Stock futures rise after Monday’s record-setting session

first_img“Value and smaller companies typically have more leverage to economic recoveries so a vaccine that would remove the weight of COVID-19 off the economy is a distinct positive,” wrote Bill Stone, chief investment officer at Stone Investment Partners. “Time will tell if this reversal in trends proves durable or starts “makin’ the tears rain down like a monsoon” for value proponents like the many recent false starts.”The recent outperformance in value stocks comes even as the number of coronavirus cases continues to increase, dampening the country’s near-term economic outlook.More than 1 million cases were confirmed in less than a week in the U.S., bring the country’s total to more than 11 million, according to data from Johns Hopkins University. Data from The Covid Tracking Project also showed U.S. coronavirus-related hospitalizations have risen to nearly 70,000.“The near-term COVID backdrop remains bleak with exploding cases, rising hospitalizations, and additional mitigation measures,” wrote Adam Crisafulli, founder of Vital Knowledge. “But the broader tape is willing to overlook all this for the time being.”Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. – Advertisement – Earlier in the day, the Dow and S&P 500 posted all-time closing highs. The Dow also notched an intraday record. Those gains came after Moderna released trial data showing its coronavirus vaccine was more than 94% effective, further raising expectations of a sharp economic recovery.That marked the second positive announcement related to a coronavirus vaccine in a week. Pfizer and BioNTech said Nov. 9 that their Covid-19 vaccine candidate was more than 90% effective among participants in a late-stage trial.Value stocks led the advance on Monday, building on their strong gains from last week. The iShares Russell 1000 Value ETF (IWD) jumped 1.9%, while its growth counterpart closed higher by just 0.5%.- Advertisement – Traders work on the floor of the New York Stock Exchange.Source: NYSEcenter_img – Advertisement – U.S. stock futures opened slightly higher on Monday night after two of the three major market benchmarks closed at record levels.Dow Jones Industrial Average futures were up marginally and S&P 500 futures gained 0.1%. Nasdaq 100 futures outperformed, rising 0.6%.Tesla shares jumped more than 10% after S&P Dow Jones Indices said the electric car maker would join the S&P 500 index, effective Dec. 21.- Advertisement –last_img read more

Survey Half of HARP Refinances Were Denied Previously

first_img Agents & Brokers Attorneys & Title Companies FHFA HARP Investors Lenders & Servicers Refinance Service Providers 2013-10-09 Tory Barringer October 9, 2013 434 Views Demonstrating the extent to which eligibility has opened up in the last year, a new survey from “”””: shows more than half of homeowners who recently refinanced through the Home Affordable Refinance Program (HARP) had been turned down for the program previously.[IMAGE]For its survey, loanDepot talked to a random sampling of 253 HARP borrowers who refinanced through the company between December 1, 2012, and August 1, 2013.According to loanDepot’s findings, 51 percent of those recent HARP borrowers were turned down while the program was in its first iteration. Out of those, more than half had been turned down multiple times.When asked why they were denied, most respondents said their home was too far underwater at the time (57 percent). Seventeen percent said their credit was too poor.[COLUMN_BREAK]Of the 49 percent that hadn’t previously tried to refinance, many said they were not aware of HARP, while others weren’t confident that they would qualify.Reforms announced in December 2011 removed many restrictions from the program, granting access to previously ineligible homeowners. The expanded “”HARP 2.0″” removed the ceiling on eligible loan-to-value ratios–welcome news for the most severely underwater borrowers.According to estimates from the Federal Housing Finance Agency, there are up to 2 million HARP-eligible borrowers who have little to no home equity and who could reduce their monthly payments with a refinance through the program.””Many underwater HARP-eligible homeowners have been turned down before, and they now assume they can’t get help,”” said Jim Svinth, chief economist for loanDepot. “”Requirements have changed, making it possible for loanDepot to give financial relief to even more homeowners.””In other findings, loanDepot’s survey found 87 percent of borrowers who refinanced through HARP are saving $1,200 or more a year after refinancing. Twelve percent reported savings of $6,000 or more per year.To address misconceptions about the program and assist borrowers, loanDepot announced it is hosting a free educational “”webinar””: on October 16. Survey: Half of HARP Refinances Were Denied Previouslycenter_img in Origination Sharelast_img read more