Scott Simon News
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Investors’ rekindled passion for sales of private mortgage securities is cooling.
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Scott Simon, a managing director at Pacific Investment Management Co. who heads mortgage- and asset- backed securities investing, plans to retire from the manager of the world’s largest bond fund.
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EverBank Financial Corp. sold securities tied to $307 million of new U.S. home loans without government backing, a day after a deal by JPMorgan Chase & Co., as issuance in the so-called non-agency market accelerates.
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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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The government’s deal with banks over their foreclosure practices after 16 months of investigations is cheap for the loan servicers while costly for bond investors including pension funds, according to Pacific Investment Management Co.’s Scott Simon.
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The U.S. homeownership rate may fall two percentage points to 64 percent, below historic norms, amid about six million additional foreclosures and tight lending standards, according to Pacific Investment Management Co.’s Scott Simon.
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Bank of America Corp. and Citigroup Inc. are missing out on the biggest mortgage profits on record after catastrophic losses during the housing crash made them wary of offering new loans.
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The two-bedroom Denver row house that Kyle and Jennifer Zinth bought in 2005 is a tight fit now that they have an 18-month-old son, Max, and a coonhound named Beauregard. They plan to put it up for sale next month, hoping to at least break even so they can buy a larger home.
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U.S. home prices will probably decline an additional 6 percent to 8 percent before bottoming, Pacific Investment Management Co.’s Scott Simon said.
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JPMorgan Chase & Co. is seeking to sell securities tied to new U.S. home loans without government backing in its first offering since the financial crisis that the debt helped trigger.
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