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Wednesday, November 20, 2013

Reuters Money: JPMorgan agrees $13 billion settlement with U.S. over bad mortgages

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11/20/2013
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
JPMorgan agrees $13 billion settlement with U.S. over bad mortgages
NEW YORK/WASHINGTON (Reuters) - In late September, JPMorgan Chief Executive Jamie Dimon walked into the office of U.S. Attorney General Eric Holder.
U.S. consumer watchdog to simplify home loan paperwork
WASHINGTON (Reuters) - New rules to simplify the paperwork consumers receive when they apply for loans will take effect in August 2015 as part of a U.S. effort to make it easier to shop for mortgages.
AFL-CIO policy chief worries about banks, GSE outlook
NEW YORK (Reuters) - The policy director of the largest U.S. labor federation says too little was done during the 2008 global financial crisis to right excesses in the nation's banking and mortgage lending practices, problems that Tuesday's $13 billion mea culpa by JPMorgan Chase & Co do not change.
Analysis: New York labor talks first test for new mayor -bond holders
NEW YORK (Reuters) - Investors in New York City's debt have had it good. Two decades of prudent fiscal management have pushed its bond prices higher, driven its borrowing costs lower, and the city's economy has flourished despite a fiscal crisis, the lingering aftermath of September 11, 2001 and, more recently, Superstorm Sandy.
Regulators unlikely to change rating agency incentives: Occupy Wall Street
NEW YORK (Reuters) - Regulators are unlikely to take action to address the way rating agencies are rewarded for their work, despite concerns that the current practice involves conflicts of interest that helped enable the financial crisis, an official of Occupy Wall Street said on Tuesday.
Tim Draper to cut back role at Draper Fisher Jurvetson
SAN FRANCISCO (Reuters) - Venture capitalist Tim Draper is stepping back from his investment role at Draper Fisher Jurvetson, the firm he founded in 1985.
U.S. homeowners won't get much relief from JPMorgan deal
(Reuters) - U.S. consumers who suffered through the mortgage crisis - and even those who experienced losses from Superstorm Sandy - could benefit from the record $13 billion settlement with JPMorgan Chase & Co. But they should not expect a windfall, consumer advocates say.
LibreMax's Lippmann likes student loan debt, mortgage bonds
NEW YORK (Reuters) - Hedge fund manager Greg Lippmann, the former Deutsche Bank trader who rose to Wall Street fame after a hefty and lucrative bet against subprime mortgages before the housing market collapsed, said he is still a fan of residential and commercial mortgage bonds going into 2014 and also likes student loan debt.
Trader gets 30 months in prison for $1 billion Apple stock scheme
(Reuters) - A former trader was sentenced to 2 1/2 years in prison on Tuesday for an unauthorized purchase of about $1 billion in Apple Inc stock that eventually led to the demise of financial services firm Rochdale Securities.
Analysis: Some funds lift cash levels as U.S. stocks' reversal feared
NEW YORK (Reuters) - As recently as six months ago, Sandy Villere was pushing more of his $1.1 billion fund into U.S. stocks - a good call given the 26 percent gain in the S&P 500 so far this year. But as he looks ahead to 2014, he's starting to question whether it could be downhill from here.
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