Morgan Stanley has downgraded Countrywide Financial, the nation's largest residential originator, to "equal-weight" from "overweight."In a new research report, Morgan analyst Ken Posner notes that despite the downgrade, the investment banker "modestly" increased its price target on Countrywide to $81. At deadline time, the California-based mega-lender/servicer was trading at $68.90, down almost 4%. "With moderate upside and estimates in line with consensus, we no longer see a basis for overweighting the stock relative to the group," Mr. Posner writes. Morgan Stanley says Countrywide has increased its production of niche mortgage products and should perform adequately as long as a price war for loans does not develop. "The mortgage industry appears to be competing rationally, in line with our thesis, even as we head deeper into the refi bust," Mr. Posner says.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
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Equity is entitled to a little over $70,000 worth of damages.
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Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
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