Exclusive: JPMorgan settlement complicated by Washington Mutual – sources
NEW YORK (Reuters) – JPMorgan Chase & Co’s possible $11 billion settlement of government mortgage probes has been complicated by a dispute with the Federal Deposit Insurance Corp over responsibility for losses at the former Washington Mutual Inc, said people familiar with the matter.
Wells Fargo to pay Freddie Mac $780 million to settle mortgage claims
(Reuters) – Wells Fargo & Co said on Monday it will pay $780 million in cash to Freddie Mac to resolve substantially all repurchase liabilities on home loans sold to the government-controlled mortgage company prior to 2009.
Analysis: U.S. shutdown strategy – Many advisers keep clients in stocks
The looming U.S. government shutdown has plenty of investors asking if it’s time to exit the stock market or stay put.
Chance of U.S. government default less than 10 percent, economists say: Reuters poll
LONDON (Reuters) – There is a less than 10 percent chance that Washington’s budget feud will lead to the United States defaulting on any of its debt, according to a majority of economists polled by Reuters since Friday.
U.S. study says asset managers could pose systemic market risk
WASHINGTON (Reuters) – Some activities of asset managers could pose risks to the broader marketplace, according to a study released by the Treasury Department on Monday that boosted the likelihood the largest such firms would face tougher federal scrut…
Ally executive to become Freddie Mac’s finance chief
(Reuters) – Government-owned mortgage giant Freddie Mac said on Monday it has named James Mackey, a top executive at Ally Financial Inc, as its chief financial officer.
Ex-Morgan Stanley broker pleads guilty in insider trading case
(Reuters) – A former Morgan Stanley financial adviser pleaded guilty to an insider trading charge for tipping a childhood friend to Gilead Sciences Inc’s plan in 2011 to buy Pharmasset Inc, three days before the $11.2 billion takeover was announced, co…
BP lied about size of U.S. Gulf oil spill, lawyers tell trial
NEW ORLEANS (Reuters) – In the frantic days after the 2010 Gulf of Mexico oil spill, BP lied about how much oil was leaking from its Macondo well and took too long to cap it, plaintiffs’ lawyers said on Monday at the opening of the second phase of the …
Smaller car makers face squeeze from China’s ‘lemon law’
BEIJING (Reuters) – A beefed-up vehicle warranty law that takes effect in China on Tuesday is unlikely to burden global automakers, but will likely raise costs for smaller local players that may add to pressure for eventual consolidation in China’s fra…
Calpers concerned about Richmond, California’s mortgage plan
SAN FRANCISCO (Reuters) – As Richmond, California, moves forward with a plan to help struggling homeowners by using its power of eminent domain to seize underwater mortgages, the list of those concerned about it is growing – and now includes the pensio…
