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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Royal Bank of Scotland as the bank has set aside another 3.8bn US dollars for expected settlements with US authorities over allegations that it mis-sold risky mortgages in the run-up to the financial crisis. Photo: Philip Toscano/PA Wire Royal Bank of Scotland has set aside another 3.8bn US dollars to settle claims from US authorities that it mis-sold risky mortgage securities in the run-up to the financial crisis.
Shortly after his inaugural parade on Friday, President Donald Trump signed his first executive order, directing federal agencies to "ease the burden of Obamacare." The order is vague, and has no immediate effect on the health care system.
The freshly-inaugurated Trump administration has halted a cut to the FHA mortgage insurance premium that Obama's team announced during his final days in office. The Department of Housing and Urban Development said Friday that the reduction to the annual mortgage insurance premiums borrowers pay when taking out government-backed home loans has been "suspended indefinitely."
By my late 50s I was self-employed, divorced and care-taking my mother, who was suffering from end-stage chronic obstructive pulmonary disease,. My small online business kept the roof over our heads and food on the table but certainly didn't allow for many extras.
Donald Trump 's pick to lead the Treasury Department, Stephen Mnuchin , built his reputation and his fortune as a savvy Wall Street investor. But one of those investments has put him in the crosshairs of Democrats as he heads into his confirmation hearing Thursday: sub-prime mortgage lender IndyMac bank.
After a relatively easy confirmation hearing, Ben Carson will get a vote on his nomination to be secretary of the Department of Housing and Urban Development next week. The Senate Banking Committee, headed by Sen. Mike Crapo of Idaho, announced Tuesday evening that the vote would be held the morning of Jan. 24. Carson, a former neurosurgeon without experience in government or housing, demonstrated an ability to quickly pick up knowledge and also to diplomatically answer senators' tough questions at his hearing.
Donald Trump once described Jamie Dimon as "the worst banker in the United States," but the president-elect has helped make the boss of JPMorgan Chase & Co $50 million richer. Dimon is the top beneficiary among the 30 chief executives who run companies in the Dow Jones Industrial Average index from a stock rally inspired by Trump's election, according to a Reuters analysis of their option grants.
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.
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.