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PHH

PHH Corp.

$13.80

-0.05 (-0.36%)

, FNMA

Fannie Mae

$2.75

0.07 (2.61%)

08:31
08/08/17
08/08
08:31
08/08/17
08:31

PHH Corp. comments on settlement with DOJ

PHH Corporation (PHH) issued the following statement in conjunction with the settlement agreements it has entered into with the U.S. Department of Justice on behalf of the Department of Housing and Urban Development and separately with the DOJ on behalf of the U.S. Department of Veteran Affairs and the Federal Housing Finance Agency to resolve certain previously disclosed matters regarding legacy mortgage origination and underwriting activities. The settlement agreements cover certain mortgage loans insured by the Federal Housing Administration during the period between January 1, 2006 and December 31, 2011, certain mortgage loans insured by the VA, and certain mortgage loans sold to Fannie Mae (FNMA) and Freddie Mac (FMCC): We have agreed to resolve these matters, which cover certain legacy origination and underwriting activities, without admitting liability, in order to avoid the distraction and expense of potential litigation. While we cooperated fully in these investigations since receiving subpoenas in 2013, we concluded that settling these matters is in the best interest of PHH and its constituents. Adhering to high legal, regulatory and ethical standards is at the core of how we conduct business, and we remain committed to serving our customers and all of our stakeholders consistent with that principle." Under the terms of the agreements, PHH will pay approximately $75M in aggregate to the DOJ. During the second quarter of 2017, the company increased its recorded liability for legal and regulatory reserves by $13M, reflecting adjustments for these settlements and provisions for other matters. These settlements are included in the company's recorded liability as of June 30, 2017.

PHH

PHH Corp.

$13.80

-0.05 (-0.36%)

FNMA

Fannie Mae

$2.75

0.07 (2.61%)

FMCC

Freddie Mac

$2.61

0.08 (3.16%)

  • 09

    Aug

PHH PHH Corp.
$13.80

-0.05 (-0.36%)

12/30/16
PIPR
12/30/16
NO CHANGE
Target $17
PIPR
Overweight
Piper now believes New Residential does not need capital raise
After further analysis, Piper Jaffray analyst Kevin Barker believes New Residential Investment (NRZ) has the capacity to fully finance the PHH Corp. (PHH) deal without issuing equity capital. The analyst yesterday morning said he expects the company to issue equity. If New Residential were to internally finance the PHH deal, the stock "has the capacity to trade closer to a peer dividend yield or earnings," Barker tells investors in a research note. He raised his price target for New Residential shares to $17 from $16.50 and reiterates an Overweight rating on the name. Barker adds, however, that there is still a chance the company could look to raise equity to finance the deal.
03/03/17
WEDB
03/03/17
UPGRADE
WEDB
Outperform
PHH Corp. upgraded to Outperform from Neutral at Wedbush
03/03/17
WEDB
03/03/17
UPGRADE
WEDB
Outperform
PHH Corp. upgraded on capital return outlook at Wedbush
As noted earlier, Wedbush upgraded PHH to Outperform from Neutral. Analyst Henry J. Coffey Jr. says that, following its transition to a subservicing business, the company will be able to return more capital to shareholders than the $550M it has targeted. Target to $15.50 from $17.
06/20/17
WEDB
06/20/17
DOWNGRADE
WEDB
Neutral
PHH Corp. downgraded to Neutral from Outperform at Wedbush
Wedbush analyst Henry Coffey downgraded PHH Corp to Neutral as shares have neared his $14.50 price target.
FNMA Fannie Mae
$2.75

0.07 (2.61%)

12/02/16
KBWI
12/02/16
NO CHANGE
Target $1
KBWI
Underperform
Fannie, Freddie equity has little value even in 'best case,' says Keefe Bruyette
Keefe Bruyette analyst Bose George noted that comments from incoming Treasury Secretary Steven Mnuchin has sparked a sharply rally in shares of Fannie Mae (FNMA) and Freddie Mac (FMCC), but he believes that even in the best case scenario, which he identifies as the shares being privatized with a 2.5% capital requirement, the capital need will meaningfully dilute the common shares, leaving them with little value. He reiterates his Underperform ratings and $1 price targets on the common shares of both Fannie and Freddie.
06/15/17
WEDB
06/15/17
UPGRADE
WEDB
Outperform
Beazer Homes upgraded on loosening credit standards at Wedbush
As noted earlier, Wedbush upgraded Beazer Homes (BZH) to Outperform from Neutral. Analyst Jay McCanless upgraded the stock based on what he sees as "the loosening of credit standards at Fannie Mae (FNMA)." The analyst says that Beazer focuses on "entry level consumers who..benefit most from lower lending standards." Target remains $15.
FMCC Freddie Mac
$2.61

0.08 (3.16%)

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SMRT

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SPX

S&P 500

$0.00

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$290.96

1.55 (0.54%)

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SQ

Square

$87.97

1.1 (1.27%)

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MSFT

Microsoft

$113.24

1.05 (0.94%)

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KL

Kirkland Lake Gold

$17.57

-0.64 (-3.51%)

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  • 23

    Sep

MSFT

Microsoft

$113.24

1.05 (0.94%)

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OMAB

OMA Airports

$56.18

2.13 (3.94%)

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OMA Airports rating change  »

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CE

Celanese

$113.41

-0.03 (-0.03%)

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WYNN

Wynn Resorts

$132.97

0.56 (0.42%)

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GLD

SPDR Gold Trust

$113.43

-0.18 (-0.16%)

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JAZZ

Jazz Pharmaceuticals

$161.89

0.92 (0.57%)

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RIG

Transocean

$11.93

0.335 (2.89%)

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NE

Noble Corp.

$6.15

0.19 (3.19%)

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  • 24

    Sep

CCOEY

Capcom

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BBY

Best Buy

$77.70

0.67 (0.87%)

17:24
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Breaking Syndicate news story on Best Buy »

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DO

Diamond Offshore

$17.86

0.55 (3.18%)

17:22
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Initiation
Diamond Offshore initiated at Morgan Stanley »

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TSM

TSMC

$43.57

-0.2 (-0.46%)

17:20
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WHD

Cactus

$35.93

1.24 (3.57%)

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ZTCOY

ZTE Corp.

$0.00

(0.00%)

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AKCA

Akcea Therapeutics

$26.58

1.73 (6.96%)

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  • 06

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OIS

Oil States

$30.85

0.55 (1.82%)

17:13
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NOV

National Oilwell

$44.55

0.44 (1.00%)

17:07
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