Zacks Equity Research, Chicago, has declared The Mills Corp. its "Bear of the Day" -- a stock expected to underperform the markets over the next three to six months -- for Sept. 18.Mills is an Arlington, Va., retail real estate investment trust that recently received bids from potential buyers and investors. "The company is dealing with myriad problems, including a restatement of its financial results from 2000 through the first three quarters of 2005, failed developments, and executive departures," Zacks said. "Additionally, the company is under investigation by the [Securities and Exchange Commission] for accounting irregularities." Zacks said the company is struggling and noted that the common dividend has been cut "significantly." It predicted much lower-than-expected earnings when Mills releases its 2005 and year-to-date 2006 results. Zacks can be found online at http://www.zacks.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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