United States housing bubble

AG Mortgage Investment Trust, Inc. Provides Updates as of March 27, 2020.

Friday, March 27, 2020 - 10:34pm

AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the Company) announced today that it is providing updates on several matters pertaining to the Company.

Key Points: 
  • AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the Company) announced today that it is providing updates on several matters pertaining to the Company.
  • Certain counterparties have informed the Company that they have sold the securities pledged to secure the financing obligations.
  • ABOUT AG MORTGAGE INVESTMENT TRUST, INC.
    AG Mortgage Investment Trust, Inc. is a hybrid mortgage REIT that opportunistically invests in and manages a diversified risk-adjusted portfolio of Agency RMBS and Credit Investments, which include Residential Investments and Commercial Investments.
  • AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., an SEC-registered investment adviser that specializes in alternative investment activities.

OBA Statement on U.S. Congress’s passage of the CARES Act

Friday, March 27, 2020 - 8:43pm

The Oregon Bankers Association and Community Banks of Oregon applaud the U.S. Congresss passage of the CARES Act, an important federal stimulus bill.

Key Points: 
  • The Oregon Bankers Association and Community Banks of Oregon applaud the U.S. Congresss passage of the CARES Act, an important federal stimulus bill.
  • The stimulus bill contains several important provisions to enhance how banks of all sizes can help Oregonians and Oregon businesses through this crisis.
  • Among the provisions of the CARES Act are substantial enhancements to the Small Business Administration (SBA) loan programs made directly through banks.
  • While we have to wait for the programs to become operational, we expect that to be soon and are encouraging the SBA and Treasury to act swiftly.

Jacobs Strengthens Financial Flexibility with Additional Liquidity Capacity

Friday, March 27, 2020 - 1:11am

DALLAS, March 26, 2020 /PRNewswire/ -- Jacobs (NYSE:J) announced effective March 25, 2020 it entered into a new term loan facility.

Key Points: 
  • DALLAS, March 26, 2020 /PRNewswire/ -- Jacobs (NYSE:J) announced effective March 25, 2020 it entered into a new term loan facility.
  • Borrowings under the term loan will bear interest at the prevailing LIBOR rate plus a margin of between 0.875% and 1.50%.
  • Berryman continued, "We are pleased that our strategic actions have facilitated our ability to execute this transaction, thereby further enhancing the company's financial flexibility through an additional $1 billion of liquidity capacity, which brings our total cash on hand and revolver capacity to more than $2 billion.
  • We base these forward-looking statements on management's current estimates and expectations as well as currently available competitive, financial and economic data.

Jernigan Capital Upsizes Credit Facility to $375 Million with Reduced Pricing, Extended Maturity and Additional Banks; Provides Liquidity and Business Updates

Thursday, March 26, 2020 - 8:31pm

Advances under the credit agreement bear interest at rates between 210 and 300 basis points over 30-day LIBOR.

Key Points: 
  • Advances under the credit agreement bear interest at rates between 210 and 300 basis points over 30-day LIBOR.
  • These spreads are 15 to 25 basis points lower than the spreads under the previous credit facility, which were 225 and 325 basis points, respectively.
  • This new facility marks another major milestone for JCAP, said John Good, Chairman and Chief Executive Officer of the Company.
  • KeyBanc Capital Markets, Inc. and BMO Capital Markets Corp. acted as joint lead arrangers and syndication agents for the credit facility.

Mortgage Rates Drop

Thursday, March 26, 2020 - 2:00pm

MCLEAN, Va., March 26, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.50 percent.

Key Points: 
  • MCLEAN, Va., March 26, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.50 percent.
  • The Federal Reserves swift and significant efforts to stabilize the market were much needed and helped mortgage rates drop for the first time in three weeks, said Sam Khater, Freddie Macs Chief Economist.
  • However, the combination of the Feds actions and pending economic stimulus will provide substantial support to the mortgage markets.
  • Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.

Kennedy Wilson Renews $500 Million Revolving Credit Facility

Thursday, March 26, 2020 - 10:00am

Global real estate investment company Kennedy Wilson (NYSE: KW) today announced that its wholly owned subsidiary Kennedy-Wilson, Inc. has extended its existing $500 million unsecured corporate revolving credit facility with a global group of nine banks.

Key Points: 
  • Global real estate investment company Kennedy Wilson (NYSE: KW) today announced that its wholly owned subsidiary Kennedy-Wilson, Inc. has extended its existing $500 million unsecured corporate revolving credit facility with a global group of nine banks.
  • The credit facility has a maturity date of March 25, 2024, which may be extended two times, in six-month increments.
  • Loans under the extended credit facility bear interest at a rate equal to LIBOR plus a spread of 1.75% to 2.50%, compared to a spread of 1.75% to 2.75% previously.
  • will serve as administrative agent for the revolving credit facility.

Two Harbors Investment Corp. Announces Sale of Portfolio of Non-Agency Securities

Wednesday, March 25, 2020 - 8:12pm

Eliminating the risk of margin calls associated with the non-Agency residential mortgage-backed securities (RMBS) portfolio, which have been unusually significant in size in this volatile market environment.

Key Points: 
  • Eliminating the risk of margin calls associated with the non-Agency residential mortgage-backed securities (RMBS) portfolio, which have been unusually significant in size in this volatile market environment.
  • After giving effect to the sale, our portfolio consists primarily of Agency RMBS and mortgage servicing rights.
  • All subsequent written and oral forward looking statements concerning Two Harbors or matters attributable to Two Harbors or any person.
  • Two Harbors Investment Corp., a Maryland corporation, is a real estate investment trust that invests in residential mortgage-backed securities, mortgage servicing rights and other financial assets.

COVID-19: The Government of Canada is taking action to support the publishing and news sectors

Wednesday, March 25, 2020 - 6:51pm

The media is an indispensable communications link between different levels of government and the public.

Key Points: 
  • The media is an indispensable communications link between different levels of government and the public.
  • The Government of Canada is taking action to support our publishing and news sectors during the COVID-19 pandemic.
  • The Canada Revenue Agency (CRA) confirmed that the Independent Advisory Board on Eligibility for Journalism Tax Measures is now in place.
  • We must support them, which is why our government will help to ensure that our publishing and information sectors are supported and that our economy remains strong."

House Flippers Across the Country Band Together in Charitable Coalition

Wednesday, March 25, 2020 - 4:00pm

However, not all companies in this industry have the best interests of their clients at heart.

Key Points: 
  • However, not all companies in this industry have the best interests of their clients at heart.
  • That is not the case with We Buy Houses in Connecticut and its coalition of other house-flipping companies.
  • The companies and their employees engage in community service and charitable projects throughout the country, making the areas better places to live for all who call them home.
  • These companies can further these charitable efforts through their partnership with each other.

Evolve Mortgage Services & Pavaso Enable Fully Electronic eClosing Solution for Borrowers and Mortgage Lenders

Wednesday, March 25, 2020 - 3:14pm

"With COVID-19 reshaping how borrowers interact with the mortgage industry, mortgage lenders need to provide borrowers with a low-contact closing experience to limit physical interactions and exposure," said Paul Anselmo, CEO of Evolve Mortgage Services.

Key Points: 
  • "With COVID-19 reshaping how borrowers interact with the mortgage industry, mortgage lenders need to provide borrowers with a low-contact closing experience to limit physical interactions and exposure," said Paul Anselmo, CEO of Evolve Mortgage Services.
  • "Fortunately, the long-standing relationship between Evolve Mortgage Services--with its doc engine SigniaDocuments -- and Pavaso delivers the answer the industry seeks."
  • The integrated solution delivers an online, paperless initial eDisclosure and eClosing experience that can be directly implemented by mortgage lenders and title agents.
  • Evolve Mortgage Services is a leading provider of outsourced mortgage solutions that has helped hundreds of clients dramatically grow and scale their mortgage operations.