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Stock Market & Financial Investment News

News Breaks
July 1, 2014
08:15 EDTSTI, HMSTHomeStreet closes deal to sell mortgage servicing rights to SunTrust
HomeStreet (HMST), the parent company of HomeStreet Bank, announced that the Bank has executed and closed a definitive agreement selling a portion of its single family mortgage servicing rights portfolio to SunTrust Mortgage (STI). The transaction closed on June 30, and provides for the sale of the rights to service approximately $3B in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae, which represents about 25% of HomeStreet’s total single family mortgage loans serviced for others portfolio as of March 31. The sale is expected to result in an increase of approximately $5.4M in mortgage servicing income for the quarter ending June 30, HomeStreet said. The physical transfer of servicing from the Bank to SunTrust is scheduled for October 1, and is subject to customary conditions. HomeStreet will continue to service the loans between the closing date and the final transfer date. “The sale of this portfolio of mortgage servicing rights is part of our ongoing balance sheet and capital management as well as in preparation for the January 1, 2015 effective date of the new Basel III-based regulatory capital standards,” said HomeStreet CEO Mark Mason.
News For HMST;STI From The Last 14 Days
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February 4, 2016
06:51 EDTSTIBofA doesn't deserve to be in 'stock market doghouse,' WSJ says
Bank of America (BAC) is currently in the "stock market doghouse," but doesn't deserve to be, David Reilly of the Wall Street Journal's Ahead of the Tape says. The overall beating of U.S. bank stocks has come amid the greater market selloff, reflecting the fact that slowing growth has brought doubt on the Fed's ability to raise rates in March, Reilly says. Since a rate increase is a far-off prospect, investors have little reason to own bank stocks, though Bank of America's valuation assumes "too dire an outcome," the report says. Banks with international outreach, such as Citi (C), are still arguably further behind in post-crisis cleanup, but Bank of America is more focused on the domestic U.S. economy and prices a U.S. recession as a given, not a possibility, the report says. Other large U.S. banks include Wells Fargo (WFC), JPMorgan (JPM), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB), BB&T (BBT), PNC Financial (PNC), and SunTrust (STI). Reference Link
February 3, 2016
12:24 EDTHMSTHomeStreet sees FY16 both mortgage loan locks, mortgage closings $8.1B
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12:23 EDTHMSTHomeStreet sees Q2 mortgage loan lock volumes roughly $2.3B
Sees Q2 mortgage closing volumes $2.3B.
12:23 EDTHMSTHomeStreet sees Q1 mortgage loan lock volumes roughly $1.7B
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07:07 EDTHMSTFIG Partners to hold a forum
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February 1, 2016
06:05 EDTHMSTHomeStreet completes acquisition of Orange County Business Bank
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January 31, 2016
12:33 EDTSTIU.S. banks could return 20% or more, Barron's says
The banking sector looks like "one of the best bargains in the market," Barron's contends in a cover story. Names such as Citi (C), JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), Morgan Stanley (MS), BB&T (BBT), PNC Financial (PNC), SunTrust (STI) and U.S. Bancorp (USB) are showing healthy balance sheets and could offer "at least" 20% upside, the publication argues, adding that the industry's exposure to the energy sector "looks manageable" given information offered in recent earnings reports and conference calls. Reference Link

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