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Stock Market & Financial Investment News

News Breaks
May 21, 2014
11:19 EDTPNC, BAC, OCNNY regulator says reports of Ocwen 'gag rule' to be investigated immediately
Ben Lawsky, the head of the NY Department of Financial Services, stated on Twitter that reports of an Ocwen Financial (OCN) "gag rule" for struggling homeowners are "deeply troubling" and will be investigated "immediately" by DFS. Note that an earlier report from Reuters, to which Lawsky linked, said that mortgage payment collectors including Ocwen, Bank of America (BAC) and PNC Financial (PNC) are agreeing to ease the terms of borrowers' underwater mortgages, but are increasingly demanding homeowners promise not to insult the companies publicly as part of those deals. Reference Link
News For OCN;BAC;PNC From The Last 14 Days
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February 27, 2015
07:48 EDTOCNOcwen downgraded to Sell from Neutral at Compass Point
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07:17 EDTBACUniversity of Chicago Booth School of Business to hold a forum
U.S. Monetary Policy Forum is being held in New York on February 27.
06:32 EDTBACBank of America Chief Accounting Officer, two directors to step down
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05:50 EDTBACBank of America downgraded to Neutral from Buy at UBS
UBS analyst Brennan Hawken downgraded Bank of America to Neutral from Buy saying disclosures in the bank's recent annual filing raise the risk of a qualitative failure this year. Hawken believes that even with yesterday's 2.7% pullback, shares of Bank of America are not fully pricing in the risk of a qualified failure in the Federal Reserve's Comprehensive Capital Analysis and Review, or CCAR. The analyst writes that even if BofA passes the CCAR, the Fed's annual exercise to assess whether the largest banks have sufficient capital, its regulatory capital ratios are well below peers, which could drive lower capital returns. Hawken cut his price target on the banking giant to $16 from $20. Shares of Bank of America closed yesterday down 45c to $16.04.
February 26, 2015
15:02 EDTBACFed extends capital surcharge for SiFi banks comment period to April 3
The Federal Reserve extended until April 3 the comment period for its proposed rule to implement capital surcharges for the largest, most systemically important U.S. bank holding companies. The Fed extended the comment period to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by March 2. The proposed rule would establish a methodology to identify whether a firm is a global systemically important banking organization and would also establish the size of a firm's risk-based capital surcharge. The proposal is designed to further strengthen the capital positions of these institutions. Large U.S. banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
14:01 EDTBACBarclays to double provision for forex rigging fines, Sky News says
Barclays (BCS), which previously excluded itself from a broader settlement between several banking peers and regulators over alleged manipulation of foreign exchange rates as it worked to secure a binding agreement with all relevant authorities, will more than double its existing provision for forex fines next week, which may indicate that a settlement deal could be announced soon, said Sky News. Barclay took a GBP500M charge during the course of last year in advance of expected forex issue costs, the report noted. Other banks that previously agreed to a settlement included Bank of America (BAC), Citibank (C), HSBC (HSBC), JPMorgan Chase (JPM), RBS (RBS) and UBS (UBS). The report indicates that U.S. regulators have stepped up talks with banks including Barclays and the others involved. Reference Link
10:50 EDTBACNew York regulator considering cybersecurity, cash laundering controls, WSJ says
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February 24, 2015
14:43 EDTBACBofA head of Americas equitites leaving company, Bloomberg reports
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12:12 EDTBACBank of America head of equities for America leaving bank, Bloomberg says
07:21 EDTBACSecurities Industry & Financial Markets Association to hold a conference
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February 23, 2015
11:43 EDTOCNOcwen volatile after MSR sale, New Residential deal for Home Loan Servicing
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11:24 EDTOCNOcwen resumes trading, shares now up 17c to $9.77
11:22 EDTOCNOcwen halted for volatility after bounce off lows
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09:25 EDTOCNOn The Fly: Pre-market Movers
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08:06 EDTOCNOcwen up 6.8% following sale of mortgage servicing rights to Nationstar
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07:47 EDTOCNOcwen to sell $9.8B portfolio of mortgage servicing rights to Nationstar
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February 19, 2015
06:47 EDTBACReport shows subprime consumer loans at pre-2007 levels, WSJ says
Equifax (EFX) has released a report stating nearly 40%, or 50M, of auto loans, credit cards, and personal loans during the first 11 months of 2014 were made to subprime customers, the highest levels since the 2007 financial crisis, reports the Wall Street Journal. LendingTree (TREE) Chief Marketing Officer Gabriel Dalporto attributes the growth to nonbank lenders under less regulatory scrutiny than large banks. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
February 18, 2015
09:16 EDTOCNOcwen comments on Home Loan Servicing agreement with HSART Trust
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07:21 EDTBACJPMorgan, Citi top government report of riskiest banks, Reuters reports
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February 17, 2015
10:26 EDTBACBank of America reports January default rate 2.93% vs. 3.13% last month
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