There will be no holiday cheer for hedge fund manager John Paulson this month, as his dismal performance in 2011 is capped off by another miserable performance so far in December.
California Attorney General Kamala Harris sued Fannie Mae and Freddie Mac on Tuesday in an effort to expand her probe into the companies' mortgage foreclosure practices.
Bank of America stressed that only Countrywide's practices are at issue in Wednesday's announcement of a settlement for discriminatory mortgage lending practices.
Investigation had revealed that Countrywide had charged higher fees and rates for more than 200,0000 minority borrowers from 2004-2008, in the midst of the housing boom. Some 10,000 borrowers were also pushed in to sub-prime mortgages when others with similar qualifications got standard mortgages.
A late-day buying spree is causing shares in Bank of America (NYSE:BAC) to soar higher than its big bank peers. The rally began just after 3 p.m., shortly after news broke that the financial institution had settled a federal lawsuit regarding a subsidiary's subprime lending practices for $335 million.
The number of new home foreclosures jumped by more than 21 percent in the third quarter as banks moved more aggressively after a pause that began late last year, according to a report released by a bank regulator on Wednesday.
Bank of America Corp. (NYSE:BAC) completed its swap of common stock and notes for preferred shares as part of its efforts strengthen its capital base ahead of Fed's 2012 stress test.
Whether it involves embarrassing tweets, tone-deaf CEOs or even the disappearance of money, some oops moments need be relived just one more time.
U.S. stocks soared on Tuesday. The Dow Jones Industrial Average (DJIA) ended up 337 points, or 2.9 percent, to close at 12,103. The S&P 500 Index rose 36 points, or 3 percent, to 1,241, while the NASDAQ rose 80 points, or 3.2 percent, to 2,604.
No doubt 2011 was a major year for technology in part because it touched everyone differently. Following are some of the highlights and lowlights of the year:
Stocks were poised to rebound at the open Tuesday after declines in the prior session as a drop in Spain's borrowing costs and unexpectedly positive data from Germany eased euro zone debt worries.
Bank of America CEO Brian Moynihan ate his words as the Charlotte, N.C.-based bank once again resorted to non-investor-friendly measures to raise capital, despite saying the bank would not take such actions.
The federal government's Home Affordable Modification Program is far from perfect, said Josh Zinner, an advocate with the Neighborhood Economic Development Advocacy Project in New York, "but the biggest problem is servicers not doing their job."
With less than two weeks left before the end of the year, all kinds of market participants, from economists at multinational banks to stock bloggers in their bedrooms, have begun to give their predictions for 2012. Here is a lucky set of seven predictions that could benefit investors next year.
European shares were slightly higher on Friday at mid-day amid thin trading as miners tracked rising metal prices, offset by lingering concerns over the Eurozone debt crisis and reservations ahead of U.S. inflation data.
Stock index futures pointed to a higher open for equities on Wall Street on Friday, with futures for the S&P 500, for the Dow Jones and for the Nasdaq 100 rising 0.3 to 0.6 percent.
Fitch Ratings, the third-biggest of the major credit rating agencies, downgraded seven global banks based in Europe and the United States, citing "increased challenges" in the financial markets.
Sen. Maria Cantwell wrote to Attorney General Eric Holder Thursday expressing concern that a nationwide settlement regarding major banks' foreclosure practices should not grant immunity in future investigations into their conduct leading up to the mortgage crisis.
The estate of Lehman Brothers has sought to match Sam Zell's $1.33 billion bid for a 26.5 percent stake in Archstone, sharpening the rivalry for the multifamily housing giant.
"We believe the district court committed legal error by announcing a new and unprecedented standard" for approving settlements, Robert Khuzami, head of the Securities and Exchange Commission's enforcement division, said in a statement Thursday.
Morgan Stanley's announcement that it is slashing 1,600 jobs is only the latest in a late-year blizzard of pink slips being floated among people at the heart of American high-finance. Bonuses are also down sharply. Is the economy Grinch stealing Wall Street's Christmas?
A dash for cash has overwhelmed gold's traditional status as a haven from risk, putting the metal on course for its first quarterly fall since end-September 2008, when the global credit crunch was at its worst.
