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Stock Market & Financial Investment News

News Breaks
January 7, 2013
07:51 EDTNCT, NSM, BAC, FIGNewcastle 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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August 21, 2014
09:07 EDTBACBofA to pay $16.65B in settlement with DOJ, state AGs
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09:03 EDTBACBank of America to pay $16.65B in settlement with DOJ, Bloomberg reports
08:41 EDTBACBank of America, DOJ settlement to be announced today, CNBC reports
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06:43 EDTBACRegulators up bank warning efforts for poor risk assessment, Reuters says
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August 20, 2014
18:29 EDTBACBofA, JPMorgan weigh plans to raise salaries for junior bankers, Bloomberg says
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17:12 EDTBACOn The Fly: Closing Wrap
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14:35 EDTBACBofA reaches $17B settlement over mortgage backed securities sales, AP says
Bank of America along with federal and state authorities agreed upon a $17B settlement for the bank in connection with the sale of mortgage-backed securities in the run-up to the 2008 financial crisis, says AP. Reference Link
14:20 EDTBACBofA reaches $17B settlement over mortgage backed securities sales, AP says
08:38 EDTBACRevolution Lighting enters loan, security agreement with BofA
Revolution Lighting (RVLT) announced that it has entered into a three year loan and security agreement with Bank of America (BAC). The agreement allows Revolution Lighting to borrow up to $25M on a revolving basis. Borrowings under the agreement are determined on specified percentages of eligible receivables and inventory, and bear interest either on the base rate plus specified margins or at LIBOR plus specified margins, at the election of Revolution Lighting. The loan provides Revolution Lighting with favorable interest rates with an initial interest rate of 3%. The agreement contains customary covenants and restrictions typical of these agreements.
August 19, 2014
16:24 EDTNSMNationstar appoints Kevin Dahlstrom as Chief Marketing Officer
Nationstar Mortgage Holdings announced the hiring of Kevin Dahlstrom as Executive Vice President & Chief Marketing Officer. In this new role for the company, Dahlstrom will lead all marketing activities across the enterprise with particular focus on analytics-driven, digital and web-based strategies to broaden Nationstar’s customer acquisition and retention programs to further the company’s mission to become the leading provider of real estate services.
06:20 EDTBACBofA COO transfers, senior manager assumes role, Bloomberg says
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August 18, 2014
06:47 EDTBACU.S. banks consider Ireland fitting spot for EU divisions, FT says
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August 15, 2014
10:07 EDTBACBank of America reports July default rate 3.01% vs. 3.24% last month
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August 14, 2014
12:46 EDTNSM, FIGHayman Capital gives quarterly update on stakes
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08:28 EDTBACBofA, DOJ still in talks over $17B settlement, NY Post says
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August 13, 2014
09:33 EDTNCTNewcastle Investment 40M share Spot Secondary priced at $4.39
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August 12, 2014
19:02 EDTNCTOn The Fly: After Hours Movers
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16:10 EDTNCTNewcastle Investment files to sell 40M shares of common stock
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09:35 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL GOOG C TSL EXAS BAC DNDN JNJ TSLA
07:48 EDTBACBanks posted second-highest profit in 23 years in second quarter, WSJ says
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