Lawsky reports a positive for mortgage space, says FBR Capital FBR Capital views reports of New York Department of Financial Services Superintendent Benjamin Lawsky’s plans to step down in 2015 as a positive for mortgage servicing space. FBR notes Ocwen Financial (OCN) has been the company under the most scrutiny with Lawsky in charge and that Nationstar Mortgage (NSM)) has also received a letter from the regulator. It also views the reports as a positive for Walter Investment (WAC), which it notes has avoided a targeted communication by Lawsky thus far. FBR thinks a softening of the regulatory environment could allow the big banks to start moving product again.
Nationstar price target lowered to $35 from $42 at Sterne Agee Sterne Agee cut its price target on Nationstar after the company reported lower than expected Q3 EPS. The firm also cited slower upward momentum in the company's Solutions Star and mortgage volumes as reasons for the price target cut The firm keeps a Buy rating on the stock.