Michael Cosgrove News
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Investors seeking to buy higher yielding, riskier slices of home-loan bonds sold yesterday by EverBank Financial Corp. were told they’d have a better shot if they also purchased some of the AAA rated classes, showing weaker demand for the top-ranked debt.
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EverBank Financial Corp. and JPMorgan Chase & Co. are planning to sell securities backed by $924 million of new U.S. home loans without government backing in deals that would double the number of issuers in the so- called non-agency market since the debt caused a global crisis.
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Goldman Sachs Group Inc., Morgan Stanley and two other banks may agree as soon as this week to settle claims over botched foreclosures in an accord similar to one reached with 10 other loan servicers, two people briefed on the discussions said.
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Freddie Mac, the mortgage finance firm controlled by the U.S., will name Christopher S. Lynch to replace John Koskinen as non-executive board chairman, according to four people with direct knowledge of the matter.
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A Freddie Mac executive may be the target of a civil action by the U.S. Securities and Exchange Commission over possible violations of securities law, the mortgage-finance company announced.
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Bank of America Corp. will pay a record $335 million to compensate Countrywide Financial Corp. borrowers who were charged more for home loans based on race and national origin.
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The Federal Home Loan Mortgage Corp. won dismissal of a proposed class-action lawsuit in which pension funds claimed the company misled shareholders about financial risks.
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The Federal Reserve said it proposed a rule allowing member banks of the Fed system to pay interest on demand-deposit accounts.
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The odds of credit rating downgrades on the bonds of Fannie Mae and Freddie Mac rose after lawmakers tapped the government-supported mortgage companies to pay for last month’s extension of a payroll tax cut, according to Bank of America Corp.
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Fannie Mae and Freddie Mac , the housing-finance companies supported by U.S. taxpayers, should take advantage of demand for government-backed mortgage debt and sell their holdings, according to Pacific Investment Management Co.
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