Hints and tips:
...At some point, these companies won’t be able to keep servicing their debts....
...The cost of servicing its $600mn in debt is rising. And it hasn’t bought a song in over a year....
...Spain’s residential real estate prices fell up to 40 per cent in the crash, leading to widespread mortgage defaults and more than 500,000 unsold new homes....
...In 2016, Mr Fink, with more than 10 times as much money as Blackstone under management, was awarded about $25m compared with the $425m that Mr Schwarzman took home....
...Toys R Us dates back to 1948 when Charles Lazarus returned home from serving in World War II and noticed demand for cribs as the baby boom took hold....
...That is particularly true because it retains a portion of its home loans, rather than syndicating them....
...Do not try this at home, so to speak. MSRs are a hyperbolic way of hedging rate risk....
...Several estate agents, including Countrywide, have warned the housing market is likely to slow in the second quarter of this year as uncertainty around the outcome of the referendum weighs on price growth...
...The bundling of lower-quality subprime home loans into mortgage-backed securities drew fierce criticism for its role in the financial crisis....
...FastFT has updates on Capita, Countrywide, Old Mutual, Vedanta and Wetherspoon....
...Buy: Home Retail Group (HOME) Given the cash pile and the scope for margin improvement, particularly at Homebase, we reiterate our recent buy tip, writes Julia Bradshaw....
...After carving out the legacy asset servicing business, to work through delinquent home loans, he started in 2011 to cut costs....
...“We’ve been providing relief prior to NMS and continue to provide opportunities to customers experiencing hardship,” says Alan Jones, senior vice-president in Wells Fargo Home Mortgage’s servicing group....
...(Bloomberg) Yergin and Barrow: Why the US needs to lift the ban on oil exports (WSJ) Barrick Gold unit is accused of bribery in Africa (WSJ) Australian coal industry facing some home truths (Financial...
...At the heart of the exhibition was a reconstruction of a “typical” suburban US home, stuffed full of labour-saving gadgets and consumer luxuries....
...Oaktree and Apollo acquired a big chunk of the debt of UK estate agent Countrywide in 2009 following a £300m debt-for-equity swap and recently listed it....
...The settlement was based around investor allegations – which BofA still disputes – of mortgage loan-servicing breaches and documentation defects at the bank and its Countrywide unit, acquired in 2008....
...Countrywide, the country’s largest estate agency by branches, received strong interest for its return to the stock market in March, with shares priced at the top end of expectations....
...During the boom, MBIA insured bonds bundling Countrywide home loans. Ensuing defaults have produced about $5bn of damages for MBIA....
...(Financial Times) China’s June new home prices rose in all but one city, in the latest official survey of 70 cities....
...Nearly two years ago to the day, Bank of America announced it had resolved “substantial legacy issues” with respect to Countrywide Financial home mortgages it sold on to groups including Fannie Mae....
...Less than $3bn in private-label securities were issued this year, all of them on expensive homes whose mortgages were too large to be guaranteed by the agencies....
...Bank of America plans to sell another $100bn of mortgage servicing rights in the next few weeks....
...BofA had argued the claims, many relating to mortgages originated by Countrywide, the California-based lender bought by BofA in 2008, were excessive....
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