Finance

U.S. Banks Face Billions of Dollars More in Costs After Mortgage Agreement

2012-02-10 09:29:28

Bank of America Corp. and other U.S. lenders’ settlement over foreclosure lapses leaves the firms vulnerable to years of litigation and billions of dollars in liabilities for their roles in the housing collapse.

U.S. Banks Agree to $25B Deal to End Probe

2012-02-10 09:28:31

Bank of America Corp., JPMorgan Chase & Co. and three other U.S. banks reached a $25 billion settlement with 49 states and the federal government to end a probe of abusive foreclosure practices stemming from the collapse of the housing bubble.

Money-Market Fund Flight From French Banks Reverses in January

2012-02-10 09:27:12

U.S. money-market funds more than doubled their short-term loans to French banks in January, ending six months during which they reduced funding.

DNB Channels Samurai Bond Success to Target Debt Sales in U.S., Australia

2012-02-10 09:26:03

DNB ASA (DNB) will target the U.S. and Australia for debt sales this year after becoming the first European bank in three months to sell Samurai bonds.

Homeowners Who Would Be Moguls Make Comeback in United Kingdom: Mortgages

2012-02-09 08:59:46

Mortgages that helped fuel speculation during the U.K.’s housing boom by turning homeowners into aspiring property moguls are making a comeback.

Citigroup Sued by Lehman Brothers for $2.5 Billion ‘Wrongfully’ Withheld

2012-02-09 08:58:55

Citigroup Inc. (C)’s Citibank was sued for $2.5 billion by bankrupt Lehman Brothers Holdings Inc. (LEHMQ), which said the bank “wrongfully” withheld the money after it was transferred by Lehman in the months before its 2008 bankruptcy.

UniCredit Rights Offer Leads Europe Stock Sales to Best Start Since 2007

2012-02-09 08:58:13

UniCredit SpA (UCG)’s $9.9 billion rights offer is leading Europe’s stock sales to the best start of the year since 2007, a sign that the region’s companies may return to the equity markets after last quarter’s slump.

Canada’s Harper Said to Urge China to Approve Manulife, Scotiabank Deals

2012-02-09 08:57:29

Canadian Prime Minister Stephen Harper urged his Chinese counterpart to approve proposed investments by Manulife Financial Corp. (MFC) and Bank of Nova Scotia as part of a broader effort to win greater access for Canadian companies in the Asian country.

Paulson’s Advantage Plus Hedge Fund Said to Rise 5% in January

2012-02-06 10:18:47

John Paulson, the billionaire money manager who had his worst year on record in 2011, posted a 5 percent gain in January in one of his largest hedge funds as all strategies rose, according to a person briefed on the returns.

Hedge Funds Underestimating Policymakers’ Will to Impose Greek Bond Losses

2012-02-06 10:17:54

Hedge funds seeking to wring profits from a Greek debt restructuring are underestimating the will of policy makers to impose losses on them, according to investors who say trying to beat the politicians is too risky.

Papademos, Greek Leaders Agree on Framework for Rescue Deal

2012-02-06 10:16:28

Greek Prime Minister Lucas Papademos secured an outline agreement from the three political party leaders supporting his interim government on measures demanded by international creditors to release a 130 billion euro ($171 billion) financial rescue package.

Europe Leaders Maintain Pressure on Greece

2012-02-06 10:15:33

European leaders maintained pressure on Greece to accept terms demanded by international lenders during a weekend of talks to avert a financial collapse

Ackermann Shunned ECB Loans on Reputation Risk for Deutsche Bank

2012-02-03 09:57:07

Deutsche Bank AG (DBK) shunned the three- year loans the European Central Bank offered to banks in December on concern taking the funds could damage its reputation with customers, said Chief Executive Officer Josef Ackermann.

Ex-Credit Suisse CDO Head Charged in Bonus Scam Says He Helped Prosecutors

2012-02-03 09:56:15

A lawyer for Kareem Serageldin, the ex-global head of Credit Suisse Group AG (CSGN)’s CDO business charged in a bonus-boosting fraud tied to a $5.35 billion trading book, said his client was surprised by the U.S. indictment since he has been cooperating with investigators for four years.

Spain Coaxes Banks to Merge as Extra Year Given to Purge Property Losses

2012-02-03 09:54:45

Spain’s new government gave banks an extra year to recognize losses if they agree to merge, as it tries to overhaul the financial industry crippled by the collapse of the nation’s property boom four years ago.

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