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Citigroup agrees to pay $1.1 billion in mortgage settlement

Citigroup Monday said it reached an agreement with a group of 18 institutional investors to pay $1.125 billion to settle claims on some mortgage-backed securities sold ahead of the financial crisis. Citi said the agreement releases it from an obligation to repurchase mortgages sold into 68 mortgage trusts. The 68…

Wells Fargo pays $335 million to settle Fannie and Freddie lawsuits

Wells Fargo said Wednesday it had agreed to pay $335 million to settle claims by Fannie Mae and Freddie Mac that it overstated the quality of mortgage securities it sold them. The US bank said the two state-controlled housing finance agencies had agreed to the sums having earlier pulled out…

White-collar fraud expert proves ‘mortgage-backed securities’ neither mortgage-backed nor secure

Obama’s recent proposal to wind down Fannie Mae and Freddie Mac and give the private sector a monopoly on issuing mortgage-backed securities came under fresh scrutiny on Monday after previously-sealed court documents in USA et al v. American Home Mortgage Servicing Inc et al revealed that many mortgage-backed security issuers…

Government to review foreclosures by 14 major lenders

US officials have launched an independent review process in which individuals can challenge foreclosures carried out by 14 major lenders in the wake of the 2008 financial crisis. Independent consultants would assess if borrowers lost out financially “through errors, misrepresentations or other deficiencies in foreclosure practices,” the Office of the…

Some Fed policymakers want more stimulus

WASHINGTON — Federal Reserve policymakers viewed the US economy’s outlook as particularly clouded, and some wanted to ramp up large-scale asset purchases, according to the minutes of their last meeting published Wednesday. “Participants saw considerable uncertainty surrounding the outlook for a gradual pickup in economic growth,” the minutes of the…

U.S. watchdog suspects leaks at ratings agency

WASHINGTON — The internal procedures of one of the world’s top three ratings agencies appear to allow leaks of its decisions, according to a report by the US Securities and Exchange Commission (SEC). At one of the larger agencies, “the procedures for disseminating a pending rating action appeared to allow…

Bank of America ‘much better’ now: CEO

NEW YORK — Bank of America is in a better position now than during the financial crisis, chief executive Brian Moynihan said Wednesday, trying to reassure investors after sharp losses in the share price. “The fundamentals are so much better in our country and in our company and in our…

US stocks rebound after Monday’s rout

US stocks rebounded strongly in early trade Tuesday, surging well over one percent one day after their steepest plunge since the 2008 financial crisis. The Dow Jones Industrial Average added more than two percent in early trade before falling back slightly, while the Nasdaq’s early gain topped 2.6 percent. At 1415 GMT the…

US Fed delivers $79 billion boost to government

WASHINGTON – The US central bank was a pretty profitable business in 2010, returning $79.3 billion to the government, much of it interest on securities bought to prop up the economy, it said Tuesday. The Federal Reserve published its official accounts showing a net profit of $81.7 billion, a 53…

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