If you dare call yourself an entrepreneur, read James Altucher’s piece below to ensure your self-applied title is legit. Today’s links also include a negative outlook on Zillow’s IPO, a great write-up on Fannie’s economic outlook, and a word on home appraisals from FoxBusiness—so it has to be legit. -Fannie Mae Outlook: Economy Hits Air [...]
Posts Tagged ‘BlackRock’
Mortgage approval process may cease in a shutdown
Regarding the government shutdown, Caroline Baum wrote this on Bloomberg: What if the U.S. government shut down and no one noticed? Even worse (or better, depending on one’s point of view), what if all federal workers went on furlough and the public realized there were benefits, not just costs, to smaller government? Essential services will [...]
BofA Bad Loan Ripple Effect
Let’s see: the US government helps out BofA, and is now asking them to buyback loans? An investor group (including PIMCO, BlackRock, and the Federal Reserve Bank of New York) is deciding whether to sue BofA even after BofA’s recent loan buyback settlement with Fannie and Freddie. As BofA is hammered by bond investors to [...]
Blackrock’s $1b Jumbo Mortgage Fund, Top 10 Lenders For 2Q, Bigger Bank Dividends?
Top 10 Lenders For 2Q Here’s the top 10 residential lenders for 2Q from Mortgage Stats. Total production for lenders 3-10 basically matches Wells Fargo’s total (in spite of its back office backlog). And here’s good stats on #2 Bank of America’s loan production: they originated $73 billion in first mortgages in the third quarter, [...]
The Purpose Of Treasury Auctions, Bank & Mortgage Earnings Roundup, Jobless Claims Up
Jobless Claims Up This morning’s weekly Jobless Claims showed an increase to 457,000, slightly higher than expected, and the 4-week moving average is up 2k to 456k. Non-farm productivity came in at +1.9%. Unit Labor Costs were -.1% after adjusting for productivity. After this news and the Fed announcement yesterday (see below), stocks and mortgage [...]
Fed’s Conflicting Recovery Agenda. Wells, Morgan Earnings. Derivatives 101.
Fed’s Conflicting Recovery Agenda The Federal Reserve Bank of New York has joined forces with BlackRock, PIMCO and other major bond investors in trying to force Bank of America to repurchase $47b of mortgages that were packaged into securities. Bank of America defended its position. “We’re not responsible for the poor performance of loans as [...]
Barkley’s Bank tagline: You Win Some, You Lose Some (Blackrock, take note)
Missed this Saturday Night Live skit until now. It’s short and sweet.
GDP -1%, Employment Cost +0.4%, Short Payoff vs. Short Sale, PennyMac IPO
Starbucks is reportedly adding alcohol to the menu at one of its stores. When asked why, a spokesperson for Starbucks said, “Because sober people don’t pay eight bucks for a cup of coffee.” I wouldn’t either, and given today’s GDP numbers, neither would many others. GDP, which measures the value of all goods and services [...]
Blackrock + BGI = World’s Largest Money Manager
From the Wall Street Journal: BlackRock Inc. reached an agreement to buy Barclays Global Investors from Barclays PLC for $13.5 billion, creating a money-management titan roughly twice the size of its closest competitor. The firm, renamed BlackRock Global Investors, will have more than $2.7 trillion in assets under management. The deal makes BlackRock, already a [...]
PennyMac Buys $558m of FDIC Loans
PennyMac, a firm founded by Stanford Kurland and backed by BlackRock and Highfields Capital, bought $558m of home loans from the FDIC. PennyMac was formed by Kurland after he left Countrywide to do exactly this—take bad loans off of the books of other institutions and do it at a deep discount. According to Bloomberg: …The [...]
