Hints and tips:
...Share your ideas with us at imani.moise@ft.com and sid.v@ft.com. Happy reading!...
...This exhibition at the V&A invites us into the opulent world of master goldsmith Carl Fabergé and his London clientele....
...A V-shaped recovery is on track Mike Wilson, Morgan Stanley’s chief investment officer While 2020 has been an unusual year to say the least, I would argue that financial market behaviour has been quite...
...Some analysts anticipate recoveries that are V-shaped on a graph, others predict a U-shaped or L-shaped pattern....
...Newsflow may be forthcoming if discussions with energy company TEC and another unnamed party come good....
...He will be replaced by Hewlett-Packard executive Craig Wilson who will join the board this month....
...The US Federal Housing Finance Agency is in the midst of developing new standards for how Fannie Mae and Freddie Mac, the state-controlled mortgage financiers, will pay the companies that service the mortgages...
...Ocwen Financial fought off stiff competition from Nationstar Mortgage to win a bankruptcy court auction of Residential Capital’s mortgage servicing and origination business....
...The successful auction follows the sale of ResCap’s mortgage servicing business to Ocwen Financial for $3bn on Wednesday after it won a bidding war with Nationstar Mortgage....
...Ocwen Financial and NationStar Mortgage will compete for the chance to buy the business at the Sheraton Hotel in New York. They have both valued the ResCap rights at around $2.5bn....
...Berkshire also sought to displace Nationstar, a mortgage company backed by Fortress Investment Group, as the stalking horse bidder for the mortgage business....
...The mortgage servicing industry, in which companies collect monthly payments on behalf of lenders in return for a small share, is dominated by the country’s biggest mortgage lenders....
...Berkshire Hathaway, the investment company run by Warren Buffett, has offered to buy the mortgage servicing business and loan portfolio of Residential Capital, the home lender that filed for bankruptcy with...
...But the judge selected Nationstar, a mortgage servicer majority owned by Fortress, which ResCap had originally proposed as the stalking horse bidder....
...However, Nationstar is attempting to build a vertically integrated mortgage company as the banks come under closer regulatory and political scrutiny following the financial crisis....
...Judge Glenn also told ResCap to justify a $72m break up fee in the “stalking horse” bid for its mortgage servicing unit by Nationstar. ResCap had recommended that bid when it filed for bankruptcy....
...Nationstar Mortgage, a mortgage servicer backed by Fortress Investment Group, raised $233m last month despite having a post-IPO leverage ratio of 7.8 times – the highest level in at least three years for...
...WL Ross also owns the largest servicer of US subprime mortgages, American Home Mortgage Investment Co, which it bought out of bankruptcy in 2007 and intends to ultimately turn into a full-blown bank....
...“Our competitors get into these brand wars like Coke v Pepsi,” says Zimmer at UTA....
...And so this bank holding company act is protecting the banking system....
...Another $108m went into various shell companies, where some $48m was lost trading FX....
...“I think the bigger holders now of securitisations are insurance companies and pension funds.”...
...A year later in KSR v....
...Politicians have been unwilling to commit more support to the company until they can be sure of controlling its future....
...Early in 2008, a warning from HRE about subprime mortgage exposure prompted a sharp share price fall....
International Edition