Paulson sees no ‘evidence of any illegal actions'
Former U.S. Treasury Secretary Henry Paulson said on Thursday before lawmakers that he saw no evidence of any illegal actions as he testified on Capitol Hill over the government's role in Bank of America, Merrill Lynch merger. In prepared remarks submitted to the panel, he says he acted appropriately in December when Charlotte-based BofA threatened to back out of the deal.
JP Morgan profit jumps 36 percent
J.P. Morgan Chase & Co. on Thursday reported a 36 percent jump in profit, a figure way beyond analyst expectations. The bank reported a record rise in revenues and producing a net income of $2.7 billion. The record rise is attributed to the record investment-banking fees.
Freddie Mac reports a 5.14 percent drop in mortgage rates
U.S. mortgage rates fell for a third consecutive week to reach its lowest since May. The average rate for 30-year fixed mortgages was 5.14 percent this week, down from 5.2 percent last week and 6.26% a year ago.