Tag:
Mortgage Assets
Latest Headlines
Latest Headlines
Ex-Countrywide execs' new firm raises eyebrows
"It is sort of like the arsonist who sets fire to the house and then buys up the charred remains and resells it." That's what one critic of PennyMac--the firm formed by former Countrywide officials to buy up distressed mortgages--said to the New York Times . Dismissing the critics, PennyMac exe
JPMorgan to cut 12,000 jobs
JPMorgan Chase has announced it will lay off roughly 12,000 employees as it digests Washington Mutual. According to the AP, the big bank, which some thought had weathered the crisis as well as any, expects about $2 billion in savings via the acquisition, the majority of which will be realized
What to make of Goldman Sachs' big loss
Not too long ago, we were still talking about Goldman Sachs as the gilded bank that could do no wrong--the only investment bank to weather the credit crisis. But then it was forced to turn itself into a bank holding company, and everything seemed to change. Now, it seems likely that it will face a
Tricky terrain: Distressed mortgage assets
So is now the time to jump into distressed mortgage securities? A lot of funds thinks so, but some may have jumped a bit early. Fortress Investment Group has been lumped into the "a bit early" category. But for Bryan Caisse, an 18-year veteran of the mortgage markets, the time is now. He is launc
Who's next to crater? WaMu?
The spotlight shifted a bit from Fannie Mae and Freddie Mac right back to Lehman Brothers, leaving little room for others. But the New York Times managed to squeeze in Washington Mutual, whose stock has also been in free fall. It now hovers around $2.30 a share. Recall that TPG invested at mor
Lehman releases 3Q earnings early along with capital plans
We have a bit more clarity on the Lehman Brothers situation now that it has released preliminary third-quarter earnings and a peek at capital raising activity. The firm says it will sell a 55 percent stake in its asset management, private equity and wealth management. It will retain its hedge fund
Is the worst now over? John Paulson may think so
The idea that we need a big failure to get past a financial crisis has long been out there. That's one reason a lot of people assumed that the Bear Stearns implosion signaled the worst was over. Of course they were wrong. Still, now you have to wonder whether the demise of Fannie and Freddie signa
Third-quarter earnings to be weak?
The two firms that arguably fared the best though the credit crunch-- Goldman Sachs and JPMorgan Chase --might run into a bit of turbulence in this quarter. Some big name analysts have been slashing their Goldman Sachs estimates, as we've noted. Richard Bove says it's time to sell. JPMorgan
Can hedge funds save the economy?
Lone Star is not alone in buying up super discounted mortgage assets right now. Business Week Online notes a host of hedge funds and private equity firms are busy buying up thousands of mortgages at huge discounts. Many are not looking to flip immediately. (Unless the price is right, o
