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Stock Market & Financial Investment News

News Breaks
July 1, 2014
10:14 EDTNSM, WAC, FNMA, FMCC, 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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August 1, 2014
09:25 EDTOCNOcwen Financial downgraded to Neutral from Buy at Sterne Agee
Sterne Agee downgraded Ocwen Financial to Neutral to reflect lack of near-term new service wins ahead and limited mortgage origination growth. Price target lowered to $30 from $36.
09:11 EDTOCNOcwen Financial price target lowered to $36 from $45 at Sterne Agee
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06:13 EDTOCNOcwen Financial downgraded to Neutral from Buy at Citigroup
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July 31, 2014
07:43 EDTOCNOcwen Financial sees investing in RMBS where it is servicer in Q3
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07:42 EDTOCNOcwen Financial reports Q2 EPS 48c, consensus 79c
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July 30, 2014
13:44 EDTFNMA, FMCCBank 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
July 27, 2014
16:14 EDTFNMA, FMCCGoldman close to settling FHFA suit on faulty mortgage claims, Bloomberg says
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10:45 EDTFNMA, FMCCFannie, Freddie prefered, common holders could still be wiped out, Barron's says
Fannie Mae (FNMA) and Freddie Mac's (FMCC) preferred and common shareholders could still get wiped out despite recent gains, Barron's argues in a follow up article. Reference Link

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