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Stock Market & Financial Investment News

News Breaks
February 28, 2014
06:25 EDTFHN, FMCCFirst 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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July 18, 2014
07:04 EDTFHNFirst Horizon reports Q2 EPS 32c, may not compare to consensus 16c
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July 17, 2014
07:13 EDTFMCCWatchdog says Fannie, Freddie making riskier agreements, Reuters says
The Federal Housing Finance Agency Office of Inspector General said in a report that Fannie Mae (FNMA) and Freddie Mac (FMCC) are engaging in riskier agreements as they increasingly buy mortgages from smaller lenders, according to Reuters, citing comments from the watchdog. Reference Link
July 11, 2014
09:09 EDTFMCCOn The Fly: Pre-market Movers
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July 10, 2014
18:44 EDTFMCCGenworth responds to GSE-sponsored PMI eligibility requirements
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17:23 EDTFMCCEssent Group comments on proposed PMI eligibility requirements
Essent Group (ESNT) reported that the Federal Housing Finance Agency released for public input the proposed Private Mortgage Insurer Eligibility Requirements. The PMIERs represent the standards by which private mortgage insurers are eligible to provide mortgage insurance on loans owned or guaranteed by Fannie Mae (FNMA) and Freddie Mac (FMCC). Assuming the PMIERs are enacted as proposed, Essent's mortgage insurance subsidiary, Essent Guaranty would be in compliance with the new capital adequacy requirements in the PMIERs based on financial information as of March 31. “We commend FHFA, Fannie Mae and Freddie Mac for all of their work in revising the PMIERs,” said Mark Casale, Chairman and CEO. “Updating the PMIERs is important to the health of the housing finance system in general, and the mortgage insurance industry in particular. We believe that the proposed risk-based capital adequacy framework in the PMIERs is fundamentally sound. The PMIERs will serve as an important set of national standards that give industry counterparties added confidence in the claims paying capacity of private mortgage insurance companies, including Essent.” “Based in part on Essent’s strong capital levels and the exceptional credit quality of our portfolio,” Casale added, “we believe that Essent is well positioned under the PMIERs to continue to serve the growing demand for private mortgage insurance.”
17:08 EDTFMCCMortgage insurers trading lower after FHFA proposes tighter capital rules
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