Freddie Mac names Christian M. Lown CFO » 13:0106/0206/02/20
Freddie Mac announced the…
Freddie Mac announced the appointment of Christian M. Lown as Executive Vice President and Chief Financial Officer, effective June 15, 2020. Lown was previously EVP and CFO at Navient Corporation. He succeeds Donald F. Kish, who has served as Interim CFO since December 2019. Kish will continue serving as Senior Vice President, Corporate Controller and Principal Accounting Officer. "We welcome Chris Lown to Freddie Mac. His demonstrated success as a chief financial officer and strong background in the debt and equity capital markets and in mergers and acquisitions will be invaluable as we prepare our company to exit conservatorship," said Freddie Mac Chief Executive Officer David Brickman. "I want to thank Donnie Kish for his steady and selfless leadership of our finance function during this transition."
AvalonBay reports May average physical occupancy 94.4% vs. 95.3% in April » 16:1906/0106/01/20
Reports May Like-Term…
Reports May Like-Term Effective Rent Change down 3.5% vs. down 0.2% in April.
ECN Capital, Freddie Mac partner for affordable housing solutions » 09:2206/0106/01/20
ECN Capital Corp. (ECNCF)…
ECN Capital Corp. (ECNCF) announced that its wholly-owned subsidiary, Triad Financial Services, has been approved as a qualified mortgage seller and servicer by Freddie Mac (FMCC).
Tesla initiation among today's top Wall Street calls » 09:4105/2905/29/20
TSLA, MCO, SPGI, PII, MAS, BLMN, CHUY, TXRH
Check out today's top…
Moody's initiated with an Outperform at Credit Suisse » 06:2305/2905/29/20
Credit Suisse analyst…
Credit Suisse analyst Kevin McVeigh initiated coverage of Moody's with an Outperform rating and $285 price target. While the analyst acknowledges uneven debt issuance risk as the credit markets settle owing to COVID-19, he says credit ratings agencies outscore other Information Services stocks in his proprietary valuation framework given high barriers to entry, enviable pricing, secular megatrends and expanding TAMs. These drivers should fuel sustained low-double-digit cycle-to-cycle EPS growth on premium multiples, McVeigh contends.
|Over a week ago|
Meritage Homes initiated with an Outperform at Credit Suisse » 16:2605/2705/27/20
Credit Suisse analyst…
Credit Suisse analyst Adam Baumgarten initiated coverage of Meritage Homes with an Outperform rating and $81 price target. The company's order growth is expected to outperform the broader market as its product portfolio is catered to an entry-level buyer, the analyst tells investors in a research note. Risk reward on the stock is also favorable with shares trading at about 1.1-times his book value per share estimate vs. 1.3-times long-term average, Baumgarten states.
PulteGroup initiated with a Neutral at Credit Suisse » 16:1605/2705/27/20
PHM, DHI, MTH
Credit Suisse analyst…
Credit Suisse analyst Adam Baumgarten initiated coverage of PulteGroup (PHM) with a Neutral rating and $36 price target. The company has a balanced portfolio, but Baumgarten has a preference for high entry-level exposure owing to the strong growth outlook, he tells investors. He expect Pulte's order growth, and stock performance, to lag more "entry-level focused" peers like D.R. Horton (DHI) and Meritage Homes (MTH), he added.
Fannie Mae secures commitments for two CIRT transactions » 14:0905/2705/27/20
Fannie Mae announced that…
Fannie Mae announced that it has secured commitments for two front-end Credit Insurance Risk Transfer transactions. CIRT FE 2020-1 and CIRT FE 2020-2 together cover up to $39.6B in unpaid principal balance of 21-year to 30-year original-term, fixed-rate loans, including loans previously acquired from November 2019 through January 2020 and also loans to be acquired between February 2020 and January 2021, the company said in a statement. Combined, these two deals transfer up to $1.3B of mortgage credit risk, as part of Fannie Mae's ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market, the company added. To date, Fannie Mae has committed to acquire approximately $12.9B of insurance coverage on $475B of single-family loans through the CIRT program, measured at the time of issuance, for both post-acquisition and front-end transactions.
Fannie, Freddie jump after FHFA proposes new capital framework » 10:2405/2105/21/20
Shares of Fannie Mae…
Shares of Fannie Mae (FNMA) and Freddie Mac (FMCC) are moving higher after the Federal Housing Finance Agency announced that it is seeking comments on a notice of proposed rulemaking that establishes a new regulatory capital framework for the entities. "The 2018 proposal remains the foundation of the re-proposal. The enhancements in the new proposal preserve the mortgage risk-sensitive framework of the 2018 proposal, while increasing the quantity and quality of the Enterprises' regulatory capital and reducing the pro-cyclicality of the aggregate capital requirements. Together, the enhancements in the re-proposal ensure each Enterprise's safety and soundness and its ability to fulfill its statutory mission across the economic cycle, in particular during periods of financial stress. The re-proposal is also a critical step toward responsibly ending the conservatorships," the agency said in a statement. It added, "First, FHFA has begun the process to responsibly end the conservatorships of the Enterprises...Second, FHFA is proposing to increase the quantity and quality of the regulatory capital at the Enterprises to ensure the safety and soundness of each Enterprise and that each Enterprise can fulfill its statutory mission to provide stability and ongoing assistance to the secondary mortgage market across the economic cycle, in particular during periods of financial stress. Third, to facilitate regulatory capital planning, and in furtherance of the safety and soundness of the Enterprises and their countercyclical mission, FHFA is proposing changes to mitigate the pro-cyclicality of the aggregate risk-based capital requirements of the 2018 proposal." Shares of Fannie Mae are up 9% to $2.13 in early trading while Freddie Mac are up 10% to $2.07. Reference Link
JPMorgan to hold a virtual conference » 04:5505/1905/19/20
MTH, MDC, DOOR, FBHS, GRBK, LGIH, PGTI, TMHC
13th Annual Homebuilding…
13th Annual Homebuilding & Building Products Virtual Conference will be held on May 18-19.