20
20
Mar 5, 2024
03/24
by
BLOOMBERG
tv
eye 20
favorite 0
quote 0
flagstar is a big mortgage servicer.riginally it was going to be the fbi see that had to approve the merger but exchanged, the rules are finagle. instead of being a bank regulated by new york state, they say we are going to have a national charter. all of a sudden it is the occ that gets to approve that. the occ does approve and when they cross $100 billion in assets, all of the sudden they got a lot more rules to deal with and under the curtains, they did not exactly measure up to their new peers. >> we only have about 30 seconds left or so. what do we know about the person who is now going to be leaving the bank? >> she is going to have a lot of response ability on his shoulders. he was the head of flagstar then came in at the nonexecutive chairman and now he is ceo. >> a former bank examiner. >> great call. i spoke with a shareholder who said i am glad he is at the wheel that he is going to have to deal with suspicions about the bank credit. it has been downgraded several times. he is going to have to deal with suspic
flagstar is a big mortgage servicer.riginally it was going to be the fbi see that had to approve the merger but exchanged, the rules are finagle. instead of being a bank regulated by new york state, they say we are going to have a national charter. all of a sudden it is the occ that gets to approve that. the occ does approve and when they cross $100 billion in assets, all of the sudden they got a lot more rules to deal with and under the curtains, they did not exactly measure up to their new...
74
74
Mar 4, 2024
03/24
by
CNBC
tv
eye 74
favorite 0
quote 0
he sold flagstar bank to nycb. i think you will see a name change here.nk it becomes flagstar bank. this company is doing something different. i think you will see moves happening in the next few months. we will have a better understanding as time goes forward. >> looking at shares up 1.5%. still down 60% over the last year. anton, thank you for jumping on for us. >> thank you. have a great day. >>> coming up on "worldwide exchange," the rally at a crossroads feeling gains and could that outpace the factors against it? that's coming up after this break. [♪♪] your skin is ever-changing, take care of it with gold bond's age renew formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond. her uncle's unhappy. of 7 moisturizers i'm sensing an underlying issue. it's t-mobile. it started when we got him under a new plan. but then they unexpectedly unraveled their "price lock" guarantee. which has made him, a bit... unruly. you called yourself the "un-carrier". you sing about "price lock" on those commercials. "the price lock, the price lock..
he sold flagstar bank to nycb. i think you will see a name change here.nk it becomes flagstar bank. this company is doing something different. i think you will see moves happening in the next few months. we will have a better understanding as time goes forward. >> looking at shares up 1.5%. still down 60% over the last year. anton, thank you for jumping on for us. >> thank you. have a great day. >>> coming up on "worldwide exchange," the rally at a crossroads...
77
77
Mar 6, 2024
03/24
by
CNBC
tv
eye 77
favorite 0
quote 0
the benefits new york community bank has is that a lot of branches are under different brands like flagstarfor example. it is not as easy for people to make the direct comparison that though, it is that the stock price declining, my money is held at the bank and there is a lot of brand differentiation. that said, confidence, if you are a big management team your number one job is to make sure your depositors feel they are confident having money at the bank. it is important for regulators to fill company in the path forward and this is a company that last week cited material weakness within the internal controls, trading more cloudiness surrounding that companies picture that they are trying to project. that's one of the key reasons why we are seeing such a dramatic decline with more than 80% this year in new york community bank. >> fascinating stuff, thank you, we should clarify for the viewers it is a different hudson bay so apologies for that if we gave confusion, but that is making news and the press release just came out. we had very little details on those investors for the $1 billion
the benefits new york community bank has is that a lot of branches are under different brands like flagstarfor example. it is not as easy for people to make the direct comparison that though, it is that the stock price declining, my money is held at the bank and there is a lot of brand differentiation. that said, confidence, if you are a big management team your number one job is to make sure your depositors feel they are confident having money at the bank. it is important for regulators to...
79
79
Mar 6, 2024
03/24
by
CNBC
tv
eye 79
favorite 0
quote 0
they bought flagstar and some of the assets and liabilities. all of that together put them in this different bracket for regulation. they were getting this new scrutiny from occ, and part of that has created this pressure on them to mark their loans sooner rather than later. so, i think there was this idea may be in the investor community that they get this blessing from the regulators, to take some time, kind of work through, phase an approach to criticize -- phase for the criticized loans on their books. instead, according to reports out there, they got this pressure to mark those pretty quickly and that came as a surprise to the market. you saw it in the fourth quarter earnings at the end of january, called them to set aside a lot more reserves,/the dividend, and that is what really started that whole spiral for new york community bank in the first place. credit quality has been a big concern that is out there. there is, you know, it depends on the firm, the kind of disclosure you will get on that front, which makes it kind of hard for inves
they bought flagstar and some of the assets and liabilities. all of that together put them in this different bracket for regulation. they were getting this new scrutiny from occ, and part of that has created this pressure on them to mark their loans sooner rather than later. so, i think there was this idea may be in the investor community that they get this blessing from the regulators, to take some time, kind of work through, phase an approach to criticize -- phase for the criticized loans on...
51
51
Mar 7, 2024
03/24
by
CSPAN
tv
eye 51
favorite 0
quote 0
but it's not a coincidence that they, you flagstar, take the o.c.c.ator is looking at an old book and say, oh my god. iry telling. david: interesting. can you reflect a little bit on susan's points about the discount to you as a banker? is it a facility you can count on without getting dinged by the board of directors, analysts and regulators? or not? bill: no. to start with, it is the lender of last resort. so the day you anything other than a test, you know, you effectively have told the world you failed. investors look at that number, it's disclosed because it's by district. nobody wants to -- david: so the fed doesn't disclose the name of the bank that borrows for three years but you can -- two years. but you can figure it out. they publish by each regional bank, who is borrowing. there's not that many banks. when someone -- suddenly a big thing comes up ito figure out. bill: even away from that, we call it the lender of last resort. there's a need in this for regular wave liquidity into the banking system which today is served by home loan banks,
but it's not a coincidence that they, you flagstar, take the o.c.c.ator is looking at an old book and say, oh my god. iry telling. david: interesting. can you reflect a little bit on susan's points about the discount to you as a banker? is it a facility you can count on without getting dinged by the board of directors, analysts and regulators? or not? bill: no. to start with, it is the lender of last resort. so the day you anything other than a test, you know, you effectively have told the...
64
64
Mar 5, 2024
03/24
by
CNBC
tv
eye 64
favorite 0
quote 0
they added flagstar and doubled in size. they brought a lot of scrutiny they were not ready for, joe. >> janet yellen said everything is insured. hugh son, thank you. >>> target just reporting earnings for the quarter. it came in at $2.98a share. that is much better than the street had expected at $2.42. revenue also beat expectations at $31.9 billion over the $31.8 billion the street had been looking for. store sales down 4.4%. the ex-estimate was down 4.5%. the fourth quarter gross margins were strong. 25.6%. the company is giving guidance for the full year coming on this and says for the full year, they are looking for comp store sales to be flat to be up 2%. that is in line for what the street was expecting. they are looking for $8.60 to $9.10. the street is at $9.15. it will take a difficult current quarter to get them to that point. they are looking for first quarter earnings per share of $1.70 to $2.10. the street was at the high end of that at $2.09. comps down 3% to 5%. that is in line with the expectations of 3.6%.
they added flagstar and doubled in size. they brought a lot of scrutiny they were not ready for, joe. >> janet yellen said everything is insured. hugh son, thank you. >>> target just reporting earnings for the quarter. it came in at $2.98a share. that is much better than the street had expected at $2.42. revenue also beat expectations at $31.9 billion over the $31.8 billion the street had been looking for. store sales down 4.4%. the ex-estimate was down 4.5%. the fourth quarter...