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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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