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Factiva | Dow Jones
HD | US Banks ask for NSA help against cyber attacks
WC | 127 words
PD | 2013-01-15 00:00:00
SN | Global Banking News
SC | GLOBAN
LA | English
CY | (c) 2013, Electronic News Publishing. All Rights Reserved.
LP | In view of the larger number of cyber attacks faced by US banks, major banks in the country, including the Bank of America (NYSE: BAC), PNC Bank (NYSE: PNC) and HSBC (LON:HSBA), have asked for help from the National Security Agency (NSA) for protection from these attacks.
 | An increase in frequency of the attacks has been observed since the earliest ones were carried out about a year ago, and enhanced sophistication in the tactics used has also been noted.
TD | Distributed Denial of Service (DDoS) attacks have been most common. These increase traffic on the websites of banks, thereby impeding operations by genuine customers.
 | [[NAME] queries for this story should be sent to [EMAIL]]
CO | pncbk : PNC Bank | ncnbco : Bank of America Corporation | pitnat : PNC Financial Services Group Inc
IN | [NAME] : Commercial Banking | ibnk : Banking/Credit | i814 : Banking
NS | ghack : Computer Crime | gcat : Political/General News | gcrim : Crime/Courts | ncat : Content Types | nfact : [NAME] | nfcpex : FC&E Executive News Filter
RE | usa : United States | namz : North America
PUB | Electronic News Publishing Ltd.
AN | Document GLOBAN0020130115e91f0002x
HD | AIG Sues New York Fed for Right to Continue Lawsuit AgainstBank of America
BY | [NAME]
WC | 716 words
PD | 2013-01-14 00:00:00
SN | Best's Insurance News
SC | AMBEST
LA | English
CY | Copyright 2013 (c) A.M. Best Company, Inc. All Rights Reserved.
LP | NEW YORK (BestWire) - American International Group has filed suit against a vehicle set up by the Federal Reserve of New York to facilitate a portion of the government's bailout of AIG, arguing the vehicle seeks to undermine the insurer's right to sue Bank of America over faulty mortgage-backed securities.
 | AIG's lawsuit against Maiden II, a special purpose vehicle created and controlled by the New York Fed, stems from the insurer's $10 billion suit againstBank of America that alleges the bank knowingly engaged in misconduct when selling thousands of defective residential mortgages that experienced "unprecedented" rates of defaults and foreclosures that affected the securities backed by the mortgages when the market collapsed in 2008, according to AIG's complaint. The complaint was filed in the New York Supreme Court in Manhattan.
TD | AIG said [NAME] purchased more than 850 packages of mortgage-backed securities for $20.8 billion, including some sold by Bank of America, which the insurer alleges was a "massive" discount off their face value of $39.3 billion. AIG said in the complaint that it incurred total losses of approximately $18 billion on the securities it sold to Maiden II and lost tens of billions of dollars more "as a direct result of the financial institutions’ fraud."
 | However, the complaint said [NAME] has argued that AIG transferred "all litigation claims" to the special purpose vehicle in the asset purpose agreement laid out by the New York Fed. AIG argues there was no such transfer and neither Maiden II nor the New York Fed indicated a transfer had taken place prior to providing Bank of America with declarations that said AIG no longer had a right to sue.
 | AIG is seeking a court order that says the insurer retained the right to sue banks that engaged in the allegedly improper securities transactions. Maiden II has not yet responded to AIG's complaint , according to court records.
 | AIG's lawsuit against Maiden II is the latest twist in its ongoing litigation with Bank of America.
 | In October, AIG lost a bid to move the case out of federal court and have it tried under New York state law. In an Oct. 20 opinion, Judge [NAME] of the U.S. District Court for the Southern District of New York disagreed, determining the case should proceed under federal law as Bank of America requested because some of the residential mortgage-backed securities in question were transactions that involved international or foreign banking (Best's News Service, Oct. 21, 2012).
 | Bank of America suffered its own procedural defeat when a federal judge rejected the bank's request to throw AIG's attorneys from Quinn Emanuel Urquhart & Sullivan off the case. Bank of America argued that because a Quinn Emanuel partner who reviewed a draft of AIG's complaint previously worked at Munger, Tolles & Olson, the firm representing Bank of America, lawyers from Quinn Emanuel were disqualified from representing AIG.
 | Separately, AIG announced earlier this month it would not join shareholder Starr International Co.'s lawsuit against the U.S. government over the federal bailout of AIG in September 2008. AIG, which was saved from failing when the federal government stepped in with a $182.3 billion bailout, met on Jan. 9 with representatives from both [NAME] and the federal government to consider whether to join [NAME]'s lawsuit (Best's News Service, Jan. 8, 2012).
 | As part of the bailout of AIG, the U.S. Treasury and the Federal Reserve acquired a majority of AIG's stock. As AIG sold assets to repay the federal loans, the federal government gradually sold off its AIG stock. In December, the last of the government-owned AIG was sold, and the Treasury and the Federal Reserve said they had fully recovered the amount they committed to AIG, plus earned an additional $22.7 billion positive return (Best's News Service, Dec. 14, 2012).
 | Most AIG companies currently have Best's Financial Strength Rating of A (Excellent).
 | Shares of AIG were trading at $35.23 on the afternoon of Jan. 14, unchanged from the previous close.
 | (By [NAME], Washington Bureau Manager: [EMAIL])
CO | aiu : American International Group Inc | fed : Federal Reserve Board | ncnbco : Bank of America Corporation
IN | i82 : Insurance | i814 : Banking | i81402 : Commercial Banking | ibnk : Banking/Credit
NS | c12 : Corporate Crime/Legal/Judicial | ccat : Corporate/Industrial News | ncat : Content Types | nfact : [NAME] | nfcpex : FC&E Executive News Filter | nfcpin : FC&E Industry News Filter
RE | usa : United States | usny : New York | namz : North America | use : Northeast U.S.
IPD | Washington_100
PUB | A.M. Best Company, Inc.
AN | Document AMBEST0020130114e91e000xd
CLM | The Wall Street Journal
HD | AIG Seeks Right to Sue Over Bonds
BY | By [NAME] and [NAME]
WC | 649 words
PD | 2013-01-15 00:00:00
ET | 00:36:00
SN | Dow Jones Top North American Equities Stories
SC | DJTNAE
LA | English
CY | Copyright © 2013 Dow Jones & Company, Inc.
LP | American International Group Inc. filed a lawsuit against Maiden Lane II, a vehicle created by the Federal Reserve Bank of New York during AIG's government bailout to acquire some of its troubled mortgage bonds, in a dispute over potentially valuable rights to sue issuers of the bonds.
 | Securities transferred to the [NAME] vehicle ultimately were sold by the New York Fed to recoup part of the complicated, massive AIG bailout that was fully paid off last year.
TD | At issue is whether AIG, in selling billions of dollars in troubled mortgage bonds to the New York Fed in late 2008, also transferred its rights to sue the financial institutions that created the bonds for losses it incurred. AIG filed the complaint Friday.
 | The New York Fed is part of a group of investors that in 2011 secured a $8.5 billion proposed settlement with Bank of America Corp. to resolve a lawsuit in New York State Court alleging faulty mortgages in the bonds. That settlement is pending court approval.
 | AIG isn't seeking monetary payment in the suit. But it wants the court to clarify the [NAME] contract in its favor so that the giant insurer's own lawsuit against Bank of America, filed in 2011 in federal court in California, isn't dismissed for lack of right to sue.
 | A New York Fed spokesman declined to comment.
 | The dispute is part of the legal fallout from the financial crisis that is expected to continue for years. For AIG, one of the largest recipients of aid, the lawsuit risks reigniting a firestorm that broke out last week over the company's consideration of a lawsuit filed by a former CEO. That lawsuit alleges the government extracted too-onerous terms from AIG in the bailout.
 | The former CEO's suit seeks $25 billion from the government.
 | AIG's board reviewed the lawsuit by the ex-CEO, [NAME], last week and decided not to join it.
 | AIG's pending suit against Bank of America is an attempt to recover over $10 billion in losses on its mortgage investments. The bonds originally were underwritten by Countrywide Financial Corp. and Merrill Lynch & Co., both of which are now part of Bank of America.
 | AIG accused the bank and its units of "massive fraud" in loan underwriting, which AIG said led to substantial losses in some $28 billion in mortgage bonds the insurer had acquired. More than $7 billion of those damages relate to mortgage bonds sold to Maiden Lane II, AIG said.
 | AIG said in its new legal filing that it recently learned that the New York Fed has taken the position that AIG had transferred the "litigation claims" to the [NAME] vehicle. AIG cited sworn statements from two New York Fed officials that Bank of America filed as part of its effort to get the AIG claims in California dismissed.
 | AIG said in its new filing that the officials' statements "cannot be squared" with the purchase agreement itself, or other communications between AIG and the New York Fed.
 | An AIG spokesman said the company "narrowly seeks a declaration from the Court that a 2008 contract between AIG and ML II did not transfer to ML II AIG's right to sue Bank of America and other financial institutions for the billions of dollars of damages they caused AIG and its shareholders in connection with the fraudulent sale" of residential mortgage-backed securities.
 | A Bank of America spokesman declined to comment on AIG's legal action involving the New York Fed.
 | The Fed sold Maiden Lane II's bonds to banks and investors in 2011 and 2012, and current holders of the bonds stand to receive the settlement payouts, said a person familiar with the terms of the sales.
CO | aiu : American International Group Inc | ncnbco : Bank of America Corporation
IN | i814 : Banking | i82001 : Full-line Insurance | i82 : Insurance | i81401 : Central Banking | ifinal : Financials | ibnk : Banking/Credit | i81402 : Commercial Banking
NS | mcabs : Asset Backed Securities | m12 : Debt/Bond Markets | ccat : Corporate/Industrial News | e12 : Economic/Monetary Policy | c12 : Corporate Crime/Legal/Judicial | cmabs : Mortgage Backed Securities | emort : Mortgage Rate | c17 : Funding/Capital | c172 : Corporate Debt Instruments | cactio : Corporate Actions | e1202 : Interest Rates | ecat : Economic News | mcat : Commodity/Financial Market News | mcpdbt : Corporate Debt/Bond Markets | ncat : Content Types | nfact : [NAME] | nfce : FC&E Exclusion Filter | nfcpex : FC&E Executive News Filter | nfcpin : FC&E Industry News Filter
RE | usnc : North Carolina | namz : North America | usny : New York | usa : United States | use : Northeast U.S. | uss : Southern U.S.
PUB | Dow Jones & Company, Inc.
AN | Document DJTNAE1120130114e91e0000j
SE | current
HD | Mere Billions; Bank fines for range of violations a pittance, critics contend.
BY | BY [NAME] AND JENNA GREENE
WC | 1659 words
PD | 2013-01-14 00:00:00
SN | The National Law Journal
SC | NLJ
PG | 1
VOL | Volume 35; Issue 19
LA | English
CY | Copyright 2013 LexisNexis, a Division of Reed Elsevier, Inc. All Rights Reserved.
LP | At first glance, the numbers look impressive. Bank of America Corp. last week agreed to pay $11.6 billion for selling the government toxic mortgages; 10 banks ponied up $8.5 billion to federal regulators for foreclosure abuses. But viewed against the scale of the financial meltdown, the feds' most recent deals with financial-industry giants look to some more like a slap on the wrist.
 | It's all part of the government's push-and-pull with banks, where regulators are both determined to punish wrongdoers, but also tasked with promoting stability in the financial markets. The result is a pair of imperfect settlements that look good mainly when compared with other, even more flawed compromises, such as Freddie Mac's deal with BoA two years ago for far less money.
TD | "To the banks, this was a pittance," said [NAME], a partner in Chicago's Valorem Law Group who was not involved in the settlement but whose practice includes foreclosure litigation. "The problem is so big and the government is so incapable of knowing how to value [the remedy]."
 | Federal regulators have struggled with how to value the losses stemming from shoddy mortgages that lenders sold to Fannie Mae and Freddie Mac, which have received more than $160 billion in taxpayer funds to remain solvent. Last week's BoA settlement fell far short of the $1.4 trillion Fannie took on in unpaid mortgages from the bank between 2000 and 2008. But it's a huge increase from a settlement struck two years ago by Bank of America with Freddie Mac. Freddie received $1.28 billion.
 | "It's looking like Freddie left a lot of money on the table compared to Fannie," said [NAME], a professor at the University of California, Irvine School of Law who specializes in financial-markets regulation. While the deals involved different pools of mortgage, Min noted that Fannie and Freddie are "similar entities... but it seems as if Fannie discovered claims worth 10 times what Freddie's claims were worth."
 | Both Fannie and Freddie require lenders to "represent and warrant" that the loans they buy comply with their underwriting standards—that is, the buyers are creditworthy and the property meets eligibility requirements. If it turns out that the loans don't meet the standards, then the enterprises can require the lenders to repurchase them at full face value or indemnify them for any losses incurred.
 | Under last week's settlement, BoA agreed to repurchase 30,000 defective loans from Fannie for $6.75 billion. The bank, represented by Wachtell, Lipton, Rosen & Katz partner [NAME], also agreed to make a cash payment of $3.55 billion to Fannie and to pay another $1.3 billion to address loan-servicing issues, for total penalties of $11.6 billion. Koplow declined comment. BoA head [NAME] in a statement called the settlement "a significant step in resolving our remaining legacy mortgage issues."
 | Fannie was assisted by [NAME] partners Barton Winokur and [NAME]. Winokur referred a request for comment to Fannie. In a statement, Fannie's general counsel, [NAME], called the deal "in the best interest of taxpayers."
 | TALE OF TWO SETTLEMENTS
 | It wasn't the first time Fannie has come after BoA for repurchase claims—in late 2010, Fannie reached a $1.52 billion deal with the bank to repurchase about 18,000 loans.
 | At the same time, Freddie settled claims covering 787,000 loans for $1.28 billion. But there was a key difference. Freddie's deal included a provision "releasing Bank of America and its two affiliates from existing and future repurchase claims," according to Freddie's Form 8-K filed with the U.S. Securities and Exchange Commission. Freddie's then-general counsel, [NAME], now a partner at [NAME], did not respond to a request for comment and a Freddie Mac spokesman declined comment.
 | Fannie's original deal contained no such concession, leaving the door open to future claims (last week's settlement, however, does ban additional claims down the road). Notably, [NAME], who is now Fannie's CEO, was general counsel at the time, having joined the enterprise after serving as general counsel of BoA.
 | In 2011, the inspector general of the Federal Housing Finance Agency, which serves as Fannie and Freddie's conservator, blasted Freddie's settlement, saying the deal could have shortchanged taxpayers billions of dollars—a report that now looks prophetic, given Fannie's settlement.
 | Last week's other settlement—$8.5 billion deal by 10 banks over foreclosureabuse claims—also drew fire from consumer advocates, who argued that homeowners were left out in the cold while lenders faced minimal consequences. [NAME], the director of housing policy for the Consumer Federation of America, called the deal "inadequate" from a consumer perspective.
 | "In its scale and scope, given that individual consumers potentially lost their homes, it's not very much to compensate them," Zigas said. Until 2006, he was a former senior vice president for Fannie Mae and he is currently a member of Bank of America's national consumer advisory council.
 | Still, Zigas said both settlements could help restore consumer confidence in the mortgage process. "From a consumer point of view, the hope is that through this kind of effort to hold lenders accountable, we will hopefully see that consumers will be able to approach the market with a higher degree of confidence that they are getting the best mortgage they deserve," he said.
 | As part of the foreclosure-abuse agreement, the banks and lending institutions will fork over $3.3 billion in payments to eligible borrowers and $5.2 billion in the form of loan modifications and forgiveness of deficiency judgments.
 | ABANDONED REVIEW
 | Included in the settlement with the Office of the Comptroller of the Currency and the Federal Reserve Board are Aurora Financial, Bank of America, Citibank, JPMorgan Chase & Co., MetLife Bank, The PNC Financial Services Group Inc., Sovereign, SunTrust Banks Inc., U.S. Bancorp and Wells Fargo & Co. In a statement, Comptroller of the Currency [NAME] said the settlement, which stems from an April 2011 enforcement action, meets the objectives of the Independent Foreclosure Review process "by ensuring that consumers are the ones who will benefit, and that they will benefit more quickly and in a more direct manner." The Office of the Comptroller of the Currency initially set up the review process to allow foreclosed homeowners to request an independent review of their foreclosure and then dole out funds on an individual basis.
 | The settlement abandons the review process, which critics said hampered homeowners' access to funds. The New York Times reported last week that consultants raked in more than $1 billion, detailing waste and abuse on the part of so-called independent experts in the review process. "All of us were very frustrated with the [Independent Foreclosure Review] process and its shortcomings," Zigas said. "It was not meeting the intended goals, and I can understand the desire to find a quicker path to resolution."
 | The Federal Reserve said in a statement that the eligible borrowers should be contacted by a payment agent by the end of March and that they would receive compensation regardless of whether or not they filed for review. According to the release, the settlement will help some 3.8 million borrowers whose homes were foreclosed upon in 2009 and 2010, with compensation ranging from hundreds of dollars up to $125,000.
 | Albany Law School of Union University associate law professor [NAME] said it's still hard to assess the settlement until more details are available, but she was skeptical about how the money will be apportioned. "$8.5 billion divided by 3.8 million borrowers— the math there is not impressive. What they're doing now with the settlement is changing the rules of the road," she said. "It will no longer be a remedy for those who applied, but a settlement to limit the amount of damages that these banks and companies would have to pay out or give credit for."
 | Federal regulators likely were eager to settle the matter, said [NAME], a professor at Wayne State University Law School. "I think the government wants to be done with this," he said. "They put a bow on it and said, 'Yeah, we're done. Pay your money and move on,'" he said, adding, "We need to cross our fingers and hope the banks have learned their lesson, but I don't think they have."
 | Recent settlements with big banks
 | Last week's massive settlements involving the federal government, Bank of America and 10 other banks were just the latest in a series of recent deals between regulators and financial institutions. Since October, banks have paid the government more than $23.6 billion in fines and penalties over a host of issues.
 | Recent settlements with big banks
 | Date of settlementannouncement Bank                                                                                                Amount        Agency                                                                               Alleged Wrongdoing
 | 1-7-2013                       Bank of America                                                                                     $11.6 billion Fannie Mae                                                                           Sale of toxic mortgages
 | 1-7-2013                       Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank and Wells Fargo$8.5 billion  Office of the Comptroller of the Currency, Federal Reserve                           Deficient practices in mortgage loan servicing and foreclosure processing
 | 12-19-2012                     UBS                                                                                                 $1.2 billion  CFTC, DOJ                                                                            LIBOR manipulation
 | 12-11-2012                     HSBC                                                                                                $1.9 billion  DOJ, Office of the Comptroller of the Currency, Federal Reserve, Treasury Department Money laundering
 | 12-10-2012                     Standard Chartered                                                                                  $327 million  DOJ, Treasury Department, Federal Reserve                                            Breaching U.S. sanctions with Iran
 | 10-1-2012                      American Express                                                                                    $112 million  CFPB, FDIC, Federal Reserve, Office of the Comptroller of the Currency               Unlawful late fees and other consumer protection violations
CT | [NAME] and [NAME] can be reached at [EMAIL] [EMAIL], respectively.
CO | ncnbco : Bank of America Corporation | freddy : Freddie Mac
IN | i814 : Banking | i81402 : Commercial Banking | i81501 : Credit Types/Services | i8150103 : Mortgages/Real Estate Credit | ibnk : Banking/Credit
NS | cfore : Foreclosures | gvtre : Treasury Department | c12 : Corporate Crime/Legal/Judicial | ccat : Corporate/Industrial News | gcat : Political/General News | gpersf : Personal Finance | gpir : Politics/International Relations | gpol : Domestic Politics | gvbod : Government Bodies | gvexe : Executive Branch | ncat : Content Types | nfact : [NAME] | nfcpex : FC&E Executive News Filter | nfcpin : FC&E Industry News Filter
RE | usa : United States | namz : North America
IPD | news | NLJ_2013_01_14 | Legal Professionals
PUB | LexisNexis, a Division of Reed Elsevier, Inc.
AN | Document NLJ0000020130114e91e00001
HD | WSJ BLOG/Deal Journal: AIG Sues Federal Reserve Vehicle in Dispute Over Lawsuit Rights
WC | 766 words
PD | 2013-01-12 00:00:00
ET | 14:00:00
SN | Dow Jones News Service
SC | DJ
LA | English
CY | (c) 2013 Dow Jones & Company, Inc.
LP | (This story has been posted on The Wall Street Journal Online's Deal Journal blog at http://blogs.wsj.com/deals[http://blogs.wsj.com/deals].)
 | American International Group Inc. filed a lawsuit against a Federal Reserve vehicle created during AIG's bailout that held some of its troubled mortgage bonds, in a dispute over rights to sue over the bonds.
TD | Securities transferred to the vehicle, known as Maiden Lane II, were ultimately sold by the Federal Reserve Bank of New York to recoup part of the complicated, massive AIG bailout that was fully paid off last year.
 | At issue is whether AIG, in selling billions of dollars in troubled mortgage bonds to the New York Fed in late 2008, transferred its rights to sue for losses it incurred on the securities. The New York Fed earlier joined a lawsuit over the bonds against Bank of America Corp. that resulted in a proposed settlement, pending before a court.
 | The giant insurer doesn't ask for any monetary payment in the suit, but wants the court to clarify the contract in terms favorable to it.
 | A New York Fed spokesman declined to comment.
 | The dispute is part of the legal fallout from the financial crisis that is expected to grind on for years in the courts. For AIG, one of the largest single recipients of aid, the lawsuit raises a risk of re-igniting a firestorm that broke out this past week over the company's consideration of possible participation in a lawsuit filed by a former CEO. That lawsuit alleges the government extracted too-onerous terms from AIG in the bailout.
 | The suits are different. The former CEO's suit seeks $25 billion from the government. The company's suit filed this week doesn't seek monetary damages.
 | AIG's board reviewed the lawsuit by the ex-CEO, [NAME], earlier this week and decided not to participate.
 | AIG in August 2011 sued Bank of America in an attempt to recover over $10 billion in losses on its mortgage investments. The bonds were originally underwritten by Countrywide Financial Corp. and Merrill Lynch & Co., both of which are now part of Bank of America. AIG accused the bank and its units of "massive fraud" in loan underwriting, which AIG said led to substantial losses in some $28 billion mortgage bonds AIG had acquired. More than $7 billion of those damages relate to mortgage bonds sold to Maiden Lane II, AIG said.
 | AIG said it recently learned that the Federal Reserve Bank of New York has taken the position that AIG had transferred the "litigation claims" to the [NAME] vehicle.
 | An AIG spokesman said the company "narrowly seeks a declaration from the Court that a 2008 contract between AIG and ML II did not transfer to ML II AIG's right to sue Bank of America and other financial institutions for the billions of dollars of damages they caused AIG and its shareholders in connection with the fraudulent sale of [residential mortgage backed securities] to AIG."
 | Earlier a Bank of America spokesman said the bank's disclosures on the quality of mortgage bonds were robust enough for sophisticated investors, and called AIG "the very definition of an informed, seasoned investor, with losses solely attributable to its own excesses and errors. We reject AIGs assertions and allegations."
 | A Bank of America spokesman wasn't immediately reached for comment Friday.
 | The New York Fed created Maiden Lane II in late 2008 to acquire battered subprime and other residential mortgage bonds from AIG as part of the bailout of the insurer. Maiden Lane II paid $20.5 billion for the securities, which had a face value of roughly $40 billion at the time, and AIG realized a large loss on the bonds, which had been held by its securities lending business.
 | While the mortgage securities were on the Fed's balance sheet, the New York Fed joined other large bond investors in suing Bank of America over loan representations and warranties that Countrywide had made when it issued the bonds before the housing crash. The plaintiffs reached a proposed $8.5 billion settlement with the bank in mid-2011.
 | The Fed sold Maiden Lane II's bonds to banks and investors in 2011 and 2012, and current holders of the bonds stand to receive the settlement payouts, according to a person familiar with the terms of the sales.
 | -For continuously updated news from The Wall Street Journal, see WSJ.com at http://wsj.com[http://wsj.com].
 | [ 01-11-13 2000ET ]
CO | aiu : American International Group Inc | frbny : Federal Reserve Bank of New York | ncnbco : Bank of America Corporation | fed : Federal Reserve Board
IN | i814 : Banking | i81402 : Commercial Banking | i82 : Insurance | ibnk : Banking/Credit
NS | c12 : Corporate Crime/Legal/Judicial | c181 : Acquisitions/Mergers/Takeovers | ccat : Corporate/Industrial News | e1201 : Central Bank Intervention | ntin : Top International News | ntop : Dow Jones/Reuters Top Wire News | c18 : Ownership Changes | cactio : Corporate Actions | e12 : Economic/Monetary Policy | ecat : Economic News | ncat : [NAME] | ndj : Dow Jones Top Stories | nfact : [NAME] | nfcpex : FC&E Executive News Filter | nfcpin : FC&E Industry News Filter | redit : Selection of Top Stories/Trends/Analysis
RE | cana : Canada | usa : United States | use : Northeast U.S. | usnc : North Carolina | usny : New York | uss : Southern U.S. | namz : North America
IPC | BKG | CMR | DRT | EIE | EWR | NIB | NIP | PSH | WMAI | WMMI | FCL | NND | TPX
PUB | Dow Jones & Company, Inc.
AN | Document DJ00000020130112e91c0000m
CLM | DealBook
SE | Business Day; Dealbook
HD | Week in Review: When Hedge Fund Managers Clash
BY | By [NAME]
WC | 1280 words
PD | 2013-01-11 00:00:00
SN | NYT Blogs
SC | [NAME]
LA | English
CY | © 2013 The New York Times Company. All rights reserved
LP | DealBook analyzed new loan rules and examined cuts at Morgan Stanley. [NAME] said the easing of rules for banks acknowledges reality. A.I.G. weighs whether to sue the U.S. but decides against it; two hedge fund managers clashed; an ex-SAC analyst cooperated on an insider case; Bank of America made a deal to extend a retreat from mortgages; and banks agreed to pay $8.5 Billion to speed up foreclosure relief.
 | A look back on our reporting of the past week's highs and lows in finance.
TD | Mergers & Acquisitions »[http://dealbook.blogs.nytimes.com/category/mergers-acquisitions/] Chinese Bank Threatens HSBC's Sale of a $9.4 Billion Ping An Stake | The British bank HSBC's bid to sell its stake in the Ping An Group is in jeopardy after the China Development Bank decided not to finance a large part of the transaction, [NAME] and [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/09/547425/]
 | In Diagnostics Push, [NAME] to Buy Maker of Down Syndrome Test | Amid a report that Roche is no longer interested in a takeover, [NAME] makes a deal of its own, in a sign that DNA sequencing is now moving toward being used for medical diagnosis, [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/07/illumina-buys-maker-of-down-syndrome-test/]
 | Investment Banking »[http://dealbook.nytimes.com/category/main-topics/investment-banking/]Wells Fargo Profit Jumps 24% in Quarter, Driven by Mortgage Gains | The bank reported $5.1 billion in profit for the fourth quarter. For the past 12 quarters, profit has increased, [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/11/wells-fargo-profit-jumps-24-percent-in-fourth-quarter-driven-by-mortgages/]
 | * Wells Fargo Awash In Mortgage Gains | The Federal Reserve's extraordinary efforts to stimulate the housing market and the wider economy continues to benefit banks' bottom lines. DealBook »[http://dealbook.nytimes.com/2013/01/11/wells-fargo-awash-in-mortgage-gains/]
 | A Slimming Wall Street Giant | Morgan Stanley has been shrinking its business of trading bonds, commodities and other investments, leaving that to be dominated by its Wall Street rivals, [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/09/deep-cuts-raise-questions-about-morgan-stanley/]
 | A Top Official at JPMorgan Is Departing After Big Loss | [NAME], a longtime JPMorgan Chase executive who served as the firm's head of investment banking until a management shake-up last year, is leaving the bank to join the hedge fund BlueMountain Capital Management as a managing partner, [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/08/jpmorgans-staley-to-join-bluemountain-capital/]
 | Private Equity »[http://dealbook.nytimes.com/category/main-topics/private-equity/] For Some Dead Brands, a [NAME] | Buying the rights to a name and restarting operations of a beloved brand requires years of dedication, say the owners of Chris-Craft, once the largest pleasure boat manufacturer in the United States, [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/10/for-some-dead-brands-a-tortuous-path-to-resurrection/]
 | Hedge Funds »[http://dealbook.nytimes.com/category/main-topics/hedge-funds/] Client Redemptions Loom for SAC Capital | Investors have until Feb. 15 to decide whether to pull out money from SAC, the $14 billion fund owned by the billionaire investor [NAME], [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/11/client-redemptions-loom-for-sac-capital/]
 | Herbalife Defends Marketing Techniques Against Attack by Hedge Fund Manager | The nutritional supplements company sought to knock down [NAME] accusations that it was a fraud, but it appeared that investors were still trying to make up their minds, [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/10/herbalife-shares-fall-after-company-defends-itself/]
 | * Just Business: 2 Rivals Clash, Billion in Play | [NAME], the Third Point chief, and [NAME] are locked in a battle over, of all things, a nutritional supplements company that makes protein bars and energy shakes, Mr. [NAME] and [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/09/loeb-counters-ackmans-bet-against-herbalife/]
 | Dartmouth Controversy Reflects Quandry for Endowments | The connections of trustees can prove profitable for a university, but they can also create the appearance that the college may have nonfinancial motives for picking investments, [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/07/dartmouth-controversy-reflects-quandary-for-endowments/]
 | Chairman of Sears to Take on Chief's Role | When [NAME] brought Sears and Kmart under one roof in 2005, he vowed to shake up the retail world, but the company's financial performance has been weak, [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/07/chairman-of-sears-to-take-on-chiefs-role/]
 | I.P.O./Offerings »[http://dealbook.nytimes.com/category/main-topics/ipoofferings/] After [NAME], Brazil Becomes More Hospitable to Investors | Tough economic conditions hung over the Brazilian markets last year, but the government and the private sector are taking steps to encourage companies to raise financing through the public markets, [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/08/after-i-p-o-drought-brazil-becomes-more-hospitable-to-investors/]
 | Legal/Regulatory »[http://dealbook.nytimes.com/category/main-topics/legal/] Regulators [NAME] of Benchmark Interest Rate | European regulators called for a major overhaul of Euribor, a benchmark interest rate, but stopped short of demanding direct regulatory oversight in the wake of the rate-rigging scandal, [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/11/regulators-propose-overhaul-of-euribor-interest-rate/]
 | News Analysis: In Tighter Loan Rules, [NAME] | Federal regulators, apparently concerned about doing anything to disrupt a recovering housing market, allowed mortgage lenders big concessions in a new slate of regulations, [NAME] wrote. DealBook »[http://dealbook.nytimes.com/2013/01/10/in-tighter-loan-rules-wiggle-room-for-banks/]
 | British Panel Castigates Ex-UBS Officials at Hearing | A parliamentary panel denounced the former UBS bankers for expressing ignorance of the Libor manipulation during the financial crisis, Mr. [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/10/former-ubs-executives-are-grilled-over-libor/]
 | A.I.G. Says It Will Not Sue the U.S. | The board has declined to join a lawsuit against the federal government over its $182 billion taxpayer-financed bailout, the company said, Mr. [NAME] and [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/09/a-i-g-says-it-will-not-join-lawsuit-against-government/]
 | * Rescued by [NAME], A.I.G. May Follow a 'Thank You' With a Suit | A lawsuit claims that the rescue by the government deprived A.I.G.'s shareholders of tens of billions of dollars and took private property for public use without appropriate compensation, Mr. [NAME] and Mr. [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/07/rescued-by-a-bailout-a-i-g-may-sue-its-savior/]
 | S.E.C.'s Enforcement Chief Is Stepping Down | [NAME], a former terrorism prosecutor who revamped the Securities and Exchange Commission's enforcement unit after the financial crisis, is stepping down from the agency, ending a four-tenure that included significant actions against some of Wall Street's largest firms, Mr. [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/09/s-e-c-enforcement-chief-khuzami-steps-down/]
 | Probation for Ex-SAC Analyst Who Cooperated in Insider Trading Inquiries | [NAME] information helped convict 10 people, prosecutors said in praising his assistance, [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/09/probation-for-ex-sac-analyst-who-cooperated-in-insider-trading-inquiries/]
 | * Ex-Analyst Cooperates in Insider Trade Case | A former analyst at SAC Capital Advisors, the hedge fund owned by the billionaire investor [NAME], has given federal agents the names of about 20 people he said had engaged in insider trading, according to a court filing. DealBook »[http://dealbook.nytimes.com/2013/01/08/former-sac-analyst-cooperates-in-insider-trading-case/]
 | The Trade: In the Finger Pointing Over the Housing Bubble, a New Target Emerges | [NAME] or ProPublica says that the same critics that assailed the government's role in the boom and bust in the housing market are attacking the Federal Housing Administration for its lending standards. DealBook »[http://dealbook.nytimes.com/2013/01/09/new-target-in-finger-pointing-over-housing-bubble/]
 | In Deal, Big Bank Extends Retreat From Mortgages | The problems at Bank of America have cut down its mortgage ambitions; it accounts for 4 percent of the nation's mortgage market, a slide from just over 20 percent in 2009, ceding market dominance to Wells Fargo and JPMorgan Chase, Ms. [NAME] and Mr. [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/07/bank-of-america-to-pay-10-billion-in-settlement-with-fannie-mae/]
 | Banks to Pay $8.5 Billion to Speed Up Housing Relief | Years of wrangling over flawed mortgages and foreclosures will come to an end for the 10 banks who settled with the federal government, Ms. [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/07/banks-to-pay-8-5-billion-to-speed-up-housing-relief/]
 | DealBook Column: Easing of Rules for Banks Acknowledges Reality | Mr. [NAME] says that less stringent capital and liquidity requirements for banks for the world's banks will help bolster the global economic recovery, which is needed most right now. DealBook »[http://dealbook.nytimes.com/2013/01/07/easing-of-rules-for-banks-acknowledges-reality/]
 | Madoff Aside, Financial Fraud Defies Policing | For more than two years, [NAME], a financial adviser at Wells Fargo, systematically executed and canceled trades in clients' portfolios, pocketing the profits, Ms. [NAME] and Ms. [NAME] reported. DealBook »[http://dealbook.nytimes.com/2013/01/06/after-madoff-financial-fraud-defies-policing/]
 | Week in Verse »[http://dealbook.blogs.nytimes.com/category/mergers-acquisitions/]Shaq, [NAME], [NAME] Dance-Off[http://www.youtube.com/watch?v=P9LmHXXWiJs]
 | The dispute between [NAME] and [NAME] over Herbalife could take years to resolve. Or, we could decide it all on the dance floor.
CO | ncnbco : Bank of America Corporation
IN | ihedge : Hedge Funds | i81502 : Trusts/Funds/Financial Vehicles | ialtinv : Alternative Investments | iinv : Investing/Securities | i814 : Banking | i81402 : Commercial Banking | ibnk : Banking/Credit
NS | [NAME] : Blogs | ncolu : Columns | nrvw : Review | ncat : Content Types | nfact : [NAME] | nfce : FC&E Exclusion Filter
RE | nyc : New York City | usny : New York | namz : North America | usa : United States | use : Northeast U.S.
IPD | News | Top Headline 2 | Week in Review
PUB | The New York Times Company
AN | Document NYTB000020130111e91b004eh
SE | current
HD | Second class action approved against Stern foreclosure firm; Suit over 1,800 loans can proceed; ON APPEAL
BY | by Adolfo [NAME] [EMAIL]
WC | 691 words
PD | 2013-01-10 00:00:00
SN | Palm Beach Daily Business Review
SC | PBDBR
PG | A1
VOL | Volume 59; Issue 66
LA | English
CY | Copyright 2013 LexisNexis, a Division of Reed Elsevier, Inc. All Rights Reserved.
LP | Certification of a second consumer class action alleging unfair practices was affirmed Wednesday in favor of homeowners who are suing the once-dominant foreclosure law firm run by Plantation attorney [NAME].
 | The Fourth District Court of Appeal, in a two-page order, allowed the 2009 suit to proceed in Palm Beach Circuit Court for an estimated 1,800 Countrywide Home Loans Inc. mortgagees who alleged [NAME] and the Law Offices of [NAME], acting as bill collectors, demanded improper payment for services.
TD | Stern and his staff allegedly knew the charges were either not warranted or for work that was never performed. In many instances, the lawsuit claims the fees also were excessive.
 | The opinion cited a similar case brought by homeowners who had mortgages with Wells Fargo, also handled by [NAME]. The Fourth District affirmed that class in 2010.
 | The latest panel in an unsigned opinion said the Wells Fargo class was "indistinguishable from this case in all relevant respects." Judges [NAME], [NAME] and [NAME] concurred unanimously.
 | Stern's attorney, [NAME] of [NAME] in Miami, said he was not surprised the class was certified in view of the previous decision, "but of course it doesn't address the merits."
 | The Fourth District noted Circuit Judge [NAME] denied [NAME]'s motion to dismiss the claim alleging violations of the state's unfair trade practices law.
 | The appellate panel recalled the court previously rejected a state attorney general's subpoena request targeting another foreclosure law firm's mortgagerelated records by concluding it did not fall within the legal meaning of "trade or commerce" for purposes of civil investigations.
 | [NAME] has granted summary judgment in favor of lead plaintiff [NAME] on liability issues, said his attorney [NAME] of Silber & Davis in West Palm Beach. [NAME] found [NAME] and his firm violated the Florida Consumer Collection Practices Act and the Florida Deceptive and Unfair Trade Practices Act.
 | "Any future determination on whether the FDUPTA claim is viable would not affect the trial court's determination as to class certification of the FCCPA claim," the Fourth District said.
 | FEES CHALLENGED
 | The complaint led by Hewitt, a Palm Beach County resident, was filed on behalf of Countrywide customers in Florida who received mortgage reinstatement letters on or after Oct. 31, 2003. Hewitt alleged [NAME]'s staff tried to collect excessive or inappropriate costs for title updates, late charges, property inspections, escrow deficits, insufficient funds charges, filing fees, service of process and attorney fees.
 | "Defendants have a longstanding business practice of charging fees and costs to borrowers who request reinstatement of their mortgage, amounts which are not incurred, are unreasonable and excessive, are not authorized by Florida law," [NAME] stated in the complaint.
 | He said the case will proceed before [NAME] to establish damages.
 | Stern once had the largest foreclosure law firm in the state, representing the nation's leading mortgage lenders and servicers. An attorney general's investigation that went public in August 2010 alleged [NAME] and several other law firms used fraudulent foreclosure documents. But the probe never resulted in any state action against [NAME] or the firm.
 | Nonetheless, the scrutiny and the loss of major lender clients flattened the law firm and a publicly traded servicing company spun off in 2008 by Stern, DJSP Enterprises Inc. By March 2011, [NAME] had laid off most of his staff, dropped out of all his foreclosure cases and wound down most of his foreclosure operations.
 | Silber, however, believes there are still significant assets to pursue.
 | "Hopefully, the damages can be resolved," [NAME] said. "He sold the business for a fortune."
 | CLASS ACTIONS
 | Jan. 18, 2007: Wells Fargo mortgagees file class action against [NAME].
 | Oct. 23, 2009: Countrywide Home Loans mortgagees file class action against Stern.
 | Dec. 29, 2010: Fourth District Court of Appeal upholds certification for Wells Fargo class.
 | Jan. 9, 2013: Fourth District upholds certification for Countrywide class.
CT | Adolfo [NAME] can be reached at (954) 468-2616.
CO | cwhlon : Countrywide Home Loans Inc | ccrind : Countrywide Financial Corp | ncnbco : Bank of America Corporation
IN | i8150103 : Mortgages/Real Estate Credit | i81501 : Credit Types/Services | ibnk : Banking/Credit
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IPD | news | PBDBR_2013_01_10 | Legal Professionals
PUB | LexisNexis, a Division of Reed Elsevier, Inc.
AN | Document PBDBR00020130110e91a00001
CLM | Financial Stocks
SE | News & Commentary
HD | AIG won’t join lawsuit against U.S. government; Shares of Bank of America drop sharply after broker downgrade
BY | Polya Lesova, MarketWatch
CR | MarketWatch; [EMAIL]; Polya Lesova is MarketWatch's New York deputy bureau chief. Follow her on Twitter @PolyaLesova.
WC | 701 words
PD | 2013-01-10 00:00:00
ET | 10:19:00
SN | MarketWatch
SC | MRKWC
LA | English
CY | Copyright 2013 MarketWatch, Inc. All Rights Reserved.
LP | NEW YORK (MarketWatch) — American International Group Inc., the insurance giant rescued from collapse by taxpayers at the height of the financial crisis in September 2008, refused on Wednesday to join a lawsuit against the U.S. government filed by its former CEO [NAME].
 | The decision follows vociferous public criticism of the insurer this week triggered by news that AIG  was considering joining the lawsuit. Starr International Co., Greenberg’s company, filed the lawsuit last year and sought $25 billion in damages, alleging that the terms of the government bailout of AIG were unfavorable to the insurer.
TD | After a board meeting in New York Wednesday, AIG said it has “determined to refuse [NAME]’s demand in its entirety, and will neither pursue these claims itself nor permit [NAME] to pursue them in AIG’s name.”
 | AIG plans to file a formal statement with the courts detailing the board’s decision and the reasons underlying it in coming weeks.
 | “In considering and ultimately refusing the demand before us, the board of directors properly and fully executed our fiduciary and legal obligations to AIG and its shareholders,” said [NAME], chairman of the AIG board, in a statement.
 | “To date, AIG has returned $205 billion to America, including a profit of $22.7 billion. We continue to thank America for its support,” he said. Read AIG’s full statement on the lawsuit.
 | Shares of AIG ended up 0.3%.
 | The Financial Select Sector SPDR Fund , which tracks financial stocks in the S&P 500, dropped 0.2%.
 | The top decliner among financial stocks and in the Dow Jones Industrial Average  was Bank of America Corp. . Its shares dropped 4.6% after the lender was downgraded to neutral from outperform by Credit Suisse for valuations reasons.
 | “The current valuation appears to be ahead of the company’s near- to intermediate-term performance and appears to be discounting significantly faster improvements in efficiency than we would be expecting,” [NAME], an analyst at Credit Suisse, wrote in a note to clients. Orenbuch also said that it will be hard for Bank of America to grow revenue faster than the average bank.
 | Elsewhere in the financial sector, shares of PNC Financial Services Group Inc. fell 0.1%.
 | PNC said in a regulatory filing Wednesday that its fourth-quarter net income will be reduced by 47 cents a share due to expenses associated with its residential-mortgage-banking activities.
 | The lender said it recorded $91 million of expenses in the fourth quarter of 2012 related to residential mortgage foreclosure activities.
 | The broader stock market gained on Wednesday after aluminum producer Alcoa Inc. said it swung to a fourth-quarter profit. The S&P 500 index rose 0.3% to end at 1,461.02. Read: U.S. stocks rise after two-day slide.
 | In a report about regional banks, Oppenheimer & Co. analysts upgraded their ratings on KeyCorp  and FirstMerit Corp.  to outperform from perform, citing both stocks’ current valuations and growth outlook. They reiterated their outperform ratings on PNC Financial and SunTrust Banks Inc. . Oppenheimer also downgraded its rating on Comerica Inc.  to perform from outperform. Comerica’s shares dropped 1%.
 | Shares of Unum Group gained 0.7% after Deutsche Bank analysts started coverage of the insurance company with a buy rating.
 | Genworth Financial Inc. advanced 1.2%, while Citigroup Inc. fell 1%. Wells Fargo & Co. ended unchanged, with the bank due to report quarterly results on Friday.
 | Shares of Morgan Stanley dropped 0.2% following media reports that the bank plans to lay off 1,600 employees in its institutional securities group. Read more about Morgan Stanley on WSJ.com. [http://online.wsj.com/article/SB10001424127887324081704578231520241146106.html?mod=WSJ_hp_LEFTWhatsNewsCollection]
RF | American International Group Inc., the insurance giant rescued from collapse by taxpayers at the height of the financial crisis in September 2008, refuses on Wednesday to join a lawsuit against the U.S. government filed by its former CEO [NAME]
CO | aiu : American International Group Inc | finspd : Select Sector SPDR-Financial Fund | ncnbco : Bank of America Corporation | pitnat : PNC Financial Services Group Inc | almam : ALCOA Inc | soccor : KeyCorp | fbo : FirstMerit Corporation | sunfla : SunTrust Banks Inc | comec : [NAME] | umla : Unum Group | genwth : Genworth Financial, Inc. | dwitd : Morgan Stanley
IN | ibnk : Banking/Credit | i22 : Primary Metals | i224 : Non-ferrous Metals | i2245 : Aluminum | i814 : Banking | i81402 : Commercial Banking | i81502 : Trusts/Funds/Financial Vehicles | i82 : Insurance | i82003 : Non-life Insurance | i8200303 : Unemployment/Disability Insurance | i831 : Financial Investments | i83101 : Investment Banking | iinv : Investing/Securities | imet : Metals/Mining
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IPD | News & Commentary|Markets | Market News | Markets/Exchanges | Commodities
PUB | Dow Jones & Company, Inc.
AN | Document MRKWC00020130109e919000ef
HD | Bank of America faces more litigation, despite settlements
BY | [NAME]
WC | 130 words
PD | 2013-01-09 00:00:00
SN | Nashville Business Journal Online
SC | NASBJO
LA | English
CY | © 2013 American City Business Journals, Inc. All rights reserved.
LP | Monday's reports that Bank of America Corp. reached two separate settlement deals seem to be an indication that the Charlotte-based banking giant is putting some of its mortgage woes behind it[http://www.bizjournals.com/charlotte/blog/bank_notes/2013/01/reaction-bank-of-america-cleaning-up.html]. But the San Francisco Business Times reports that [NAME] and its shareholders still face some mortgage-related litigation[http://www.bizjournals.com/sanfrancisco/blog/2013/01/bank-of-america-fannie-mae-wells-chase.html].
 | The federal government filed suit against the bank (NYSE:BAC) in October over mortgages sold to Fannie Mae and Freddie Mac. And then there are the private buyers of Countrywide mortgages who are also seeking to recover losses from the bank.
TD | Did you find this article useful? Why not subscribe[https://secure.bizjournals.com/subscribe/selectTerm?market=nashville&ana=cstpd&csrc=6355] to Nashville Business Journal for more articles and leads? Visit bizjournals.com/subscribe or call [PHONE].
CO | fednat : Fannie Mae | ncnbco : Bank of America Corporation
IN | ibnk : Banking/Credit | irreal : Residential Real Estate | i85 : Real Estate Transactions | icre : Construction/Real Estate | ireest : Real Estate | i814 : Banking | i81402 : Commercial Banking | i81501 : Credit Types/Services | i8150103 : Mortgages/Real Estate Credit
RE | usa : United States | namz : North America
PUB | American City Business Journals
AN | Document NASBJO0020130109e91900006
HD | Bank of America reaches agreement to resolve claims
BY | [NAME]
CR | Distributed by Contify.com
WC | 211 words
PD | 2013-01-08 00:00:00
SN | TopNews.in
SC | ATTOPN
LA | English
CY | Copyright © 2013 TopNews.in
LP | Bank of America Corp has reached agreements to resolve major issues involving the bank following the crippling economic crisis.
 | The bank has agreed to its settle lending complaints, sell rights to service mortgages and also get even with the market regulator in the country. The bank has agreed to a $11.7 billion agreement for resolving its outstanding disputes with Fannie Mae. Senior federal prosecutor in the US had filed a lawsuit against the Bank of America for more than $1 billion for being involved in mortgage fraud againstFannie Mae and Freddie Mac during the time of the financial crisis.
TD | A court in the US had said that Countrywide Financial offered loans to people from 2007 to 2009 without making sure that they would be able to return the loans to the lender, which was later acquired by the Bank of America. It was also observed that the accusations laid against the bank are upfront.
 | Bank of America will also sell its right to service about 2 million mortgages involving about $300 billion. It will also be among the 10 ten banks that will pay $8.5 billion to settle claims of abuse from 2001 dealings.
CO | fednat : Fannie Mae | ncnbco : Bank of America Corporation
IN | ibnk : Banking/Credit | i814 : Banking | i81402 : Commercial Banking | i81501 : Credit Types/Services | i8150103 : Mortgages/Real Estate Credit
NS | gmofra : Mortgage Fraud | gcat : Political/General News | gcrim : Crime/Courts | gfinc : Financial Crime | gfraud : Fraud | ncat : Content Types | nfact : [NAME] | nfcpex : FC&E Executive News Filter
RE | usa : United States | namz : North America
IPD | bank of america | united states | tnm | featured | company updates | banking sector
PUB | Manas Informatics
AN | Document ATTOPN0020130108e91800033
HD | WSJ BLOG/Deal Journal: Deals of the Day: AIG Wieghs Joining Suit Against U.S.
WC | 550 words
PD | 2013-01-09 00:00:00
ET | 04:07:00
SN | Dow Jones News Service
SC | DJ
LA | English
CY | (c) 2013 Dow Jones & Company, Inc.
LP | (This story has been posted on The Wall Street Journal Online's Deal Journal blog at http://blogs.wsj.com/deals[http://blogs.wsj.com/deals].)
 | Deals of the Day compiles this morning's biggest news about mergers and acquisitions, banking, bankruptcy and more. Catch us on [NAME], @WSJDealJournal.
TD | [NAME] [NAME]: U.S. private-equity firm Cerberus plans to sell most of its 58% stake in Japanese lender [NAME], largely exiting from a volatile 10-year investment. [ WSJ]
 | [NAME] for MetroPCS: Just when it seemed like MetroPCS shares were trading near the bottom of the range implied by T-Mobile USA's bid, weak subscriber figures have pushed them down even further. [ Heard on the Street]
 | AIG Weighs Joining Suit Against U.S.: Directors at AIG are considering whether to join a lawsuit that accuses the U.S. government of too-onerous terms in the 2008-2009 rescue package. [ WSJ]
 | [NAME] Fund That Won 'Whale' Bets: [NAME], long-time confidant and ally of J.P. Morgan CEO [NAME], is leaving for BlueMountain Capital Management, a firm that profited by taking the opposite side of the "London Whale" trades. [ Deal Journal]
 | [NAME]'s Long, Winding Mortgage Road: For [NAME], the journey through Bank of America's mortgage morass has been a slow walk in a cold rain. [ Heard on the Street]
 | Goldman Team Sidesteps Volcker: Goldman Sachs's Multi-Strategy Investing, or MSI, wagers about $1 billion of the New York-based firm's own funds on the stocks and bonds of companies, including a mortgage servicer and a cement producer. The team's survival shows how Goldman Sachs has worked around regulations curbing proprietary bets at banks. [ Bloomberg]
 | New CEO [NAME] Citi: Citigroup CEO [NAME] moved to cement his grip on the giant lender Monday, outlining a management shuffle in which two top allies of former CEO Vikram Pandit will leave or have duties reduced. [ WSJ]
 | RBC Hires Tarnished Analyst: Tech analyst [NAME], who was dismissed by Citigroup in October for violating disclosure rules involving Facebook and Google, will lead Internet coverage for RBC Capital Markets. [ WSJ]
 | Peregrine Scion Aims to Clean Slate: Six months after his dad's brokerage collapsed in scandal, [NAME] is struggling to move on. He relocated to Florida, where he is looking for work as a consultant and mulling a move to Australia. [ WSJ]
 | Mandee's Owner Files for Chapter 11: Big M Inc., which operates 129 stores under the brands Mandee, [NAME] sez and [NAME],has filed for Chapter 11 bankruptcy proceedings, blaming superstorm Sandy for closures that affected its stores, corporate office and distribution center for more than a week. [ WSJ]
 | [NAME] Dartmouth Money Stirs Ethics Debate: Dartmouth's campus in recent years has been financed by wealthy alumni. Less evident is what Dartmouth has given to these wealthy alumni -- all of whom are, or have been until recently, trustees or members of the school's investment committee. [ Bloomberg]
 | [NAME] new CEO: [NAME] is taking the corner office at Sears. [ WSJ]
 | -For continuously updated news from The Wall Street Journal, see WSJ.com at http://wsj.com[http://wsj.com].
 | [ 01-08-13 1007ET ]
CO | genwir : MetroPCS Communications Inc | dbptel : Deutsche Telekom AG | aiu : American International Group Inc | ncnbco : Bank of America Corporation | onlnfr : Facebook Inc | gldmns : The Goldman Sachs Group Incorporated | goog : Google Inc. | tmobil : T Mobile International AG | twnit : Twitter Inc.
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NS | c12 : Corporate Crime/Legal/Judicial | c13 : Regulation/Government Policy | c181 : Acquisitions/Mergers/Takeovers | ccat : Corporate/Industrial News | gvtre : Treasury Department | cinfpo : Information Technology Policy | c18 : Ownership Changes | cactio : Corporate Actions | gcat : Political/General News | gpir : Politics/International Relations | gpol : Domestic Politics | gvbod : Government Bodies | gvexe : Executive Branch | ncat : Content Types | nfact : [NAME] | nfcpex : FC&E Executive News Filter | nfcpin : FC&E Industry News Filter
RE | usa : United States | eurz : Europe | gfr : Germany | usca : California | use : Northeast U.S. | usnc : North Carolina | usny : New York | uss : Southern U.S. | ustx : Texas | usw : Western U.S. | dach : [NAME] | eecz : European Union Countries | namz : North America | weurz : Western Europe
IPC | BKG | CMR | DJCB | EIE | EWR | NIB | NIP | PSH | WMAI | WMMI | FED | JUS | TRE | USG | FCL | NND | TEC | TEL
PUB | Dow Jones & Company, Inc.
AN | Document DJ00000020130108e91800092
SE | National News
HD | [NAME] Bias Against Same-Sex Mortgage-Seekers
BY | BY [NAME] The National Law Journal
WC | 397 words
PD | 2013-01-07 00:00:00
SN | The Legal Intelligencer
SC | LINTEL
PG | 4
VOL | Volume 247; Issue 4
LA | English
CY | Copyright 2013 LexisNexis, a Division of Reed Elsevier, Inc. All Rights Reserved.
LP | Bank of America has agreed to pay $7,500 and update its employee training to settle a claim that it discriminated against a lesbian couple seeking a mortgage — the first such enforcement action by the Department of Housing and Urban Development.
 | The discrimination claim was brought under HUD's new Equal Access rule, which went into effect in March 2012. The rule, which bars lenders from basing loan eligibility determinations on actual or perceived sexual orientation, gender identity or marital status, has been hailed by activists as one of the most significant federal nondiscrimination efforts on behalf of the lesbian, gay, bisexual and transgender community.
TD | According to HUD, a Florida couple sought a mortgage from Bank of America to buy a property in South Daytona. One of the women was not employed, so she listed her partner's mother as a co-applicant on the loan. But the day before the closing, [NAME] denied the loan because the applicant and her partner were not married, and therefore the applicant and co-applicant were not directly related.
 | "This agreement demonstrates that HUD will vigorously enforce its Equal Access rule and pursue lenders that discriminate on the basis of sexual orientation, gender identity or marital status," said HUD General Counsel [NAME] in a January 2 news release. "By the same token, [NAME] should be commended for stepping up and taking immediate corrective action after HUD notified [NAME] of the violation."
 | As part of the settlement, the bank agreed to update its existing fair lending training program to include information about the new rule's prohibition against discrimination on the basis of sexual orientation or gender identity.
 | HUD's actions were applauded by the National Center for Lesbian Rights. Policy Director [NAME] called the settlement "a turning point for the LGBT community in its fight for equal access to fair and affordable housing. This settlement agreement shows how serious HUD is about working to ensure all people and their families can access public housing and crucial housing programs."
 | A spokesperson for Bank of America did not immediately respond to a request for comment. In the settlement, the bank did not admit wrongdoing.
CT | [NAME] is a reporter for The National Law Journal, a Legal affiliate based in New York.
CO | ncnbco : Bank of America Corporation
IN | i814 : Banking | i81402 : Commercial Banking | ibnk : Banking/Credit
NS | gsexd : Sex Discrimination | gcat : Political/General News | gplan : Urban Planning/Development | gsexu : Sexuality | cemptd : Employee Training/Development | c42 : Labor/Personnel Issues | ccat : Corporate/Industrial News | gcom : Society/Community/Work | gdcri : Discrimination | ghea : Health | gpir : Politics/International Relations | gpol : Domestic Politics | gsoc : Social Issues | ncat : Content Types | nfact : [NAME] | nfcpin : FC&E Industry News Filter
RE | uspa : Pennsylvania | namz : North America | usa : United States | use : Northeast U.S.
IPD | news | TLI_FRONT_2013_01_07 | [NAME]
PUB | LexisNexis, a Division of Reed Elsevier, Inc.
AN | Document LINTEL0020130107e91700007
SE | Verdicts & Settlements
HD | HUD stings bank for bias against [NAME]; CIVIL RIGHTS
BY | FROM STAFF AND ALM REPORTS
WC | 134 words
PD | 2013-01-07 00:00:00
SN | The National Law Journal
SC | NLJ
PG | 8
VOL | Volume 35; Issue 18
LA | English
CY | Copyright 2013 LexisNexis, a Division of Reed Elsevier, Inc. All Rights Reserved.
LP | WASHINGTON—Bank of America Corp. has agreed to pay $7,500 and update its employee training to settle a claim that it discriminated against a lesbian couple seeking a mortgage—the first such enforcement action by the U.S. Department of Housing and Urban Development.
 | HUD brought the claim under its new Equal Access rule, which went into effect in March 2012. The rule bars lenders from basing loan eligibility determinations on actual or perceived sexual orientation, gender identity or marital status.
TD | "This agreement demonstrates that HUD will vigorously enforce its Equal Access rule and pursue lenders that discriminate on the basis of sexual orientation, gender identity or marital status," HUD general counsel [NAME] said.
CO | ncnbco : Bank of America Corporation | usdhud : United States Department of Housing and Urban Development
IN | i814 : Banking | i81402 : Commercial Banking | ibnk : Banking/Credit
NS | gplan : Urban Planning/Development | gvhud : Housing/Urban Development Department | cemptd : Employee Training/Development | c42 : Labor/Personnel Issues | ccat : Corporate/Industrial News | gcat : Political/General News | gpir : Politics/International Relations | gpol : Domestic Politics | gvbod : Government Bodies | gvexe : Executive Branch | ncat : Content Types | nfact : [NAME] | nfcpin : FC&E Industry News Filter
RE | usa : United States | namz : North America
IPD | news | NLJ_2013_01_07 | Legal Professionals
PUB | LexisNexis, a Division of Reed Elsevier, Inc.
AN | Document NLJ0000020130107e9170000e
SE | Verdicts & Settlements
HD | Lehman recovers a bundle in pre-collapse CDO losses; BANKING LAW
BY | FROM STAFF AND ALM REPORTS
WC | 124 words
PD | 2013-01-07 00:00:00
SN | The National Law Journal
SC | NLJ
PG | 8
VOL | Volume 35; Issue 18
LA | English
CY | Copyright 2013 LexisNexis, a Division of Reed Elsevier, Inc. All Rights Reserved.
LP | NEW YORK—Lehman Brothers Holdings Inc. reached a $149.5 million settlement with Canadian Imperial Bank of Commerce, one of the many banks accused by Lehman's estate of stiffing the defunct investment bank under collateralized debt obligation (CDO) deals cooked up in flusher times.
 | The settlement, announced on December 31, ended a lawsuit Lehman brought in 2010 seeking $1.3 billion in damages from the Canadian bank. The estate is pursuing parallel claims againstBank of America Corp. and additional banks.
TD | At the time of its spectacular collapse in 2008, Lehman Brothers served as guarantor for 43 CDOs offered by a number of banks.
CO | cimba : Canadian Imperial Bank of Commerce | lehbro : Lehman Brothers Holdings Inc | ncnbco : Bank of America Corporation
IN | i835 : Legal Services | ibcs : Business/Consumer Services | i814 : Banking | i81402 : Commercial Banking | i831 : Financial Investments | i83101 : Investment Banking | ibnk : Banking/Credit | iinv : Investing/Securities
NS | c12 : Corporate Crime/Legal/Judicial | ccat : Corporate/Industrial News | ncat : Content Types | nfact : [NAME] | nfcpex : FC&E Executive News Filter | nfcpin : FC&E Industry News Filter
RE | usa : United States | namz : North America
IPD | news | NLJ_2013_01_07 | Legal Professionals
PUB | LexisNexis, a Division of Reed Elsevier, Inc.
AN | Document NLJ0000020130107e9170000b
HD | Bank of America Corp Reaches $11.6 Billion Settlement With Federal National Mortgage Association (Fannie Mae)-Reuters
WC | 143 words
PD | 2013-01-07 00:00:00
SN | Reuters Significant Developments
SC | MULTI
LA | English
CY | Copyright © 2013 Reuters
LP | Date Announced: 20130107
 | Reuters reported that Bank of America Corp has entered an $11.6 billion settlement to end Federal National Mortgage Association (Fannie Mae)'s claims that the bank improperly sold it mortgages that later soured, and to resolve problems with foreclosures, the companies said. The settlement is a step forward for Bank of America toward resolving claims from investors who want the bank to buy back loans that its Countrywide Financial subsidiary sold to them during the housing boom, many of which later went bad. The agreement largely covers the $11.2 billion of claims that government-owned finance company Fannie Mae had against the bank, which represented about 44% of the bank's total pending claims at the end of the third quarter.
CO | fednat : Fannie Mae | ncnbco : Bank of America Corporation
IN | i814 : Banking | i81402 : Commercial Banking | i81501 : Credit Types/Services | i8150103 : Mortgages/Real Estate Credit | ibnk : Banking/Credit
NS | c12 : Corporate Crime/Legal/Judicial | cfore : Foreclosures | ccat : Corporate/Industrial News | gcat : Political/General News | gpersf : Personal Finance | ncat : Content Types | nfact : [NAME] | nfcpex : FC&E Executive News Filter | nfcpin : FC&E Industry News Filter
RE | usa : United States | namz : North America
IPC | Market Guide Industry Map Code; 0700 | [NAME]; 243
IPD | Company Type; EQU | Exchange - Primary Issue; NYSE | Market Guide Sector Mnemonic; FINANC | Market Guide Industry Mnemonic; BANKSL | [NAME]; Corporate Litigation
PUB | Reuters America LLC
AN | Document MULTI00020130109e9170000u
Search Summary
Text | against
Date | In the last 3 months
Source | All Sources
Company | Bank of America Corp.
Subject | All Subjects
Industry | All Industries
Region | United States
Language | English
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