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Stock Market & Financial Investment News

News Breaks
January 22, 2014
09:01 EDTWFC, OCNWells Fargo to sell mortgage servicing rights on approx. 184,000 loans to Ocwen
Wells Fargo (WFC) announced that its subsidiary, Wells Fargo Bank, N.A., has signed an agreement with Ocwen Loan Servicing LLC (OCN) for the sale of residential mortgage servicing rights on a portfolio consisting of approximately 184,000 loans with a total principal balance of $39B, or approximately 2% of Wells Fargo’s total residential servicing portfolio as of the end 4Q13. The sale will be finalized as servicing is transferred, which the company expects will occur during 2014. The transaction will not be material to the company’s financial results. The loans underlying the residential mortgage servicing rights sold are primarily owned by private investors and were not originated or owned by Wells Fargo. The loans are serviced under the trade name, America’s Servicing Company.
News For WFC;OCN From The Last 14 Days
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August 27, 2014
08:00 EDTWFCSEC seen completing rules on MBS detail disclosures, WSJ says
The Securities and Exchange Commission is expected to complete rules requiring banks and other financial institutions to give investors greater detail about the quality of mortgages and other loans pooled into bonds known as asset-backed securities, reported The Wall Street Journal. Publicly traded big U.S banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
August 21, 2014
06:43 EDTWFCRegulators up bank warning efforts for poor risk assessment, Reuters says
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August 20, 2014
06:46 EDTOCNSEC sought information on Ocwen Financial's ties to other firms, NY Times says
Ocwen Financial has received a subpoena from the SEC for documents relating to other companies with which it does business, the company reported in a regulatory filing earlier this week, according to The New York Times. The executive chairman of Ocwen, William Erbey, is chairman of some of these other companies, the newspaper stated. Reference Link
06:02 EDTWFCWells Fargo wins approval for $62.5M settlement, Charlotte Observer says
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August 19, 2014
13:42 EDTWFCWells Fargo looks to bulk up asset-management business, WSJ says
Wells Fargo is looking to increase the size of its asset-management business to over $1T over the next decade by making acquisitions of smaller asset managers and more aggressive sales to larger investors, says the Wall Street Journal. Reference Link
August 18, 2014
09:35 EDTWFCActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL AMZN DG TSLA GILD FB ABX WFC C
07:10 EDTOCNOcwen Financial discloses material weakness in internal control
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August 14, 2014
14:13 EDTOCNOmega Advisors gives quarterly update on stakes
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