U.S. baby boomers, desperate for retirement income, are increasingly turning back to reverse mortgages, but big banks stay away.» Read More
NEW YORK-- Government-controlled lender Ally Financial Inc. said Friday that it posted third-quarter net income of $384 million, reversing a loss in the same quarter last year, helped by the absence of losses related to its former mortgage business.
Oct 26- Ally Financial Inc's banking subsidiary said on Friday that it was looking to sell most of its remaining mortgage business, the company's latest step toward exiting the home loan business to focus on its U.S. auto lending and banking operations.
MIDVALE, Utah-- Ally Bank, wanting to focus on auto lending and consumer deposits, is trying to take another step away from the mortgage industry.
*$3 billion bid tops offer from Nationstar Mortgage Holdings. Oct 24- Ocwen Financial Corp and Walter Investment Management Corp on Wednesday prevailed in a bankruptcy auction for Residential Capital LLC's mortgage business with a $3 billion bid that topped rival Nationstar Mortgage Holdings Inc..
NEW YORK-- Ally Financial Inc.' s mortgage lending and servicing subsidiary has given preliminary approval to a $3 billion buyout offer from a unit of Ocwen Financial Corp..
*Deal positions RBC as a leading auto lender in Canada. TORONTO, Oct 23- Royal Bank of Canada has agreed to buy the Canadian auto finance and deposit arm of Ally Financial Inc in a $4.1 billion deal to expand its vehicle-lending business at a time when loan growth overall is slowing in the country.
By Adam Tempkin and Charles Williams. Moreover, with frequent issuers Hyundai, Honda, Ally, World Omni and Ford already having tapped the market with large deals in recent weeks, issuance is bound to taper off, potentially focusing more on the so-called off-the run and esoteric sectors, as well as smaller auto issuers.
Oct 10- Ocwen Financial Corp:. *KBW cuts Ocwen Financial to market perform on valuation. Reuters Station users, click. 1568.
NEW YORK-- Fitch Ratings has put Ocwen Financial Corp. on watch for a possible downgrade after the company announced plans to buy Homeward Residential Holdings Inc.. Ocwen is paying $588 million in cash and $162 million in convertible preferred stock for Homeward. Shares of Atlanta- based Ocwen fell 47 cents, or 1.3 percent, to close at $36.28 Monday.
Oct 08- Fitch Ratings today placed Ocwen Financial Corporation's' B+' long-term Issuer Default Rating on Rating Watch Negative, following the company's announcement on Oct. 3, 2012 that it has entered into an agreement with private equity firm WL Ross& Co. LLC to acquire Homeward Residential Holdings, Inc. and its various mortgage loan servicing and origination operating subsidiaries.
The S&P 500 rose for a fourth session after a report suggested improvement in the labor market ahead of Friday's closely watched monthly payrolls report. The Nasdaq Composite Index gained 6.10 points, or 0.19 percent, to 3,141.40. **COLLABRX INC, $6.80, up 79.4 pct.
U.S. stocks rose for a fourth session on Thursday following encouraging comments by European Central Bank President Mario Draghi on tools to tackle the region's debt crisis and in support of the euro. **COLLABRX INC, $6.9, up 83.3 pct.
ATLANTA-- Loan servicing company Ocwen Financial Corp. said Wednesday that it is buying Homeward Residential Holdings Inc. in a $750 million deal. Ocwen is buying the loan servicing company from private equity firm WL Ross& Co. LLC for $588 million in cash and $162 in Ocwen convertible preferred stock.
U.S. stocks advanced on Wednesday after stronger-than-expected employment and service-sector data in the United States. But a gloomier outlook in China and Europe weighed on commodity prices and hit energy and materials shares. **SAREPTA THERAPEUTICS INC, $41.60, up 177 pct.
U.S. stocks rose on Wednesday after stronger-than-expected employment and service-sector data in the United States, but a gloomier outlook in China and Europe weighed on commodity prices and hit energy and materials shares. **SAREPTA THERAPEUTICS INC, $40.65, up 171 pct. **HEWLETT-PACKARD CO, $15.67, down 8.4 pct.
**SAREPTA THERAPEUTICS INC, $40.19, up 168 pct. **BIOLASE INC, $2.11, up 27 pct. The company said health regulators in Europe and the United States approved its laser device for use in soft tissue surgery, teeth whitening, and pain therapy.
The Nasdaq Composite Index rose 0.37 percent. **SAREPTA THERAPEUTICS INC, $30.30, up 102 pct. **INTERMUNE INC, $9.74, up 10 pct.
Oct 3- Loan servicer Ocwen Financial Corp will buy Homeward Residential Holdings Inc from private equity firm WL Ross& Co LLC for about $750 million to strengthen its hold on the residential mortgage servicing market. The company's shares jumped as much as 16 percent to a life-high of $33.57 in early trading on the New York Stock Exchange on Wednesday.
Oct 3- Loan servicer Ocwen Financial Corp will buy Homeward Residential Holdings Inc from private equity firm WL Ross& Co LLC in a deal valued at about $750 million. Ocwen will pay $588 million in cash and offer $162 million convertible stock to buy the company, which services 422,000 mortgage loans, it said in a statement.
--We revised our outlook on Ocwen Loan Servicing LLC to stable as a residential mortgage subprime, special, and subordinate-lien servicer and affirmed our ABOVE AVERAGE rankings on the company in these categories.