Newsom announces extension of CHP surge operation to combat Oakland crime, urges change to police pursuit policy
Shares of HomeStreet Inc (HMST) rose over 2% on Friday after the parent company of HomeStreet Bank announced that the lender has entered into an agreement to sell $990 million worth of multi-family real estate loans to Bank of America (BAC). HomeStreet said the sale happened at a price, including the value of the retained servicing, of 92% of the principal balance of the loans. This loan sale is expected to close before the end of 2024. CEO Mark Mason said this is the first step in implementing a new strategic plan expected to bring in a return to profitability for the bank on a consolidated basis early next year. “The pricing of the loan sale reflects the current interest rate environment and that the loans being sold are primarily lower yielding loans with longer duration than the overall portfolio. The proceeds from the loan sale will be used to pay down FHLB advances and brokered deposits which carry substantially higher interest rates than our core deposits,” he added. On Friday, retail sentiment surrounding Bank of America stock was trending in the ‘bullish’ territory (55/100) from ‘bearish’ a day ago. Recently, Wedbush raised the firm's price target on HomeStreet to $15 from $12, while keeping an ‘Outperform’ rating on the shares, according to TheFly. The brokerage noted that HomeStreet's planned sale of its multifamily loans could be executed at a better pricing than assumed. Interestingly, HomeStreet shares have gained over 10% since the beginning of the year, while Bank of America shares have risen over 30% in the period. For updates and corrections, email newsroom[at]stocktwits[dot]com. The Duke of Sussex has been videoed being given a fake tattoo by a US country artist in a new skit to promote the Invictus Games . Captured in the East Side Ink studio in New York, the Duke is seen shouting as he appears to be given a neck tattoo by Jelly Roll, a rapper and singer, in exchange for a performance at the closing ceremony of the games. The sketch has been filmed to grab attention as part of the promotional build-up to the sporting competition for wounded veterans being held in Canada next February, but it might not have had the reaction the Duke had hoped for. Fans were quick to point out on social media that Jelly Roll was the wrong choice as he has been seen to be associated with Donald Trump.United States President-elect Donald Trump said on Monday (Dec 2) there would be "hell to pay" in the Middle East if hostages held in the Gaza Strip were not released prior to his Jan 20 inauguration. During their deadly 2023 attack on Israel, Hamas-led militants captured more than 250 people, according to Israeli tallies, including dual Israeli-American nationals. Around half of the 101 foreign and Israeli hostages still held incommunicado in Gaza are believed to be alive. Making his most explicit comments on the fate of the hostages since his election in November, Trump said on social media: "If the hostages are not released prior to January 20, 2025, the date that I proudly assume Office as President of the United States, there will be ALL HELL TO PAY in the Middle East, and for those in charge who perpetrated these atrocities against Humanity." Trump added: "Those responsible will be hit harder than anybody has been hit in the long and storied History of the United States of America." Hamas has called for an end to the war and total Israeli withdrawal from Gaza as part of any deal to release remaining hostages. Israeli Prime Minister Benjamin Netanyahu has said the war will go on until Hamas is eradicated and poses no more threat to Israel. On Monday, Hamas said that 33 hostages in Gaza had been killed during the almost 14-month-old war between the Palestinian militant group and Israel in the enclave, without giving their nationalities. Israel launched its war after Hamas-led fighters attacked Israeli communities on Oct 7, 2023, killing 1,200 people, according to Israeli tallies. Israel's military offensive has killed more than 44,400 Palestinians and displaced most of Gaza's population, Gaza officials say. Vast swathes of the enclave lie in ruins.