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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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September 11, 2014
07:21 EDTBACBankruptcy bill focused on big bank failure moves past committee, WSJ says
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06:36 EDTBACBofA Merrill units aim to reverse $136M Japan court decision, Bloomberg says
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05:28 EDTNSMNationstar initiated with an Equal Weight at Barclays
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September 10, 2014
13:10 EDTBACBofA trading executives Moore and Hartney leave as cuts loom, Bloomberg says
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11:58 EDTBACBank of America sees modest improvement in charge-offs in Q3
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11:56 EDTBACBofA sees reducing branches to 5,000 by end of year
Bank of America sees consolidating some branches with Merrill offices. Comments made at Barclays conference.
11:48 EDTBACBank of America said to be planning job cuts next week, Bloomberg reports
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11:30 EDTBACBofA says most exposure on legacy mortgage issues 'in rear-view mirror'
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11:26 EDTBACBofA says credit quality trends continue to improve
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11:19 EDTBACBofA to continue execution of nonperforming loan sales
Bank of America sold $2.1B nonperforming loans in 2Q14; approximately $2B expected to be sold in 3Q14.
11:15 EDTBACBofA Basel 3 Common Equity Tier 1 Capital $137.2B as of June 30
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10:31 EDTFIGFortress hires Goldman's Adam Rosenberg
Fortress Investment Group LLC (FIG) announced that Adam Rosenberg has joined its Credit Funds business as a Managing Director leading its Gaming & Leisure investment platform. Rosenberg joins Fortress from Goldman, Sachs & Co., (GS) where he was Global Head of Gaming Investment Banking.
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Lawmakers from both the Republican and Democrat sides of the aisle urged U.S. regulators to push forward additional regulations to ensure the biggest banks aren't "too big to fail," said The Wall Street Journal. Publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:35 EDTBACFed may raise capital requirement for some banks to 11.5%, NY Times reports
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06:20 EDTBACBarclays hires BofA Merrill Lynch's Richard Casavechia, FT reports
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September 9, 2014
16:00 EDTBACiPath S&P 500 VIX Short-Term Futures up 74c to 28.25
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14:54 EDTBACApple announces Apple Pay
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09:36 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL KNDI NFLX YHOO TWTR TSLA C BAC FB MCD
06:33 EDTBACFed looks set to pressure large banks to shrink, NY Times says
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06:32 EDTBACFed to require large US banks to have extra financial padding, WSJ reports
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