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Stock Market & Financial Investment News

News Breaks
February 28, 2014
06:25 EDTFMCC, FHNFirst Horizon enters definitive resolution agreement with Freddie Mac
First Horizon National (FHN) announced last night that it has entered into a definitive resolution agreement with the Federal Home Loan Mortgage Corp. (FMCC) regarding the loan repurchase process. The agreement with Freddie Mac follows an agreement with Fannie Mae that First Horizon entered into in Q4. First Horizon said the developments, along with other adjustments, will cause it to change its previously-reported consolidated net income available to common shareholders for the year ended December 31, 2013 by an insignificant amount. Specifically, First Horizon will report $23.8M, or 10c per common share.
News For FHN;FMCC From The Last 14 Days
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March 25, 2015
07:53 EDTFHNFirst Horizon management to meet with Deutsche Bank
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March 24, 2015
07:46 EDTFHNFirst Horizon management to meet with Deutsche Bank
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07:19 EDTFMCCOcwen 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 18, 2015
11:36 EDTFMCCOcwen intends to sell $9.6B portfolio of mortgage servicing rights to Green Tree
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07:22 EDTFMCCFreddie 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
March 17, 2015
08:26 EDTFMCCFreddie 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

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