass casualty event” for New York City on New Year’s Eve, prosecutors said. “The scheme involved an individual dressing up as Santa Claus and handing out candy laced with poison to racial minorities and children at Jewish schools in Brooklyn,” the Department of Justice statement said. He “drafted step-by-step instructions to carry out the scheme” and shared with the undercover officer “detailed manuals on creating and mixing lethal poisons and gases,” the statement said. “For example, and among other things, the handbook encourages its readers to commit school shootings and to use children to perpetrate suicide bombings and other mass killings targeting racial minorities,” the Justice Department statement said.
Persons: Santa Claus, Michail, Chkhikvishvili, Butcher, , , Matthew G, Olsen, Breon, Robert R, Wells, Eve, , Prosecutors, ” Chkhikvishvili Organizations: Nazi, US Department of Justice, Justice Department’s National Security Division, Eastern, of, FBI’s National Security Branch, New York, Jewish, Department of Locations: Europe, New York City, Republic of Georgia, Nazi, of New York, New, Brooklyn, United States
Shares of former President Donald J. Trump’s social media company surged on the first trading day after his attempted assassination. Shares in Trump Media & Technology Group, the parent company of the Truth Social platform, rose more than 30 percent soon after the start of trading. Mr. Trump is the largest shareholder of Trump Media, with 114 million shares. Trump Media has been a volatile stock since it debuted in the market in March after its merger with a cash-rich shell company. Trump Media is not generating much in the way of revenues from advertising on Truth Social, but at times the stock has become a proxy for Mr. Trump’s political fortunes.
Persons: Donald J, Trump, Trump’s Organizations: Trump Media & Technology Group, Trump Media, Truth
The recent run-up in home prices, a staggering increase of more than 40% from pre-pandemic levels, should have current homeowners rushing to refinance. But for most, pulling that cash out simply costs too much now that interest rates are more than twice what they were just two years ago. Applications to refinance a home dropped last week for the fourth straight week, down 2%, according to the Mortgage Bankers Association's seasonally adjusted index. Homeowners were sitting on a collective $17 trillion in equity at the end of the first quarter of 2024, according to CoreLogic. Mortgage rates haven't moved at all so far this week, despite Federal Reserve Chair Jerome Powell's testimony before Congress on Tuesday.
Persons: Joel Kan, Kan, Jerome Powell's, Powell, Matthew Graham Organizations: Mortgage, Homeowners, Consumer, Mortgage News
A jury in federal court in Manhattan on Wednesday found the investor Bill Hwang guilty on charges arising from the collapse of Archegos Capital Management, which led to roughly $10 billion in losses for a handful of big Wall Street banks. Two key witnesses were former employees of Archegos, which Mr. Hwang had set up in 2013 as a giant family office that traded like a hedge fund but without much regulatory oversight. In all, Mr. Hwang, 60, was charged with 11 counts of securities fraud, wire fraud, conspiracy, racketeering and market manipulation. The jury found him guilty on 10 of those charges and found him not guilty on one of the seven counts of market manipulation. Mr. Hwang, who was seated and wearing a dark suit when the foreperson read the verdict, could spend the rest of his life in a federal prison.
Persons: Bill Hwang, Hwang, . Hwang Organizations: Archegos Capital Management Locations: Manhattan
During closing arguments, Andrew Thomas, the prosecutor, said that Mr. Hwang had defrauded the banks and other traders in the market by artificially inflating stock prices to pump up the size of Archegos. Barry Berke, a lawyer for Mr. Hwang, said the government was criminalizing his client’s high-risk trading only because it caused losses for the banks that had lent him billions of dollars. Hwang bet on companies he believed in,” Mr. Berke said. “That is not manipulative.”Mr. Hwang, 60, is charged with 11 counts of securities fraud, wire fraud, conspiracy, racketeering and market manipulation. If convicted on all counts, he could spend the rest of his life in prison.
Persons: , Bill Hwang, Andrew Thomas, Mr, Hwang, Barry Berke, ” Mr, Berke Organizations: Archegos Capital Management Locations: Manhattan
CNN —For much of her life, Vivian Maier was something of a mystery. A crying child, photographed by Vivian Maier in Grenoble, France, in 1959. Vivian Maier/Courtesy Fotografiska New YorkVisitors take in photographs on display at Fotografiska's “Vivian Maier Unseen Work” in New York. In 2011, Maloof published a book, “Vivian Maier: Street Photographer,” and with the filmmaker Charlie Siskel co-directed the 2013 documentary “Finding Vivian Maier,” which was nominated for an Academy Award. In a self-portrait featured in “Vivian Maier Unseen Work," the photographer lenses herself in profile, reflected in a hand mirror.
Persons: Vivian Maier, Maier, “ Vivian Maier, , Anne Morin, Leandro Justen, Morin, Robert Frank, Diane Arbus, ” Morin, , Maier’s, Sophie Wright, Vivian, ” Wright, Dario Lasagni, John Maloof, Maloof, Charlie Siskel, Chicago’s, Carl, Maier hasn’t, Wright, Lane, Matthew Gensburg, York Maloof, Howard Greenberg, Organizations: CNN, New, Fotografiska, York Visitors, Kodak, Central, Flickr, Court, du Locations: New York, Chicago, York, Swedish, Grenoble, France, Central Park , New York, ” New York, America, California, Europe, Asia, , Chicago’s Cook, du Luxembourg, Paris
Some Wall Street banks, worried that landlords of vacant and struggling office buildings won’t be able to pay off their mortgages, have begun offloading their portfolios of commercial real estate loans hoping to cut their losses. It’s an early but telling sign of the broader distress brewing in the commercial real estate market, which is hurting from the twin punches of high interest rates, which make it harder to refinance loans, and low occupancy rates for office buildings — an outcome of the pandemic. Late last year, an affiliate of Deutsche Bank and another German lender sold the delinquent mortgage on the Argonaut, a 115-year-old office complex in midtown Manhattan, to the family office of the billionaire investor George Soros, according to court filings. Around the same time, Goldman Sachs sold loans it held on a portfolio of troubled office buildings in New York, San Francisco and Boston. And in May, the Canadian lender CIBC completed a sale of $300 million of mortgages on a collection of office buildings around the country.
Persons: It’s, George Soros, Goldman Sachs Organizations: Deutsche Bank, Argonaut, CIBC Locations: Manhattan, New York, San Francisco, Boston
On Friday, the value of his 115 million shares of Trump Media had dropped to less than $3 billion. By any measure, Mr. Trump’s stake is still worth a tremendous amount of money. But the social media company’s shares have been extremely volatile, as highlighted by the steep decline this month. Trump Media’s stock price traded as high as $66 after its merger with a public shell company in late March, and as low as $23 a few weeks later. The stock traded just above $25 on Friday, down 5 percent on the day.
Persons: Donald J, Trump’s Organizations: Trump Media & Technology Group, Truth, Trump Media, Trump Locations: New York
CNN —Ten people have been shot, 2 fatally, following an active shooter incident at Mad Butcher Grocery in Fordyce, Arkansas, according to state police. “At approximately 11:30 a.m. today, Arkansas State Police responded to a shooting incident at the Mad Butcher grocery store in Fordyce,” said a news release from Arkansas State Police. Rodriguez says the Mad Butcher grocery store’s front windows were broken as if they had been “shot open” by gunfire. As the shooting unfolded, some people hid in a cooler in the grocery store, Fordyce City Council Member Roderick Rogers told CNN affiliate KATV. He said he was on the phone with someone in the store when the shooting took place.
Persons: Mad Butcher, , Sarah Huckabee Sanders, David Rodriguez, , Rodriguez, Butcher, Matthew Gill, Roderick Rogers, ” Rogers, Fordyce Organizations: CNN, , Arkansas, Police, Mad, Arkansas State Police, KATV Locations: Fordyce , Arkansas, Fordyce, United States, Dallas County
Consumers seemed unimpressed by the latest drop in mortgage rates. Total mortgage application volume rose just 0.9% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Mortgage rates dropped last week following the latest inflation data and the FOMC meeting," said Mike Fratantoni, MBA's SVP and chief economist. Mortgage applications to purchase a home rose 2% for the week and were 12% lower than the same week one year ago. Mortgage rates moved a little bit higher to start this week but then pulled back Tuesday after weaker than expected retail sales data.
Persons: Mike Fratantoni, Matthew Graham Organizations: Mortgage, MBA's, Mortgage News
A Massacre Threatens Darfur — AgainDarfur SUDAN El FasherA civil war is ripping apart Sudan, one of Africa’s largest countries. Yet a New York Times examination of satellite imagery and video from El Fasher make one thing clear:The assault is intensifying. DARFUR R.S.F. Whole neighborhoods were razed, similar to the destruction in parts of southern and eastern El Fasher in recent months. “The videos from El Fasher could become critical evidence in future trials for crimes in Darfur.”
Persons: Sudan’s, Al Salam, Abu Shoak, El Fasher Al Salam, Abu, Mohamed Zakaria, Thomas van Linge, , Mellit, El Fasher, , El, El Geneina, Janjaweed, Linda Thomas, Greenfield, Ali Yagoub Gibril, Al Zeer Salem, Fasher, Matthew Gillett, , ” Mr, Gillett Organizations: Fighters, Rapid Support Forces, . Security, New York, El, Sudanese, Al Salam Camp, Camp, Reuters Fighters, Yale, Research, , Times, Centre, Information Resilience, Mellit El, Support Forces, Google, , Islamic Relief, United Nations, The Times, U.S . Treasury, Broadcasting, University of Essex Locations: Darfur, SUDAN El Fasher, Sudan, El, DARFUR, El Fasher, East Darfur, Sudan’s, Chad, El Geneina, American, Spain, Central Darfur
A perfect storm of plunging property values for aging buildings, weak tenant demand coming out of the pandemic and high interest rates for new loans and refinancing has left the $2.4 trillion office building sector wobbling. For some real estate investors, that may be a good thing. In April, a little-known firm, Yellowstone Real Estate Investments, paid $185 million for 1740 Broadway, a storied office tower near Columbus Circle in Manhattan. And this week, two real estate firms snapped up a Midtown Manhattan tower for less than $50 million, according to Bloomberg. Even though these are relatively small buyers, their emergence is a sign of the pain building in the U.S. commercial real estate market.
Persons: Blackstone Organizations: Estate Investments, Bloomberg Locations: Manhattan, Yellowstone, Columbus, Midtown Manhattan, U.S
Mortgage rates dropped for much of last week, causing total mortgage application volume to surge nearly 16% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. But rates jumped back up again after a stronger-than-expected monthly employment report Friday. For the bulk of the week, rates were lower than that, but Friday's news caused rates to jump 12 basis points, according to a separate survey from Mortgage News Daily. Homebuyers are not only contending with high interest rates but also high home prices. A monthly survey from Fannie Mae found 86% of consumers say now is a bad time to buy a home.
Persons: Mike Fratantoni, Fannie Mae, Fratantoni, Matthew Graham of Organizations: Mortgage, Mortgage News, Federal Reserve, Matthew Graham of Mortgage News
Keep reading to learn all about the new season, including where to watch Criminal Minds: Evolution online. Where to watch Criminal Minds: Evolution in the USCriminal Minds: Evolution is available to stream on Paramount+ in the US. This is also where you can catch the previous season of Criminal Minds: Evolution, in addition to all 15 seasons of the original Criminal Minds. See at ParamountWhere to watch Criminal Minds: Evolution in AustraliaCriminal Minds: Evolution is available to stream on Disney+ in Australia. Criminal Minds: Evolution trailerParamount+ released the official trailer for the new season of Criminal Minds: Evolution in May.
Persons: Matthew Gray, Paget Brewster, Joe Mantegna, AJ Cook, Aisha Tyler, Kirsten Vangsness, Adam Rodriguez —, Zach Gilford, we've, ExpressVPN, Gilford's Elias Voit Organizations: Business, CBS, Paramount, NFL, Nickelodeon, Comedy Central, BET, MTV, Showtime, Disney, BAU Locations: Australia
Mortgage interest rates last week moved to the highest level since early May, and that pushed mortgage demand lower for the second straight week. Total mortgage application volume fell 5.2% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to purchase a home fell 4% for the week and were 16% lower than the same week a year ago. Buyers are not only contending with higher interest rates. Mortgage rates ended last week with a sharp drop on Friday and then continued to slide this week.
Persons: , Mike Fratantoni, Fratantoni, Matthew Graham of, Graham Organizations: Mortgage, MBA's, Government, Matthew Graham of Mortgage News Locations: Austin , Texas
A federal appellate court on Wednesday struck down a Securities and Exchange Commission rule intended to provide investors in hedge funds, private equity funds and venture capital firms with more information about fees and expenses. The unanimous decision from the U.S. Court of Appeals for the Fifth Circuit in New Orleans sided with a group of associations representing the private fund industry in ruling that the S.E.C. exceeded its authority with the rule, which was enacted in August. In its decision, the appeals court agreed with their argument, saying that the regulator had overstepped with its rule, which was based on a law meant to protect everyday investors, who typically invest in mutual funds and other public securities, rather than investors in hedge fund and private equity firms. said in a statement that it was reviewing the decision and would “ determine next steps as appropriate.”
Organizations: Securities and Exchange Commission, U.S ., Appeals, Fifth Circuit Locations: New Orleans
Shares of Trump Media & Technology Group whipsawed after former President Donald J. Trump, the company’s largest investor and primary user of its Truth Social platform, was found guilty of 34 felony counts of falsifying business records to cover up a sex scandal. Trump Media’s stock began falling immediately after the verdict in Mr. Trump’s trial in Manhattan was announced on Thursday, which came after the stock market had closed. The company’s stock is typically volatile, so such large moves are not unusual, especially after the official close of regular trading, when low trading volumes can accentuate price swings. Trump Media remains richly valued relative to the size of its business. The stock has become his main source of wealth since Trump Media make its market debut in March, but he cannot sell or borrow against the shares until September.
Persons: Donald J, Trump, Trump’s, Still Organizations: Trump Media & Technology, Trump Media’s, Trump Media Locations: Manhattan
At the end of the event, the site of a future memorial will be dedicated, where, eventually, the 12 names will be etched into the landscape of Virginia Beach. The children of Mary Louise Gayle, whose name will be among them, have no plans to be at the ceremony. Matthew Gayle, her son, is resuming a sailing trip he cut short exactly five years earlier when he learned of a shooting at his mother’s workplace. They could not bring themselves to join hands with a city that they, and members of some of other victims’ families, say let them down. What troubled her so much was that her mother, along with nearly all the other victims, had spent most of her career with the city.
Persons: Mary Louise Gayle, Sarah Leonard, Matthew Gayle, ” Ms, Leonard Locations: Virginia Beach
Mortgage interest rates fell for the third straight week last week, sparking increased demand for refinances. Total mortgage application volume rose 1.9% compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications to refinance a home loan rose 7% for the week and were 21% higher than the same week one year ago. Rates last week were just 32 basis points higher than they were a year ago, and that gap has been shrinking. While higher mortgage rates certainly hurt affordability, today's buyers are still facing very low supply and stiff competition, which fuels bidding wars.
Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Hawthorn Woods , Illinois
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