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Research Says Broker Originated Loans Underperforming
A new study from Columbia University involving data from 700,000 mortgage loans found that loans originated by the bank were less likely to be delinquent than those originated through its mortgage channel.
Mid-Day Recap: Stocks Flat After Data
Stocks have gone sideways after Tuesday’s major equity sell-off. Markets hardly moved when a private jobs report failed to match expectations, while remaining data had only temporary impacts. The culprit for recent weakness in equities is a general sense that shares rose too much from early March to August, which saw the S&P 500 surge by 52%. At 1:30pm, the S&P is trading 0.01% lower at 997, the Dow has risen 0.02% to 9,312, while the NASDAQ is up 0.11% to 1,971.
Gain in Factory Orders Fails to Match Forecasts
Factory orders from US manufactures increased by 1.3% in July, marking a bigger advance than June’s increase but failing to meet expectations for a 2% gain. June’s 0.4% gain was revised up to 0.9%, which to some extent fills in for the lower-than-anticipated headline in July. rnrnThe advance is a welcome addition to multiple data reports confirming an economic turnaround in the third quarter, yet details from US Census Bureau reveal that gains were not broad-based.
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