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Stock Market & Financial Investment News

News Breaks
July 30, 2014
13:44 EDTFNMA, BAC, FMCCBank of America division ordered to pay $1.3B over mortgages, Bloomberg reports
Bank of America's (BAC) Countrywide division has been ordered to pay $1.3B in penalties for defective mortgage loans it sold to Fannie Mae (FNMA) and Freddie Mac (FMCC) during the 2008 financial crisis, Bloomberg reported. The fine is just over half the amount the government had requested, Bloomberg added. Reference Link
News For BAC;FNMA;FMCC From The Last 14 Days
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March 27, 2015
13:47 EDTBACBofA Merrill's John Cavanagh leaves bank, Reuters reports
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09:37 EDTBACGoldman Sachs overtakes JPMorgan in commodities rankings, Reuters says
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March 26, 2015
11:46 EDTBACBofA: Naming CEO Moynihan chairman followed 'probing independent review'
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08:17 EDTBACSEC Chairwoman proposes new 'dark pool' regulation, NY Post says
Securities and Exchange Commission Chairwoman Mary Jo White proposed new regulation Wednesday that would require high-frequency traders to register with the Financial Industry Regulatory Authority and provide the agency with a daily paper trail, reports the New York Post. The Post notes that there is a 60-day comment period before any SEC rule is finalized. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
March 24, 2015
07:45 EDTBACMetLife CEO letter may be early sign of bank earnings headwinds, WSJ says
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07:19 EDTFMCC, FNMAOcwen to sell additional $25B portfolio to Nationstar
Ocwen Financial (OCN) announced that its subsidiary, Ocwen Loan Servicing and Nationstar Mortgage, an indirectly-held, wholly-owned subsidiary of Nationstar Mortgage Holdings (NSM) have agreed in principle to the sale by Ocwen of residential mortgage servicing rights on a portfolio consisting of approximately 142,000 loans owned by Freddie Mac (FMCC) and Fannie Mae (FNMA) with a total principal balance of approximately $25B. Subject to a definitive agreement, approvals by Freddie Mac, Fannie Mae and FHFA and other customary conditions, Ocwen and Nationstar expect the transaction to close before mid-year.
March 23, 2015
09:56 EDTBACMassachusetts securities regulator fines Merrill Lynch $2.5M, Reuters reports
Massachusetts Secretary of the Commonwealth William Galvin has fined Bank of America's Merrill Lynch unit $2.5M for failing to supervise employees properly, Reuters reports. Merrill, Lynch, Pierce, Fenner & Smith was accused of failing to stick to its own compliance rules. Reference Link
March 20, 2015
10:36 EDTBACBank of America changes bylaws to allow some investors to nominate directors
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05:57 EDTBACBank of America faces pressure to defend structure, Financial Times reports
Bank of America will have to defend its current structure at its annual meeting in May after the SEC allowed a small shareholder the right to challenge the board on a break-up, reports the Financial Times. Bank of America's board could be under pressure to appoint a committee to examine a plan for divesting all non-core banking businesses if a proposal from Barlett Naylor of Public Citizen is adopted. Reference Link
March 19, 2015
11:53 EDTBACU.S. banks face headwinds in unloading oil loans, WSJ says
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06:30 EDTBACSEC says BofA must put investment bank spinoff to shareholder vote, Reuters says
The SEC has told Bank of America that it must allow shareholders to vote on whether the company will attempt to spin off its investment bank unit, reports Reuters, citing a decision by the Securities and Exchange Commission. A bank spokesperson said the company "will respond to the proposal in our proxy statement." Reference Link
March 18, 2015
11:36 EDTFMCCOcwen intends to sell $9.6B portfolio of mortgage servicing rights to Green Tree
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07:22 EDTFNMA, FMCCFreddie Mac, Fannie Mae could need more bailouts, WSJ says
Freddie Mac (FMCC) and Fannie Mae (FNMA) might be at risk of needing additional bailouts, due to weak Q4 earnings, reports the Wall Street Journal, citing a watchdog. Reference Link
07:10 EDTBACPlatts to hold a forum
11th Annual Steel Markets North America is being held in Chicago on March 17-18.
March 17, 2015
13:10 EDTFNMAJPMorgan could acquire Ocwen's Fannie MSR portfolio, IMF reports
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08:34 EDTBACBank of America reinstated with an Outperform at Raymond James
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08:26 EDTFMCC, FNMAFreddie Mac, Fannie Mae begin legal battle against Nomura, RBS, NY Post says
Freddie Mac (FMCC) and Fannie Mae (FNMA) alleged in court proceedings Monday that they bought "bad" mortgages because they were mislead by banks, reports the New York Post, citing court arguments. Monday was the first day of the lawsuit against Nomura (NMR) and co-defendant Royal Bank of Scotland (RBS) which seeks $1B in damages as well as the ability to return the securities to the banks. Lawyers presented internal bank emails that identified some mortgages as "crap" or from "extremely dysfunctional" lenders, while the banks alleged that they fully disclosed the poor quality of the products. Reference Link
March 16, 2015
10:22 EDTBACBank of America February default rate 2.98% vs. 2.93% last month
Reports February delinquency rate 1.86% vs. 1.83% last month.

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