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Stock Market & Financial Investment News

News Breaks
January 7, 2013
07:51 EDTNSM, FIG, NCT, BACNewcastle 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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November 25, 2014
13:11 EDTFIGFortress near deal for UniCredit unit acquisition, Bloomberg says
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06:04 EDTBACBank of America implied volatility of 15 at lower end of index mean range
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November 24, 2014
07:01 EDTBACFed could further restrict banks' commodities businesses, NY Times says
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06:26 EDTBACFaith-based investors ask BofA to split chairman, CEO roles, WSJ reports
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November 21, 2014
09:16 EDTNSMNationstar unit acquires Title365 for $36M in cash, additional consideration
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07:24 EDTBACBB&T CEO says 'banks lending recklessly' again, Reuters reports
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November 20, 2014
07:23 EDTBACBoston Security Analysts Society to hold a conference
Sustainable Investing: Taking the Long View is being held in Boston on November 20.
07:11 EDTBACBofA/Merrill to hold a conference
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November 19, 2014
07:51 EDTBACClearing House Payments Company to hold a conference
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November 17, 2014
10:15 EDTBACBank of America reports October default rate 2.81% vs. 2.93% last month
Reports October delinquency rate 1.94% vs. 1.92% last month.
November 14, 2014
16:52 EDTNSMGreenlight Capital gives quarterly update on stakes
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07:32 EDTFIG, NSMHayman Capital gives quarterly update on stakes
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November 12, 2014
16:23 EDTBACOn The Fly: Closing Wrap
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12:38 EDTBACOn The Fly: Midday Wrap
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10:14 EDTBACOCC fines Bank of America, Citigroup, JPMorgan $950M over FX trading
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09:36 EDTNSMInformation Management Network to hold a symposium
Private Label RMBS Reform Symposium is being held in New York on November 12.
07:28 EDTNSM, BACBofA/Merrill to hold a conference
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