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Stock Market & Financial Investment News

News Breaks
January 7, 2013
07:51 EDTBAC, NSM, FIG, NCTNewcastle Investment to acquire excess MSRs, spin-off residential assets
Newcastle Investment (NCT) announced that it has agreed to acquire an interest in Excess Mortgage Servicing Rights, or MSRs. The total unpaid principal balance of the underlying loans was approximately $215B as of November 30, 2012. In a separate transaction on January 4, 2013, Newcastle acquired an interest in the Excess MSRs on a $13B Ginnie Mae pool. These transactions are expected to bring Newcastle’s total investment in Excess MSRs to approximately $610M and the UPB of the underlying loans to over $310B. Newcastle has agreed to acquire Excess MSRs on approximately $215B UPB from Nationstar Mortgage Holdings (NSM), in conjunction with Nationstar’s purchase of MSRs from Bank of America (BAC). Newcastle has committed to invest approximately $340M to acquire a one-third interest in the Excess MSRs. The majority of the investment is expected to close in the first quarter of 2013, subject to regulatory and third-party approvals. Nationstar will service the loans and will retain a one-third interest in the Excess MSRs; a Fortress (FIG) Fund will acquire the remaining one-third interest. The loans comprise four pools, of which 47% are expected to be loans that are owned, insured or guaranteed by Agency/Government entities and 53% are expected to be non-conforming loans in private label securitizations. Separately, Newcastle invested $27M for a one-third interest in the Excess MSRs on a $13B UPB Ginnie Mae loan pool from Nationstar. As in the transaction described above, Nationstar is the servicer and owns a one-third interest. The Fortress Fund acquired the remaining one-third interest. Newcastle intends to spin off these and certain other residential assets.
News For NCT;NSM;BAC;FIG From The Last 14 Days
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February 26, 2015
08:55 EDTNSMNationstar downgraded to Neutral from Buy at Sterne Agee
Sterne Agee downgraded Nationstar to Neutral following the disappointing Q4 report.
07:12 EDTNSMNationstar says growth prospects 'significant' in 2015
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07:12 EDTNSMNationstar reports Q4 core EPS 58c, consensus 91c
Reports Q4 revenue $449.4M, consensus $515.14M.
07:10 EDTFIGFortress announces Q4 dividend of 38c per share
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07:07 EDTFIGFortress reports Q4 pre-tax distributable EPS 28c
07:04 EDTFIGFortress reports Q4 EPS 24c, consensus 17c
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February 24, 2015
14:43 EDTBACBofA head of Americas equitites leaving company, Bloomberg reports
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12:12 EDTBACBank of America head of equities for America leaving bank, Bloomberg says
07:21 EDTBACSecurities Industry & Financial Markets Association to hold a conference
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February 23, 2015
11:43 EDTNSMOcwen volatile after MSR sale, New Residential deal for Home Loan Servicing
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11:22 EDTNSMOcwen halted for volatility after bounce off lows
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10:08 EDTFIGHigh option volume stocks
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09:25 EDTNSMOn The Fly: Pre-market Movers
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08:06 EDTNSMOcwen up 6.8% following sale of mortgage servicing rights to Nationstar
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07:47 EDTNSMOcwen to sell $9.8B portfolio of mortgage servicing rights to Nationstar
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February 19, 2015
06:47 EDTBACReport shows subprime consumer loans at pre-2007 levels, WSJ says
Equifax (EFX) has released a report stating nearly 40%, or 50M, of auto loans, credit cards, and personal loans during the first 11 months of 2014 were made to subprime customers, the highest levels since the 2007 financial crisis, reports the Wall Street Journal. LendingTree (TREE) Chief Marketing Officer Gabriel Dalporto attributes the growth to nonbank lenders under less regulatory scrutiny than large banks. 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
February 18, 2015
07:21 EDTBACJPMorgan, Citi top government report of riskiest banks, Reuters reports
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February 17, 2015
14:16 EDTFIGNetlist amends credit financing agreement with Fortress
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10:26 EDTBACBank of America reports January default rate 2.93% vs. 3.13% last month
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February 13, 2015
05:20 EDTFIGFortress acquires Rihga Royal Hotel Kyoto
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