Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
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Deutsche Bank AG is considering an unusual approach to providing relief to subprime mortgage borrowers as part of a $7.2 billion settlement with the U.S. government: lending money to private equity firms and hedge funds. Germany's biggest bank, dogged last year by questions about its capital levels, is exploring ways to avoid using its balance sheet to buy soured mortgages that it can partially forgive, according to a person with knowledge of the matter.
It's been more than a year since Nate Lowenstein started shopping for a home, and he's grown frustrated by the scant number of homes on the market. Like many house hunters in Los Angeles, he also complains sellers are unwilling to budge on prices, emboldened by offers from multiple bidders.
In this Dec. 6, 2016 file photo, a house is for sale in Coral Gables, Fla. Economists predict mortgage rates will continue to climb next year, just one of the trends that suggest 2017 could be a more challenging year for homebuyers.
A bank run by Steven Mnuchin, President-Elect Donald Trump's pick to be Treasury secretary, may have engaged in "widespread misconduct" while foreclosing on homeowners, according to a leaked 2013 memo written by lawyers in the California attorney general's office. The memo urged top officials in then-Attorney General Kamala Harris's office to sue OneWest Bank over the allegations, which included backdating mortgage documents to speed up foreclosures and manipulating the results of home auctions.
Steven Mnuchin, President-elect Donald Trump's pick to lead the Treasury, arrives at Trump Tower in New York on Dec. 12. President-elect Donald Trump's pick to lead the Treasury Department is likely to face a contentious confirmation battle centered on his purchase of a failed subprime mortgage lender that repeatedly has been accused of wrongful foreclosures. The formal vetting process for Steven T. Mnuchin, who served as Trump's campaign finance chairman and worked at investment bank Goldman Sachs for nearly two decades, has not yet begun.
Federal Reserve Chairman Janet Yellen and the Fed can finally expect some help from Washington in 2017, after three years of work to juice up a slow economy. Tax cuts and infrastructure spending planned by President-elect Donald Trump, if backed by the Republican-controlled Congress, would lighten the load for a Fed whose easy-money policies have been the primary economic support for the nation.
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Congressional Republicans are planning a massive overhaul of the nation's tax system next year, a heavy political lift that could ultimately affect families at every income level and businesses of every size. Their goal is to simplify a complicated tax code that rewards wealthy people with smart accountants, and corporations that can easily shift profits - and jobs - overseas.
When Michelle Obama considered the daunting prospect of becoming first lady, she avoided turning to books by her predecessors for guidance. "I didn't want to be influenced by how they defined the role," Mrs. Obama once said.
Two of Europe's biggest banks have been hit with fines of more than A 10billion for mis-selling toxic mortgages before the financial crisis. US regulators yesterday ordered Deutsche Bank to pay A 5.9billion for its part in the debacle - less than expected - while Credit Suisse agreed to shell out A 4.3billion.
Since the global financial crisis, the world's largest banks have agreed to pay close to $60 billion in fines just to the U.S. Department of Justice for creating and selling toxic mortgage-backed investments. These don't include the tens of billions that the banks have also paid in connection with lawsuits from investors or other federal agencies.
Deutsche Bank sought to reassure staff about its financial strength on Friday, in the wake of a US$7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities. The logo of Germany's largest business bank, Deutsche Bank is seen in front of one of the bank's office buildings in Frankfurt, Germany, October 27, 2016.
Deutsche Bank has agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis. The agreement in principle, announced by Deutsche Bank's Frankfurt headquarters early Friday morning, offers some relief to the German lender, whose stock was hit hard in September after it acknowledged the Justice Department had been seeking nearly twice as much.
The Dow Jones industrial average and Nasdaq hit fresh all-time highs on Tuesday and they look set to continue lighting up Wall Street on Wednesday. 2. Coke's Africa move: Coca-Cola announced Wednesday it's paying nearly $3.2 billion to Anheuser-Busch InBev to buy the beer giant's majority stake in Coca-Cola Beverages Africa.
Yuri Khilov, while head of Deutsche Bank AG's Russia equity trading desk, allegedly engaged in "large-scale" market manipulation from 2013 to 2015, using accounts that he opened in his relatives' names, according to the Russian central bank. Khilov is accused of booking trades in the name of Deutsche Bank's London office and then buying and selling stocks for his relatives within minutes, skimming the profit, the Bank of Russia said in a statement Tuesday.
Whether it's aiding in an emergency situation or helping local farmers sell their produce, Heart and Hand House Inc. of Barbour County always finds new ways to lend a hand.
Students from Glen Oaks High School in Baton Rouge are set to return their school grounds for classes sometime in the spring, but they will be moving back into a sea of temporary classrooms because a return to the permanent buildings will have to wait another two more years at least. East Baton Rouge Parish Superintendent Warren Drake said he's received preliminary approval from the Federal Emergency Management Agency to purchase and install at least $7.5 million worth of temporary buildings at the high school, including a cafeteria, career-and-technical building and 30 classrooms.
Five top Senate Democrats say they will introduce legislation when Congress returns for its new session in January that would force Donald Trump to sell off at least some of his assets and solve his complicated conflict-of-interest problems. Trump owns hundreds of businesses and has a broad range of financial interests, from traditional investments such as stocks and bonds to large real estate holdings to licensing deals in the United States and abroad.