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Stock Market & Financial Investment News

News Breaks
July 1, 2014
10:14 EDTWAC, FMCC, NSM, FNMA, OCNOIG recommends FHFA actions on nonbank mortgage servicers
The Office of Inspector General issued a report on actions the Federal Housing Finance Agency can take to manage risks from nonbank mortgage servicers such as Ocwen Financial (OCN), Nationstar (NSM) and Walter Investment (WC). The OIG concluded that "while FHFA and the Enterprises have responded well to specific problems at nonbank special servicers, the Agency has not established a risk management process or overall oversight framework to handle some general risks posed by nonbank special servicers." It added, the nonbank special servicers do not have the same capital requirements as a bank, which means they are more susceptible to economic downturns. Such downturns could substantially increase nonperforming loans that require servicer loss mitigation while at the same time impact the ability of the servicer to perform." Reference Link
News For OCN;NSM;WAC;FNMA;FMCC From The Last 14 Days
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May 20, 2015
13:13 EDTOCNLawsky to step down as head of NYDFS, Bloomberg reports
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May 19, 2015
16:19 EDTNSMNationstar Chief Strategy and External Affairs Officer to resign June 19
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May 18, 2015
12:59 EDTOCNOcwen says SEC conducting probe into use of mortgage collection agents
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12:59 EDTOCNOcwen says SEC conducting probe into use of mortgage collection agents
09:25 EDTOCNOn The Fly: Pre-market Movers
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08:09 EDTOCNOcwen in full compliance with NYSE continued listing requirements
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06:53 EDTOCNOcwen says in talks with lender for renenwal, replacement or extension of debt
In a regulatory filing, Ocwen stated: "We currently are in negotiations with our lenders for the renewal, replacement or extension of our debt arrangements that mature or begin amortization in 2015. We may also consider other capital markets transactions including, but not limited to, the sale and financing of advance receivables in the event we do not renew, replace or extend a portion or all of our existing advance financing facilities. We have entered into commitment letters to refinance certain of our debt agreements and extended certain facilities ahead of their scheduled maturity...Our lenders’ obligations to fund under these commitment letters are subject to conditions precedent, some of which are outside our control. In the event we are unable to renew, replace or extend all of these debt agreements, we may not have adequate sources of funding for our business. Due to the significant level of cash requirements related to servicing advances, we may not have sufficient levels of liquidity to fund the operations without our advance financing facilities. We typically require significantly more liquidity to meet our advance funding obligations than our available cash on hand."
May 17, 2015
17:06 EDTFNMA, FMCCNomura, RBS ordered to pay $806M to Fannie, Freddie, Reuters says
U.S. District Judge Denise Cote has ordered Nomura (NMR) and RBS (RBS) to pay a total of $806M for allegedly misleading Fannie Mae (FNMA) and Freddie Mac (FMCC), Reuters reported Friday, citing court proceedings and a person familiar with the matter. Reuters notes that Fannie is set to receive $26.6M from the ruling, while Freddie will receive $779.4M. Reference Link
May 15, 2015
07:09 EDTNSM, OCNHayman Capital gives quarterly update on stakes
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May 14, 2015
09:31 EDTFNMA, OCNJPMorgan to buy $45B in mortgage servicing rights from Ocwen
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09:31 EDTOCNJPMorgan to buy $45B in mortgage servicing rights from Ocwen
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May 12, 2015
19:52 EDTFNMA, FMCCNomura, RBS could pay $805M in mortgage ruling, Reuters says
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07:48 EDTFMCCStandard & Poor's to hold a summit
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May 11, 2015
17:57 EDTOCNOcwen files 2014 10-K without 'going concern' qualification
Ocwen Financial Corporation announced that it has filed its 2014 Form 10-K with the SEC. "We believe the filing of our 2014 Form 10-K, without a qualification as to our ability to operate as a going concern, is additional evidence that our strategy to strengthen our compliance management system, strengthen the service we provide to our customers and improve our financial stability is working and that confidence in the company is being restored," stated Ocwen CEO Ron Faris.
15:53 EDTFNMA, FMCCJudge says Nomura misled Freddie, Fannie, HousingWire says
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