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Stock Market & Financial Investment News

News Breaks
January 22, 2014
09:01 EDTOCN, WFCWells 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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July 1, 2015
10:38 EDTWFCWells Fargo July volatility flat into Q2 and outlook
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07:57 EDTWFCU.S. banks not facing significant direct losses on Greek default, WSJ says
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June 25, 2015
11:07 EDTOCNOcwen management to meet with Piper Jaffray
Meeting to be held in Boston on June 29 hosted by Piper Jaffray.
07:13 EDTWFCFed director says full transparency in stress testing can be 'enormous weakness'
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June 24, 2015
14:26 EDTOCNOcwen outlook revised to Stable from Negative by Fitch
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June 23, 2015
13:02 EDTWFCSumitomo, others show interest in GE railway-leasing business, WSJ says
Japan's Sumitomo Mitsui Financial Group is interested in buying General Electric's (GE) railway-leasing business, says the Wall Street Journal, citing sources. Wells Fargo (WFC) and other U.S. financial institutions have also shown interest in GE Capital Rail Services, which may be worth around $4B, added the Wall Street Journal, citing people familiar with the matter. Reference Link
June 19, 2015
07:05 EDTOCNOcwen servicer downgrade by S&P expected, says Piper Jaffray
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06:51 EDTOCNOcwen servicer rankings lowered to Below Average by S&P
Standard & Poor's yesterday afternoon lowered its rankings on Ocwen Loan Servicing to Below Average from Average as a residential mortgage prime, subprime, special, and subordinate-lien servicer and removed the four rankings from CreditWatch with negative implications. "We believe regulatory and investor scrutiny and/or actions have affected Ocwen's operations," the ratings agency said.

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