A spin off of a spin off… of a spin off Series FIS

A spin off story: Fidelity National Information Services (FIS) spun off its mortgage industry holdings this summer, and the new entity has bright prospects–even in the midst of a deep industry slump.

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#2 FIS board chair Lee A. Kennedy retires…

Wednesday, March 3, 2010, 2:30pm EST  |  Modified: Wednesday, March 3, 2010, 6:32pm

FIS board chair Lee A. Kennedy retires

Jacksonville Business Journal – by Rachel Witkowski Staff reporter

The executive vice chairman and director of Fidelity National Information Services Inc., Lee A. Kennedy, retired from his role Monday.

Kennedy was on the board of directors since February 2006 and was president and CEO of the company (NYSE: FIS) until it acquired Metavante Technologies Inc. Oct. 1. Frank Martire, who was chairman and CEO of Milwaukee-based Metavante before the acquisition, became president, CEO and director of FIS after the deal closed. Kennedy then became executive vice chairman of the board.

“It has been a privilege to work with the highly talented board members, management team and employees of FIS,” Kennedy said. “The new leadership team is off to a strong start, and I have great confidence in the future of this company.”

The announcement released by FIS stated Kennedy resigned effective immediately “in order to devote more time to outside interests.”

The company agreed to pay Kennedy nearly $2.5 million and vest 509,166 of the company’s stock options that he held as payment in full of all amounts due, according to a filing with the U.S. Securities and Exchange Commission released Wednesday.

Kennedy will remain a nonexecutive employee and available for consulting, according to the SEC filing.

The document stated Kennedy did not resign or refuse to be re-elected on the board “because of a disagreement with the company on any matter relating to the company’s operations, policies or practices.”

FIS provides processing and technology services to financial institutions worldwide.

Source: http://jacksonville.bizjournals.com/jacksonville/stories/2010/03/01/daily18.html

Fidelity National Information Services Reviews

Former Fidelity National aka LPS CEO Kennedy retires…Hmmm

Monday, March 1, 2010, 9:29am CST

Former Fidelity National CEO Kennedy retires

The Business Journal of Milwaukee

Former Fidelity National Information Services president and CEO Lee Kennedy will retire as executive vice chairman and director of FIS, effective immediately, “in order to devote more time to outside interests.”

Fidelity National (NYSE: FIS), which acquired Brown Deer-based Metavante Technologies Inc. in October 2009, made the announcement Monday. Kennedy was 58 as of the latest FIS proxy statement.

Kennedy joined the FIS board in February 2006 and served as president and CEO until the acquisition of Metavante Technologies. Metavante CEO Frank Martire became CEO of the merged company, renamed FIS, and relocated to FIS headquarters in Jacksonville, Fla.

“The new leadership team is off to a strong start, and I have great confidence in the future of this company,” Kennedy said.

Terms of Kennedy’s employment agreement with FIS are confidential based on the company’s request to the U.S. Securities and Exchange Commission. The company said the agreement contains confidential commercial or financial information under the Freedom of Information Act and SEC officials determined the company does not have to publicly disclose the agreement.

FIS delivers banking and payments technologies to financial institutions and businesses.

Source: http://milwaukee.bizjournals.com/milwaukee/stories/2010/03/01/daily3.html

I AM SURE WE WILL SEE MUCH MORE OF THIS HAPPENING

List of MERS Board of Directors and A-Z List of MERS Member Banks

*****If you have had any business dealings with any of the listed member banks vis a vis your mortgage, you need to take a quick trip to the recorder’s office of your local county courthouse to see if you have MERS on your mortgage. If you have MERS on your mortgage, you need knowledgeable legal assistance.*****For List of MERS Board of Directors and A-Z List of MERS Member Banks go HERE

Construction Developer Says Banks Suddenly Playing Hardball, Asks “Mish, What’s Going On?”

Guys hang tight…There is something going down and it’s not coming

up smelling like roses! See for yourself…we all saw this coming.

By: Mike Shedlock / Mish
Today I received an email from “Construction Insider” concerned about banks suddenly playing hardball and calling in construction loans.

Construction Insider writes:

Hi Mish

I work in the construction business and something has been creeping to the forefront of my attention for the past few weeks and now it seems to be moving full steam ahead.

Banks are forcing developers/builders (especially smaller ones) to give up their properties (unsold homes and lots).

Banks say the reason is that the properties in question are no longer performing assets. I am sure there are some loans out there that are not performing and the owners are going under. I am equally sure that there are plenty of developers that are still selling homes – just not at the pace originally planned on the pro formas.

Having inside information on one of these scenarios that happened today, I cannot help but wonder what is really going on? The bank told a small developer/builder I work for that they were taking back his ongoing subdivision.

He is selling houses and updated pro formas would indicate that the current sales pace would exhaust all remaining lots within 33 months. Yet the bank stated they would only give him until April 15 to find alternative financing. The bank is also willing to let him buy the subdivision at a 33% discount to what is currently owed.

If he is unable to obtain this backing, the bank will let him walk away without penalty or consequence so they can write it off.

I have been on the phone trying to put some of these pieces together. It seems there are many banks doing the same thing. However, there is apparently no interest [or ability – Mish] from anyone wanting to pick up land/lots at 30% – 50% discounts to today’s prices.

Another interesting point is that the banks all state that they must have these situations written off or taken care of by the end of Q2.

These are the immediate questions running through my head:

Why the end of Q2? And why do so many banks seem to be simultaneously doing this?

Is it possible that there is some government incentive to the banks to meet this timeline? And how much will this cost the taxpayers?

There is something extremely concerning about this whole thing, especially from the standpoint that many banks appear to be acting in concert, all with the same specific timeline. Any thoughts you have would be greatly appreciated.

Construction Insider

Continue HERE it gets better…