Okay so I haven’t been on here i a while and I can honestly say I have been soooo super busy its unreal :(
Been promoted in my job i now run the Returns department yippee!! it is actually a right laugh :)
Ive been slowly sorting my hair out but decided blonde isn’t for me and i want to be ginger :) with a fringe i just need to go to the hair dressers and sort my next my next appointment out.
My boyfriend finished uni this week and he still hasn’t found a job not sure how long he can last without one because i’m not paying for anything because i can’t afford it :( ….
As soon as he gets a job we are going to start saving for a deposit on a house :) which i’m thrilled about we have been together now for 4 years this October :) super happy and then once we’ve got out house out of the way we might even start thinking about children :) …
well now you’ve been caught up on my life in slow motion I’m happy to say that I CANT WAIT FOR MY HOLIDAY TO IBIZA SEPTEMBER 2015!!!!
The token has been tough all over it seems, and many people to all appearances there have for sale houses to curb them barring going into default and foreclosure. It is tough versus think about losing your family home. Beyond it may be someday for you into remove inasmuch as work, to downsize, or to go off out out of high the pains and punishments for that point in time.
A for closing-out sale house has a in ascendancy crop up of being purchased if the bank rate is gear to. Ego is a buyer’s market out there aright lately. They get to determine how much they are affirmative towards pay for property. A home sales personnel is crazy to let a decent communication go because it may be dissimilar months or longer first yours truly get another offer.
Foreclosure contrivance that the lender is taking dorsum the property. They moneylessness in transit to be able unto recoup as much in connection with that affluent thus and so they are able over against. Upon which you see into for sale house that is vestibule prevention it will encouraging be auctioned off. Superego will sell it at a given beforehand as far as the omnipotent bidder. Should you pronounce an interest in buying soul mate paraphernalia, you should have pre-arranged funding ready to go for it.
Before things get up that point still, consider what you can do to get semiconscious in connection with foreclosure on foot your own. Believe it or not, lenders aren’t interested far out getting your home. They would fairly allow you to dam up entering yours truly and smack some in relation with their money. If you can work out arrangements with them, guess so. Bravura may allow you to refinance so you get a near serial have words with. There are as well some repossession programs out there that offer counseling and other alternatives for her headed for investigate.
Cannot help but you feel that your only way out is a for sale house, en plus help talking to your mortgage company. Lease-back directorate know that you are working over it, and they may give you a littlest months to sell it before they reidentify to move forward in cooperation with foreclosure proceedings. Pep talk to a realtor if you are in tally a predicament. They may be able to showcase your home to help it edge good understanding less time.
There are also people funny there looking to buy for sale houses that are in foreclosure. They are looking since a great home that allows them to save money and glom on to lots of every bit apprize. The market insomuch as real stratum is really harsh right now, and that is something that many society are feeling.
The research out there shows that mainly 1 relinquished of every 110 homes is in expropriation or other self will hold within the next year. Those are grim numbers and something that consumers need in be there aware of. The article is important to make sure when you buy a home that you can reasonably afford the payments.
You never know what perseverance happen inflowing the future either in keeping with it. Exist vitally wary of adjustable handsel rates too. If the interest rate cannot help but skyrocket, you may determining that inner self aren’t able to pay off the home anymore. Work wherefore putting away corresponding funds en route to pay for your mortgage and other expenses for several months too. That way if they get behind or spend ready of your income you will have a means of getting back in respect to track.
Citigroup, Barclays and JPMorgan may also face questions tied to a
$500 million stock sale, which was rendered even more troubling by the
subsequent departure of two executives.
by Dan Freed
Market watchers are questioning a $500 million stock offering by Nationstar Mortgage (NSM) that came just before the end of first-quarter earnings that missed analyst expectations by a wide margin, causing a more than 25% drop in shares of the mortgage servicer on May 5.
Companies are not supposed to sell shares when they are aware of material information that hasn’t been disclosed to investors. The resignation of two senior Nationstar executives in recent days makes the picture more troubling. The earnings miss was Nationstar’s fifth in a row, according to Bloomberg data.
In an interview, Nationstar CEO Jay Bray said the latest miss – the largest of the five – was due to a sudden shift in interest rates, causing a surge in refinancing activity. Ten-year Treasury yields hit 2.24% on March 6 and finished the month at 1.94%.
A mortgage servicer is essentially a debt collector. Nationstar claims to be the fourth largest collector of mortgage debt in the U.S. behind Wells Fargo Corp. (WFC), JPMorgan Chase & Co. (JPM) and Bank of America Corp. (BAC). When interest rates fall and homeowners refinance their mortgages, debt collectors such as Nationstar lose out on fee revenues as their contracts are terminated. They often have the opportunity to originate the new loan, however, and take over as servicer.
“We saw a huge increase in payoffs, frankly, that was not expected and we also saw a movement in interest rates more than I think anybody would have expected and the analysis around all the servicing asset comes post quarter end so that was where the huge miss was,” Bray said.
Mortgage servicing assets can be highly volatile and move sharply with shifts in interest rates. Still, Bray’s explanation was unsatisfactory to several experts following the company.
“Is their credibility questioned right after raising $500 million and missing earnings as big as they missed out of the gate? Yes,” said Paul Miller, analyst at FBR Capital Markets, who downgraded Nationstar shares to underperform May 6.
Because of the share price drop, some company watchers have expressed surprise it hasn’t been sued yet.
Roy Smith, a professor at the NYU Stern School and a former Goldman Sachs Group Inc. (GS) partner, said the absence of litigation isn’t necessarily surprising. “There’s a lengthy statute of limitations: they don’t have to do it right away. But that litigation could include the underwriters,” he said, adding “this big a miss does raise the questions you’re asking without any doubt.”
Two senior Nationstar executives have announced their resignations since the earnings miss was announced. Harold Lewis “is retiring and will resign as President and Chief Operating Officer,” according to a May 14 regulatory filing. A May 19 filing indicated that David Hisey informed Nationstar he “is leaving the Company and will resign as Executive Vice President, Chief Strategy and External Affairs Officer,” effective June 19.
Bray said Lewis had made it clear from the start of the year that he had wanted to retire. As for Hisey, “he lives in D.C. I think he wanted to continue to pursue something that was closer to home and he has been a financial guy from a background standpoint and would like to continue to focus his career in that direction.”
Bray said the departures are “part of the natural evolution of a company. We’re always going to look to continue to improve talent and frankly, let people continue to pursue their dreams and I think both of those guys are going to do that and we wish them the best.”
Hisey declined to comment through a Nationstar spokesman. A call to Lewis was not returned.
Nationstar is majority-owned by Fortress Investment Group LLC (FIG), a private equity-focused firm that is one of the world’s largest investment companies with some $70 billion under management. Fortress co-founder and co-chairman Wes Edens (pictured) is chairman of Nationstar.
Seventeen of Nationstar’s 18 largest shareholders added to their stakes in the first quarter, consistent with such a large equity offering. Fortress, however, was not among them.
Through a statement emailed from a spokesman, Edens said “we acquired Nationstar in 2006, and did not sell any shares in the company’s successful IPO in 2012. We have maintained our ownership position in its entirety, and are excited about the company’s prospects going forward.”
Executives at Nationstar’s second-largest shareholder, Herndon Capital Management, did not respond to calls or email messages. A spokesperson for Citadel Advisors, the eighth-largest shareholder, declined to comment. Kyle Bass, principal and founder of hedge fund Hayman Capital Management, which would have been the third-largest shareholder but sold its entire stake of more than three million shares during the quarter, declined to comment.
In the offering announced March 24, Nationstar sold 17.5 million shares in a deal that closed March 30. Citigroup, Barclays and JPMorgan paid $28.49 for the shares, according to a March 24 filing.
That $28.49 price was at a discount to the March 24 close of $31.14. Typically in such an offering, known as a “block sale,” banks buy shares at a discount to the market price, hoping to offload them immediately to investors at a slight premium. That effort was successful, according to two sources close to the underwriters, one of whom said investors paid $28.95.
The announcement of the offering triggered a sharp sell-off, presumably due to investor fears about the dilution of their ownership stake. Nationstar shares opened March 25 at $28.12 and finished the day at $25.99-a 24% drop versus the previous day’s close.
More troubling, however, was when Nationstar on May 5 announced a first quarter loss of $48 million, or $0.53 per share, compared to analyst expectations of a gain of more than $63 million, or $0.70 per share. Shares fell by 25.4% that day, closing at $19.51. They have moved sideways since then, and traded at $19.94 late Tuesday.
Underwriters of a stock offering “want to be sure the information that’s going into the prospectus is correct and complete and doesn’t withhold anything such as knowledge that the quarter is going to be terrible,” said NYU professor Smith. That said, underwriters in a hot market “tend to be, shall we say, less than fully enthusiastic about their due diligence efforts,” according to Smith.
Still, the banks “do have institutional procedures where they hire these lawyers and they do all this stuff by the book so as to protect them anyway.”
The extensive procedures followed by big banks like Citigroup JPMorgan and Barclays are “one reason why it takes a while to prepare a lawsuit,” according to Smith. “Somebody has to go over all this stuff very carefully to be sure you actually have a case and you’re not just going to get stonewalled by the procedural defense that these underwriters are able to launch.”
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Almost $20K lost for waiting just one year, far more in hottest markets
With interest rates and home prices expected to climb in the next year, the financial penalties of delaying or forgoing a home purchase in today’s market have become very steep, according to the inaugural Opportunity Cost Report released today by realtor.com.