Blackstone Invests in Risky FHA Loans, Annaly Declares Q4 Dividend: Financial Business Update
The United States Federal Housing Administration is poised to divest more than 40,000 bad mortgages in 2013, through which to fortify its insurance fund, after conceding that it could require a Treasury Department subsidy for the first time in its 78-year history. Meanwhile, hedge funds and private-equity companies are betting on the delinquent home loans being sold, as the agency steps up debt sales to avert a bailout and deter foreclosures. One in particular, Bayview Financial, a firm backed by The Blackstone Group (NYSE:BX), paid as little as 26 cents on the dollar for the FHA loans at auction.
Annaly Capital Management’s (NYSE:NLY) board has declared the fourth quarter 2012 common stock cash dividend of 45 cents per common share, which is payable January 29th, to common shareholders of record on December 28th. The ex-dividend date is December 26th.
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Goldman Sachs (NYSE:GS) and Carlyle Group (NYSE:CG) are among a number of defendants that will go before United States District Judge Edward Harrington in Boston, for what they say are legitimate private-equity practices against investor allegations that buyout firms and their bankers colluded to rig offers on takeovers, according to Bloomberg.
The proposed divestiture of ING Groep’s (NYSE:ING) South Korean life insurer, ING Life Insurance, fell through on Tuesday, subsequent to Seoul-based KB Financial Group withdrawing its off of $2.1 billion, saying that the deal was too risky. This development poses a problem to ING, since the terms of its government bailout dictate that it sell off its controlling interests in each of its Asian insurance divisions prior to the end of 2013, and then the remainder by 2016.
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