Latest news
Latest news
PAG also hires new vice president
Agreement on the EU package could run to December, senior lawyer told conference
Octopus Electric Vehicles has also added to its capital markets team
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John Hancock Life Insurance has filed a lawsuit against Ally Financial, alleging that its Residential Capital unit committed fraud for the “wholesale and systematic abandonment of underwriting guidelines” the sale of 50 residential mortgage-backed securities between 2003 and 2007.
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The U.S. Federal Housing Finance Agency has turned down a request by the Department of Treasury to change its policy of not permitting principal write-downs for loans guaranteed by Fannie Mae and Freddie Mac.
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U.S. District Judge Richard Stearns of Boston has rejected a motion by JPMorgan Chase to dismiss a lawsuit charging the bank for mishandling loan modifications, and “gross ineptitude” of a bank unit in connection with loan modifications by prolonging the process, imposing additional fees on loans in default and starting foreclosures after homeowners filed for workouts.
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A refinance plan proposed by Sen. Jeff Merkley (D-Ore.) could help an estimated 75% of borrowers with loans packaged into private-label residential mortgage-backed securities, according to JPMorgan Chase analysts.
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The Royal Bank of Canada is preparing to offer its first covered bond registered with the U.S. Securities and Exchange Commission.
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Knight Capital has expanded its institution fixed income sales and trading team with the hiring of Robert Cestari as managing director and head of commercial mortgage-backed securities and commercial real estate debt trading, and David Simek as managing director and head of CMBS sales.
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The Royal Bank of Scotland is said to be in talks with authorities for a deal related to its alleged involvement in the manipulation of the London Interbank Offered Rate.
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Rising bad-debt charges are hitting Portuguese banks hard, with Banco Espirito Santo, the country’s largest bank by market capitalization, reporting a 15% increase in charges from a year ago.
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Deutsche Bank is planning to cut its staff but 1,900 jobs, with roughly 1,500 from investment banking, as part of its effort to reduce expenses by EUR3 billion ($3.67 billion).