UPDATE: Stonegate Mortgage to be acquired by Michigan firm for $211M
The deal would mark the end of Indianapolis-based Stonegate’s stint as a public company, which has largely disappointed investors since its IPO in 2013.
Mortgages
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Lawsuit alleges bank CEO trying to drive Dallas firm out of business
A Dallas mortgage company accuses Carmel banker Michael Petrie of launching a "delberate and vindicative campaign" to try to drive it out of business. But a separate lawsuit against the Dallas firm tells a different story.
Foreclosure suit alleges Mainscape affiliate owes more than $6M on loan
The 100,000-square-foot building on Keystone Avenue once served as the headquarters for the landscape firm Mainscape Inc.
Indiana to get $12.7M from Moody’s ratings settlement
Moody’s Corp. has agreed to pay almost $864 million to resolve a multiyear U.S. investigation into credit ratings on subprime mortgage securities. Indiana is one of 21 states getting some of the settlement.
Fed raises rate, boosts outlook for borrowing costs in 2017
New projections show the central bankers expect three separate quarter-point rate increases in 2017, up from the two seen in the previous forecasts.
Stonegate quarterly results improve as revenue surges
Stonegate Mortgage Corp. on Thursday reported a third-quarter profit of $15.6 million in the third quarter after revenue jumped 159 percent from a year ago.
About 2,800 Hoosier borrowers eligible for HSBC reimbursements
Borrowers whose mortgages were foreclosed upon between 2008 and 2012, with servicing abuses by HSBC, are eligible for part of the $470 million federal-state settlement with the lender.
Stonegate Mortgage reports big second quarter loss
The Indianapolis-based company’s CEO attributed the $17.2 million loss to “continuing volatility within the financial markets.”
Hofmeister faces $2.4M suit over Clearwater jewelry store
The foreclosure lawsuit is the latest legal problem for the 43-year-old retailer, which is still trying to pay off debt from a Chapter 11 bankruptcy it filed in 2011.
Stonegate shares slip after firm reports major revenue slide
Stonegate Mortgage Corp. kicked off 2016 in a slump, disappointing Wall Street with a steeper-than-expected revenue decline and a first-quarter loss.
Stonegate Mortgage president gets keys to CEO’s office
The Indianapolis mortgage firm has promoted James Smith to the top spot vacated last year in an abrupt resignation by its founder.
Indiana Bar Foundation gets $7M from mortgage settlement
The Indiana Bar Foundation will only be able to use its settlement funds for programs covering mortgage foreclosures and community development, foundation leaders said.
Bill would weaken protections for homeowners in foreclosure
Banks support proposed state legislation that could prevent Hoosier homeowners from using a settlement process to avoid foreclosure. But the sponsor of a bill with the controversial provision says he will strike it.
Defying Fed hike, mortgage rate remains below 4 percent
One week after the Federal Reserve raised short-term interest rates from record lows, the average on a 30-year fixed-rate mortgage went the other way.
Lender discrimination might be bankrupting black churches
Of the 654 congregations to file for bankruptcy protection between 2006 and 2013, 60 percent had black pastors or predominantly black membership, according to an associate professor at the Indiana University Maurer School of Law.
Sale might provide salvation for Stonegate investors
After a rocky two years as a public company, perhaps the best path forward for Stonegate Mortgage Corp.—now that the board has given the company’s CEO and founder his walking papers—is to pull the rip cord and sell the business.
Mortgage, auto loans push household debt to 5-year high
Accelerating increases in auto loan debt and mortgage credit helped propel total borrowings of U.S. households to the highest level since the first quarter of 2010, the Federal Reserve Bank of New York said Thursday.
Stonegate Mortgage’s third-quarter loss more than expected
The Indianapolis-based non-bank mortgage company took a loss of $22.8 million in the third quarter as revenue fell 45 percent from a year ago.
Obama officials resist call to release mortgage giants
The U.S. owns nearly 80 percent of Fannie Mae and Freddie Mac, and investors have been pressing the administration to unwind a 2012 decision to sweep their profits to the Treasury Department.
CEO’s abrupt exit raises questions about Stonegate’s future
Stonegate Mortgage didn’t give a reason for the sudden resignation of CEO Jim Cutillo, who founded the company in 2005. The surprise exit prompted analyst speculation that the Indianapolis-based company might be preparing to put itself up for sale.