News Breaks |
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| January 7, 2013 |
| 07:51 EDT |  | NCT, NSM, BAC, FIG | Newcastle 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. |
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News For NCT;NSM;BAC;FIG From The Last 14 Days Check below for free stories on NCT;NSM;BAC;FIG the last two weeks. |
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| May 23, 2013 |
| 08:31 EDT | | NSM, FIG | New Residential Announces new MSR co-investment with Nationstar
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| 07:12 EDT |  | BAC | Wall Street trying to use trade deals to weaken Dodd-Frank, Bloomberg reports
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| 06:08 EDT | | BAC | On the Fly: Periodicals Wrap-Up
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| May 22, 2013 |
| 10:00 EDT |  | NCT | On The Fly: Analyst Downgrade Summary
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| 09:02 EDT |  | BAC | Financials upgraded to Overweight from Market Weight at Wells Fargo
Wells Fargo believes that financials' earnings continue to be the strongest of any sector in the S&P 500. The firm thinks that the sector's stocks appear to be breaking out from a technical standpoint. Citigroup (c) and Ameriprise Financial (AMP) are on the firm's priority list. |
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| 07:22 EDT |  | BAC | Dun & Bradstreet to hold a conference
2013 Access to Capital is being held in Chicago on May 22. |
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| 05:42 EDT | | NCT | Newcastle downgraded to Market Perform from Outperform at Keefe Bruyette
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| May 21, 2013 |
| 12:47 EDT |  | NCT | Options with increasing implied volatility: UNXL NCT LYV HBAN HNZ
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| 07:13 EDT | | BAC | U.S. bank mergers less likely this year, Bloomberg reports
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| May 20, 2013 |
| 13:29 EDT | | NCT | Options with increasing implied volatility: UNXL NCT LYV CPRT S
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| 10:11 EDT | | BAC | On The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Artisan Partners (APAM) downgraded to Market Perform from Outperform at Keefe Bruyette... Bank of America (BAC) downgraded to Market Perform from Outperform at Keefe Bruyette... Bed Bath & Beyond (BBBY) downgraded to Hold from Buy at Jefferies... BlackRock (BLK) downgraded to Market Perform from Outperform at Keefe Bruyette... Cavium (CAVM) downgraded to Market Perform from Outperform at JMP Securities... Charles Schwab (SCHW) downgraded to Underperform from Market Perform at Keefe Bruyette... Dunkin' Brands (DNKN) downgraded to Neutral from Buy at Longbow... Equifax (EFX) downgraded to Neutral from Buy at Goldman... Leap Wireless (LEAP) downgraded to Sell from Hold at Deutsche Bank... Lowe's (LOW) downgraded to Perform from Outperform at Oppenheimer... MicroStrategy (MSTR) downgraded to Market Perform from Outperform at JMP Securities... NetApp (NTAP) downgraded to Underperform from Neutral at RW Baird... NeuStar (NSR) downgraded to Neutral from Buy at Goldman... Red Hat (RHT) downgraded to Market Perform from Outperform at BMO Capital... Ruby Tuesday (RT) downgraded to Market Perform from Outperform at Wells Fargo... Synovus (SNV) downgraded to Sell from Neutral at Goldman... TD Ameritrade (AMTD) downgraded to Underperform from Market Perform at Keefe Bruyette... Thoratec (THOR) downgraded to Neutral from Buy at Goldman... CF Industries (CF) downgraded to Hold from Buy at Miller Tabak... Children's Place (PLCE) downgraded at Susquehanna... CarMax (KMX) downgraded to Market Perform from Outperform at William Blair... SanDisk (SNDK) downgraded to Neutral from Buy at Nomura... Red Hat (RHT) downgraded at BMO Capital... Rex Energy (REXX) downgraded to Hold from Buy at Stifel... Range Resources (RRC) downgraded to Hold from Buy at Stifel... Kansas City Southern (KSU) downgraded to Sell from Hold at Stifel... Capella Education (CPLA) downgraded to Hold from Buy at Stifel. |
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| 05:39 EDT | | BAC | Bank of America downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette downgraded Bank of America with a $13.50 price target citing valuation. |
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| May 17, 2013 |
| 16:00 EDT | | BAC | Options Update; May 17, 2013
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| 12:28 EDT | | NCT | Options with increasing implied volatility: SCTY AEGR NCT LYV
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| 10:20 EDT |  | BAC | Bank of America rises, levels to watch
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| May 16, 2013 |
| 12:00 EDT | | NCT | Newcastle Investment falls 54.3%
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| 10:00 EDT | | NCT | Newcastle Investment falls 54.2%
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| 09:00 EDT | | NCT | Newcastle Investment falls 52.7%
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| 07:58 EDT | | NCT | New Residential to begin trading on NYSE today
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| 07:18 EDT | | BAC | Investors bet on banks hit by credit crisis, Bloomberg reports
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