Items Tagged with 'Stock Split'

ARTICLES

  • Moody's Downgrades BofA, Wells Fargo

    Saying that it expects both banks to need further "systemic support" -- codespeak for government funding -- Moody's Investors Service on Wednesday cut key debt and bank ratings for both Bank of America Corp. [stock BAC][/stock] and Wells Fargo & Co. [stock WFC][/stock]. In particular, Moody's cut Bank of America, N.A.'s bank financial strength rating (BFSR) to D from B-, while Wells Fargo Bank N.A. saw its BFSR cut to D+ from a prior B rating.
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  • Wells Fargo Slashes Dividend Amid Rising Loan Losses

    Wells Fargo & Co. [stock WFC][/stock] became the last major commercial bank to cut its dividend amid mounting pressure from bad mortgages and related loans on its books Friday morning, cutting its quarterly common stock dividend 85 percent, from $.34 to $.05 per share.
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  • Mortgage REIT Insider: Agencies Ascending

    Perhaps the only subsector of the mortgage REIT universe to bring any holiday cheer, the agency-backed mortgage REITs had plenty to be thankful for this past week -- especially the Federal Reserve’s initative to buy $500 million in agency-backed MBS.
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  • Freddie Says It Will Consider Reverse Stock Split

    It was probably only a matter of time, but Freddie Mac [stock FRE][/stock] said Tuesday afternoon in a filing with the Securities and Exchange Commission that it intends to recover its share price above the $1.00 per share floor before the middle of next year, in an effort to remain on the New York Stock Exchange. Under applicable rules, the GSE has until May 18, 2009 to boost its share price, or face suspension and delisting from the Big Board.
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  • Fannie Warns of Reverse Stock Split

    Fannie Mae [stock FNM][/stock] appears to be headed for a reverse stock split in a bid to keep its shares trading on the New York Stock Exchange. According to a filing with the Securities and Exchange Commission last week, the GSE said it had notified the NYSE that it intends to bring the share price of its common stock and the average share price of its common stock for 30 consecutive trading days above $1.00 by no later than May 11, 2009.
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  • Fannie Posts Large Q2 Loss; Says Rough Road Ahead

    Mortgage finance giant Fannie Mae [stock FNM][/stock] posted a larger-than-expected second quarter loss on Friday morning, as credit costs tied to an increasing number of defaulted mortgages helped eat away at the GSE's bottom line, and the company reserved aggressively for expected default activity 18 to 24 months out from now. As a result, the company said it would cut its common stock dividend from $.35 per share to $.05 per share, a move that it said would preserve $1.9 billion in capital.
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  • Mortgage REIT Insider: Chimera Gets a Lesson on Leverage

    Earlier this year, Chimera Investment Corp. [stock CIM][/stock] bit off more than it could chew, and indigestion finally set in this past week. I wondered back in March if Chimera was quietly struggling to stay afloat after leveraging up at just the wrong time -- it had quadrupled its reliance on repurchase lines just as competitor MFA Mortgage [stock MFA][/stock] was selling assets to de-lever its balance sheet.
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  • Mortgage REIT Insider: Impac Gets Creative in Face of Cash Crunch

    It may or may not be on the ropes, depending on who you believe, but former Alt-A powerhouse Impac Mortgage Holdings Inc. [stock IMH][/stock] certainly scored some points for ingenuity this past week. The lender, which reported a disastrous $2 billion quarterly loss last week, said late this week that it is asking its preferred shareholders to give up their dividends.
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