Hints and tips:
...On Thursday, Morgan Stanley, one of Odey Asset Management’s biggest prime brokers, moved to cut ties with the business....
...After the run on SVB, banks will probably need to reduce their holdings of mortgage-backed securities that are guaranteed by the likes of Fannie Mae and Freddie Mac....
...Morgan Stanley, Odey Asset Management’s other big prime broker, began cutting ties last week and has not softened that stance....
...Job moves Deutsche Bank has hired Morgan Stanley dealmaker Samuel Kim as chair of mergers and acquisitions for the Asia-Pacific region, per Bloomberg....
...In the year to January 5 2023, the average rate on a 30-year US fixed-rate mortgage increased from 3.22 per cent to 6.48 per cent, according to mortgage company Freddie Mac....
...In the US, mortgage provider Freddie Mac’s 30-year mortgage rate rose to 5.23 per cent in May, the highest since 2009....
...It also approves applications by Goldman Sachs and Morgan Stanley to become bank holding companies and allows them to access emergency loans, and lends up to $85bn to insurer AIG in return for a government...
...Trumpeter Freddie Hubbard passed through its ranks in the band’s early ’60s prime, as did the Marsalis brothers two decades on; and the drummer was still honing new talent when he died in 1990....
...(FT) Fannie and Freddie’s fumble With Donald Trump in power, hedge funds rolled the dice on the privatisation of the US mortgage-finance giants....
...Much of the pain in the piece is drawn from personal experience: Rattigan wrote it after his secret former lover, Kenny Morgan, took his own life....
...(FT) US bank earnings Morgan Stanley was the only big US bank to report an increase in profit for the second quarter, as a trading and investment surge swept it to record revenues....
...The two had worked together on Bohemian Rhapsody, with Bennett spending hours decoding Freddie Mercury’s showmanship to help Malek step into the role....
...However, BofA reckons that the poor performance of “agency” mortgage-backed securities created by Fannie Mae or Freddie Mac — which have faced headwinds from the Fed shedding MBS from its balance sheet —...
...The government should resist the pressure to save Lehman Brothers, as it had Bear Stearns and Fannie Mae and Freddie Mac, the mortgage institutions, I wrote....
...For what it’s worth, GE remains a critical client to the likes of JPMorgan, Goldman Sachs, Citi and Morgan Stanley....
...Fannie and Freddie might require government support once again....
...Freddie Mac, one of the mortgage agencies, reiterated expectations that higher interest rates, coupled with high home prices, would damp home purchases over the year....
...His career flourished at the Wall Street bank, and his assignments during the financial crisis included advising the US Treasury on how to deal with mortgage backers Fannie Mae and Freddie Mac....
...It would be hard to overstate the importance [of the policy] to the industry,” wrote analysts at Morgan Stanley....
...It said Goldman had sold $11.1bn of MBS to Fannie Mae and Freddie Mac, the state-backed mortgage finance agencies, even as “significant percentages of the underlying loans . . . had materially poorer credit...
...Freddie Brown was born in Peru, where his father ran a business, which was unusual only in its exoticism....
...Because Goldman and Morgan Stanley are investment banks, they cannot easily provide relief to strapped homeowners, so they may end up financing new construction....
...It did so by investing into the next best thing to safe government debt: US government sponsored enterprise paper (Fannie, Freddie etc)....
...Earlier this year Morgan Stanley paid $1.3bn to settle a lawsuit brought by the Federal Housing Finance Agency, which alleged the bank misled Fannie Mae and Freddie Mac who bought the securities....
...Government agencies sued BofA for the mortgage-backed securities that Countrywide allegedly dumped on Fannie Mae and Freddie Mac. JPMorgan was charged and fined for fraud alleged against Bear and WaMu....
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