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Stock Market & Financial Investment News

News Breaks
January 7, 2013
07:44 EDTNSM, BACNationstar to acquire approx. $215B in mortgage serviving assets from Bank of America
Nationstar Mortgage Holdings (NSM) announced that Nationstar Mortgage LLC, a wholly-owned subsidiary, has signed a definitive agreement to acquire approximately $215B in residential mortgage servicing rights, as measured by unpaid principal balance as of November 30, 2012, and certain other assets from Bank of America (BAC). Approximately 47% of the servicing portfolio, as measured by UPB, consists of loans that are owned, insured or guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae, with approximately 53% of the portfolio consisting of loans in private-label securitizations. With this transaction, Nationstar anticipates adding more than 1.3 million customers to an existing customer base of 1.2 million. Nationstarís total servicing portfolio is approximately $425 billion, pro-forma for this transaction plus an additional $13B Bank of America government servicing portfolio acquisition that closed in Q4 2012 and Nationstarís UPB as of September 30, 2012. The purchase price for the mortgage servicing rights is approximately $1.3B. In addition to the MSRs, Nationstar will also be acquiring approximately $5.8B in related servicing advance receivables as the associated portfolios are boarded during 2013. Nationstar expects to enter into third-party financing agreements to fund the servicing advances.
News For NSM;BAC From The Last 14 Days
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April 15, 2014
10:25 EDTBACBank of America reports March default rate 3.55% vs. 3.53% last month
Reports March delinquency rate 2.18% vs. 2.26% last month.
07:28 EDTBACBofA/Merrill's to hold a breakfast meeting
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April 14, 2014
16:00 EDTBACOptions Update; April 14, 2014
iPath S&P 500 VIX Short-Term Futures down 32c to 44.41. Option volume leaders: AAPL C GILD TSLA LNG NQ BAC ZNGA according to Track Data.
April 11, 2014
09:37 EDTBACActive equity options trading on open
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08:38 EDTBACBank of America April volatility elevated into Q1 and revenue growth outlook
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April 10, 2014
11:21 EDTBACBank of America falls to important support area, levels to watch
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06:35 EDTBACMobile banking presents opportunity and risks for banks, WSJ reports
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April 9, 2014
13:37 EDTBACBank of America ordered by CFPB to pay $727M for illegal credit card practices
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12:24 EDTBACBank of America to pay $800M in credit card settlement, WSJ says
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08:48 EDTBACHuntington Bancshares to acquire 11 branches in central, east Michigan
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07:41 EDTBACBofA unit, Allstate dismiss toxic mortgage debt suit, Reuters says
Allstate (ALL) and Bank of America's (BAC) Countrywide unit have agreed to end a lawsuit stemming from $700M of toxic mortgage debt, according to Reuters, citing a court filing. Reference Link
07:00 EDTBACBofA, Intel fire 3K workers, leaving Costa Rica shocked, Bloomberg says
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06:35 EDTBACRegulators increase leverage ratio requirement for large banks, NY Times says
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06:27 EDTBACBig banks must add capital to comply with new rules, WSJ reports
A of January 1, 2018, the U.S.'s eight largest banks -- including Citigroup (C), JPMorgan (JPM) and Goldman Sachs (GS) -- must add up to $68B in extra capital to comply with a new rule intended to help firms weather losses during periods of market stress, the Wall Street Journal. The banks will be required to maintain well above the minimum levels of capital held against assets on their books. Banks must report the new levels next year. Reference Link
April 7, 2014
19:57 EDTBACFederal Reserve announces extension on some CLOs
The Federal Reserve Board announced that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations, or CLOs, covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the Volcker rule. Section 619 of the Dodd-Frank Act directed the board to adopt rules for the conformance period and the board previously extended the conformance period for all activities and investments by one year to July 21, 2015. To ensure effective compliance, the board intends to grant banking entities two additional one-year extensions, which together would extend until July 21, 2017, to conform their ownership interests in and sponsorship of CLOs to the statute. Publicly traded companies that may be impacted by the announcement 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
April 4, 2014
16:00 EDTBACOptions Update; April 4, 2014
iPath S&P 500 VIX Short-Term Futures up 89c to 41.88. Option volume leaders: AAPL C P NFLX LNG BAC INTC TSLA TWTR according to Track Data.
April 3, 2014
16:51 EDTBACBofA in talks for $800M settlement over credit card practices, WSJ says
Bank of America is in talks to pay at least $800M to settle allegations by the Consumer Financial Protection Bureau or CFPB that the bank promoted extra credit-card products, says the Wall Street Journal, citing people familiar with the matter. Reference Link
April 2, 2014
17:18 EDTBACBank of America stock has room to run, Barron's says
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07:32 EDTNSMNationstar appoints CFO, Chief Strategy & External Affairs Officer
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06:22 EDTBACBank overdraft fees hitting highs, WSJ reports
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