Public Storage Inc., Glendale, Calif., will replace Delta Air Lines in the S&P 500 after the close of trading Aug. 18, Standard & Poor's has announced.S&P said the reason for the change is that Delta's market capitalization had declined to approximately $200 million as of Aug. 15, ranking 500th in the index. Public Storage is a real estate investment trust that invests primarily in self-service storage facilities. S&P also announced that homebuilder M/I Homes Inc., Columbus, Ohio, will replace Accredo Health Inc. in the S&P SmallCap 600 after the close of trading Aug. 18. S&P can be found online at http://www.standardandpoors.com.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16