Did Fannie Mae Overpay Bank Of America For Servicing Rights?

The Mortgage Servicing Process
The taxpayer-owned Fannie Mae paid more than legally required to Bank of America Corp (NYSE: BAC) and 12 other lenders when it spent $1.5 billion in termination fees for servicing rights on 1.1 million loans between 2008 and 2011. The mortgage giant argues that while it paid a premium over the minimum required price, it paid for the transfers at an ?appropriate rate.?

Copper Prices Slip But Remain Near 4 1/2-Month High

Striking Lonmin workers in South Africa
London copper slipped on Monday, but still retained most of the previous session's steep climb to a 4-1/2 month top as a new round of U.S. monetary stimulus measures and a weak dollar continued to support prices.
Asian Markets

Week Ahead: Asian Stock Markets To Be Moderately Bullish

Asian stock markets posted their biggest weekly gains in almost nine months after the U.S. Federal Reserve announced that it would purchase $40 billion in mortgage-backed securities per month for an open-ended period until the labor market improved substantially.
More news

Asian Stocks Rally On Fed Stimulus Action

Asian stock markets rallied to a four-month high Friday after the U.S. Federal Reserve launched another large scale of asset purchase program overnight to stimulate the world's largest economy.
An investor gestures as he talks to a person in front of an electrical board showing stock information at a brokerage house in Huaibei

Asian Markets Gain As Fed Launches QE3

Asian stock markets made gains Friday as investor confidence was lifted following the announcement of another round of quantitative easing by the U.S. Federal Reserve which is expected to rejuvenate the economic growth.
Ben Bernanke

Bernanke Press Conference On QE3 - Live Blog

The Fed's decision to increase securities purchases by $40 billion per month - QE3 - exceeded analysts' expectations, and in his press conference Bernanke outlined the central bank's reasons for the move.
Fed Chairman Ben Bernanke

Fed Announces QE3, Bigger Than Expected

The Federal Reserve will begin buying more than $80 billion of securities per month in the third attempt at stimulating the U.S. economy by boosting the central bank's balance sheet.
US Federal Reserve

US Federal Reserve Sept. 13 Meeting Statement [Full Text]

In the statement, the Federal Reserve announced Thursday it will buy $40 billion per month of mortgage-backed securities, the start of the so-called third round of quantitative easing, QE3. The Fed also said it will continue 'Operation Twist,' bringing total securities purchased per month to $85 billion.
New homes under construction are seen at Hawaiian Gardens, California

US Homebuilder Stocks Surge, But Will It Last?

One of the best-performing sectors this year was also one of the hardest hit by the recession: homebuilders, whose stocks have outpaced the broader market with a modest rebound in home prices and increased demand for properties, but much of recovery has unevenly benefited the luxury sector.
Paul Volcker, former chairman U.S. Federal Reserve takes part in the Spruce Meadows Changing Fortunes Round Table on business in Calgary

Paul Volcker, Regulation Icon, Freed Fannie Mae From Oversight

Paul Volcker, the former Federal Reserve chairman and a great proponent of new bank regulations, was a key enabler in the rise and eventual collapse of Fannie Mae, the government-sponsored enterprise focused on mortgage financing, according to a new book.
Shari Arison

Shari Arison: The Wealthiest Woman In The Middle East

Shari Arison is the most powerful woman in Israel and the Middle East, and has a net worth of $3.9 billion to boot. But despite her numerous non-profit organizations and 25% stake in Israel's largest bank, Arison says she doesn't consider herself "a powerful person."


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