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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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July 30, 2014
15:17 EDTBACBank of America raises offer to DOJ, nears mortgage settlement, Bloomberg says
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13:53 EDTBACBank of America, U.S. near mortgage deal after bank raises offer, Bloomberg says
13:44 EDTBACBank of America division ordered to pay $1.3B over mortgages, Bloomberg reports
Bank of America's (BAC) Countrywide division has been ordered to pay $1.3B in penalties for defective mortgage loans it sold to Fannie Mae (FNMA) and Freddie Mac (FMCC) during the 2008 financial crisis, Bloomberg reported. The fine is just over half the amount the government had requested, Bloomberg added. Reference Link
13:26 EDTBACBofA Countrywide unit ordered by judge to pay $1.3B, Bloomberg reports
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July 29, 2014
06:06 EDTBACBank of America, DOJ talks hit snag, WSJ reports
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July 24, 2014
11:12 EDTBACBank of America to pay $16.6M to resolve U.S. sanctions violations, Reuters says
The Treasury Department said Bank of America has agreed to say $16.6M to resolve allegations it processed transactions for drug traffickers subject to U.S. sanctions, reports Reuters. The bank processed around $91,000 in transactions for six designated narcotics traffickers between 2005 and 2009, and failed to file timely reports on accounts owned by four others. Reference Link
July 22, 2014
07:17 EDTBACNational Association for Business Economics to hold a seminar
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July 21, 2014
07:29 EDTBACAIG settlement with BofA takes crisis claw back total up to $2B, FT says
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July 18, 2014
16:47 EDTBACMarket ends week higher as earnings, M&A offset geopolitical tensions
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06:45 EDTBACDocument reveals SEC examining firms in HFT probe, Reuters says
An internal document from the U.S. Securities and Exchange Commission revealed that the regulator has been looking for data on 10 registered broker dealers as part of an ongoing probe into high-frequency trading strategies, according to Reuters, citing the document. The firms in question include Allston Trading, Hudson River Trading, Jump Trading, Latour Trading, which is an affiliate of Tower Trading, Merrill Lynch, Pierce, Fenner & Smith, owned by Bank of America (BAC), Octeg, which has been merged into a unit of KCG (KCG), Tradebot Systems, Two Sigma Investments, Two Sigma Securities and Virtu Financial. Reference Link
July 17, 2014
06:38 EDTBACStudy says UBS largest private bank with assets near $2T, Reuters says
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