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IIFL Home Finance trims lending rate

Private sector mortgage lender India Infoline Housing Finance (IIHFL) Wednesday reduced its home loan rates by 25 basis points to 9.90 per cent with immediate effect. We believe the home loan rate downtrend is likely to continue and would benefit small home-buyers in the next few years, as the economic environment improves further, IIHFL chief executive Monu Ratra said in a statement.

Smaller home finance companies slash loan rates

Sundaram BNP Paribas Home Finance has also announced a reduction of 20 basis points in its prime lending rates.

The reduction in our interest rates is in line with the market and we hope that this would improve the sentiments of people buying homes and consequently improve the demand for financing homes, managing director of Sundaram BNP Paribas Home Finance Srinivas Acharya said.

Linden Financial Group banned from mortgage relief and debt relief services …

Marketers who helped promote a Utah-based home loan modification scheme will be banned from the mortgage relief and debt relief industries.

The newly-announced court settlement resolves Federal Trade Commission (FTC) charges that the marketers violated the law by promoting the loan modification scam, which conned consumers into paying hefty fees for worthless mortgage relief services.

Worthless promises

According to an FTC complaint filed last June, the scam led by Philip Danielson, the Danielson Law Group, and several closely associated companies and individuals, fraudulently pitched loan modifications to consumers.

The complaint accuses the defendants of luring consumers into paying $500 to $3,900 by falsely promising that attorneys would negotiate loan modifications that would substantially reduce the consumers mortgage payments. In the face of rising consumer complaints against Danielson Law Group, Linden Financial Group was formed to serve as the marketing arm for the defendants enterprise, the FTC contends

Linden Financial Group prepared and mailed ads for mortgage relief services that were designed to look like they were coming from lawyers in the recipients states. The FTC also claims Linden Financial Group received money from the payment processor set up to collect funds from consumers and then used this money to fund expenses and funnel cash to Philip Danielson and others.

Hefty fine ordered

Under the proposed settlement, Linden Financial Group also is prohibited from violating the FTCs Telemarketing Sales Rule, and is required to have competent and reliable evidence to support claims made about the benefits, performance, or efficacy of any financial product or service.

The proposed order imposes a judgment of $28.6 million against Linden Financial Group and requires the company to turn over its financial accounts to the agency.

Back in February, the FTC announced settlements with the other individual and corporate defendants in this case that resulted in orders which ban the defendants from offering mortgage assistance relief services and from participating in the debt relief industry.

Repco Home Finance issues Commercial Papers worth Rs 60 crore

Repco Home Finance has issued Commercial Papers to the tune of Rs 60 crore (1200 Commercial papers of Rs 5 lakh each) at a discount rate of 9.15% with a maturity date of May 29, 2015 (65 days tenure).

Repco Home Finance is a professionally managed housing finance company headquartered in Chennai, Tamil Nadu. The company is operating in states of Tamil Nadu, Andhra Pradesh, Kerala, Karnataka, Maharashtra, Gujarat, Odisha, West Bengal and Puducherry.

Repco Home Finance Ltd appoints Woman Director

The Board of Repco Home Finance Ltd has accorded its approval for the appointment of Ms.Sanjeevanee Kutty as Additional Director (Non-Executive Non- Independent Director) of the Company with effect from March 27, 2015.

Shares of REPCO HOME FINANCE LTD. was last trading in BSE at Rs.638 as compared to the previous close of Rs. 651.45. The total number of shares traded during the day was 6997 in over 439 trades.

The stock hit an intraday high of Rs. 660 and intraday low of 633. The net turnover during the day was Rs. 4554932.

AG Healey leads charge among states seeking debt relief for former Corinthian …

Attorney General Maura Healey is asking federal education officials to forgive the loans of former Corinthian College students.

Court Stops Debt Relief Operation

A federal court has temporarily halted Los Angeles-based Wealth Educators Inc. and its president from offering mortgage relief services after the Federal Trade Commission charged the operation with failing to provide the help promised to homeowners, while charging a large illegal upfront fee for services.

Medical Debt Relief Bill Passes Senate

A bill authored by Sen. Kevin Dahle (DFL- Northfield) would give consumers the right to go to court to stop a collection action on medical debt that violates federal IRS rules. The bill passed the Senate unanimously Tuesday, and is awaiting a vote from the House.

Medical debt is well recognized as the top cause of personal bankruptcy in America, and accounts for more collections than credit cards. In an attempt to reverse this growing trend, the bill provides a patient or consumer the right of action to get a court injunction to keep collectors from withholding medical care, garnishing wages, causing arrest or taking other “Extraordinary Collection Actions” that collection agents often employ against consumers. This policy would apply specifically to debt accrued at nonprofit hospitals, and only to medical debt, though the Senator has coauthored other legislation to address debt on a broader scale.

JPMorgan Chase & Co (NYSE:JPM) close to 52-week high on important volume …

JPMorgan Chase amp; Co (NYSE:JPM) (TREND ANALYSIS) shares were traded with a significant increase in volume. The stock closed last trading session at $63.04, up by 1.56%, with a volume of 33,775,406 shares against an average volume for the last 3 months of 17,241,800.

Stock Performance: Click here for a free comprehensive Trend Analysis Report

JPM reported last quarter earnings on April 14. The Diversified Banking Services company announced earnings per share of $1.45 against a consensus Street estimate of $1.39, beating the average estimate by $0.06. This corresponds to an increase of $0.08 compared to the same quarter of the previous fiscal year.

JPMorgan Chase amp; Co (NYSE:JPM) is currently trading 0.9% below its 52-week-high, 19.01% above its 52-week-low. The 12-months range for the stock is $52.97 $63.61. JPMorgan Chase amp; Co (JPM) has a price to earnings ratio of 11.92 versus Samp;P 500 average of 18.64. JPM stock price has underperformed the Samp;P 500 by 0.1%. The Diversified Banking Services company is currently valued at $234.15 billion and its share price closed the last trading session at $63.04. The stock has a 50-day moving average of $61.11 and a 200-day moving average of $59.82.

JPMorgan Chase amp; Co (JPM) current short interest stands at 29.8 million shares. It has decreased by 18% from the same period of last month. Around 1% of the company’s shares, which are float, are short sold. With a 10-days average volume of 15.15 million shares, the number of days required to cover the short positions stand at 2 days.

Is this a Buying Opportunity? Click here for a free Trend Analysis Report

There are currently thirty-four analysts that cover JPM stock. Of those thirty-four, twenty-seven have a Buy rating, seven have a Hold rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $68.73.

A recent analyst activity consisted of Bernstein upgrading their Market Perform rating to Outperform on April 7. Bernstein increased their price target on JPM from $67 to $70. This corresponds to a 11.04% upside from the last closing price. On the date of report, the stock closed at $60.85.

Oppenheimer reiterated their Outperform stance on March 13, and fixed their price target at $74. This corresponds to a 17.39% upside from the last closing price. On the date of report, the stock closed at $60.6.

A third research firm was Argus who upgraded their Hold rating to Buy on October 15. Argus fixed their price target at $65. This translates to a 3.11% upside from the last closing price. On the date of report, the stock closed at $54.81.

Company profile

JPMorgan Chase amp; Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals.

Hedge Fund Billionaire Paul Tudor Jones II Selling Florida Keys Mansion

Paul Tudor Jones II, billionaire founder of Tudor Investment Corp., has listed his opulent beachfront mansion in the Florida Keys.

Needless to say, high finance has been very, very good to Jones. Forbes ranked him as the 18th-highest-earning hedge fund manager in the country and estimates his personal net worth at $4.6 billion.

The 6.5-acre gated property he listed with broker Cheri Tindall for $14.5 million in Islamorada, FL, offers the allure of a five-star resort in Key West wrapped into a private residence.

The main home was designed with sunny southern Florida in mind. Many of the rooms in the two-story home feature wall-to-wall windows with ocean and garden views. The vaulted ceilings and pale color palette give the home a light and airy feel. And if being steps from the beach isn’t enough water for you, there are two massive aquariums on the first floor of the home.

Stepping on to any one of the numerous decks, you’ll find ocean views, cool breezes, and plenty to do. The property has large gardens, a patio, a swimming pool, a hot tub, and a tennis court.

And if you truly want to get away from it all, you’re only a short walk to a private, deep-water basin and dock large enough to hold several boats.

There are also two large cottages for guests. The west-side cottage has four bedrooms, 3.5 bathrooms, and ocean views. The east-side cottage has three bedrooms, three bathrooms, and garden views.

Jones is also widely known for his philanthropy. He founded the Robin Hood Foundation, a charitable organization focusing on poverty and disaster relief in the New York area. He also co-founded the Everglades Foundation, a nonprofit that funds restoration and protection projects projects in the Florida Everglades.

Jones has made recent headlines for another charitable project, one that aims to change businesses and the growing income gap in the US According to CNBC, Jones founded Just Capital, a nonprofit that will work to increase justness in companies. Justness is a broad term that CNBC says could include anything from job creation to wages to environmental issues. Jones is conducting polls and national surveys.

And while Jones may be selling his Florida Keys paradise, he isn’t leaving Florida for good. Palm Beach Daily News reported that Jones purchased the Casa Apava estate in Palm Beach, FL, for $71 million. The beachfront estate sits along a row of properties locally known as Billionaires Row, so we’re sure Jones will feel right at home.


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