SHANGHAI (Reuters) – China is expected to stand pat on its benchmark lending rate on Wednesday, after the central bank kept medium-term funding cost for financial institutions steady last week, a Reuters survey of traders and analysts found. Thirty-four respon... More »
LONDON (Reuters) – Like the myriad approaches governments are taking to tackle the coronavirus crisis, the way the world’s top banks are calculating their potential losses also differs widely, with puzzling outcomes for investors. These discrepancies are roote... More »
NEW YORK (Reuters) – A climate research organization will offer access to a risk model that predicts the probability of flooding for homes across the United States, giving the public a look at the data institutional investors use to gauge risk. First Street Fo... More »
NEW YORK (Reuters) – The U.S. government on Thursday charged the founder of reverse mortgage provider Live Well Financial Inc with engineering a $140 million fraud by inflating the value of its bonds, in what he called a “self-generating money machine.” Michae... More »
LONDON, (Reuters) – Britain’s housing market picked up modestly in June with a stronger-than-expected rise in mortgage approvals, but consumer lending growth slowed to a fresh five-year low, Bank of England figures showed on Monday. Brexit worries have weighed... More »
NEW YORK (Reuters) – Mortgage rates are nearing historic lows again in the United States, making it an ideal time to buy a home – or refinance. “It’s amazing how many times a once-in-a-lifetime opportunity comes around,” said Keith Gumbinger, vice president of... More »
SYDNEY (Reuters) – Investors in Australian mortgage bonds are demanding higher premiums to buy the riskiest tranches of new debt, as a slowing economy stokes concerns a property downturn could get worse and increase home loan defaults. High-yield investors are... More »
SYDNEY (Reuters) – Australia’s banking watchdog on Friday said it had imposed stricter licensing conditions on AMP Ltd’s pension fund units following concerns regarding its compliance with superannuation laws, sending its shares down more than 4%. The move com... More »
ZURICH (Reuters) – Credit Suisse has settled a 2012 New York state lawsuit alleging misconduct over residential mortgage-backed securities (RMBS), with a source familiar with the deal saying the bank would pay much less than prosecutors had originally sought. ... More »
NEW YORK (Reuters) – Americans’ demand for credit declined over the previous year as expected, as mortgage interest rates rose, while the percentage of approved applications also ticked lower compared to a year ago, a survey from the New York Federal Reserve s... More »
NEW YORK (Reuters) – Fannie Mae on Thursday issued the first-ever securities based on the Secured Overnight Finance Rate (SOFR), an alternative to the London interbank offered rate (LIBOR) which may cease to exist after 2021. The U.S. mortgage finance agency’s... More »
(Reuters) – U.S. prosecutors cracking down on deceptive mortgage bond trading practices on Thursday suffered dual losses as a federal appeals court overturned an ex-Jefferies Group[JGLL.UL] trader’s conviction and a jury acquitted a former Cantor Fitzgerald [C... More »
(Reuters) – Bank of America (BAC.N) reported a 34 percent rise in first-quarter profit on Monday, topping Wall Street estimates, as the lender benefited from higher interest rates and growth in loans and deposits. Revenue rose at three of BofA’s four major bus... More »
FILE PHOTO: The Standard and Poor’s building in New York, August 2, 2011. REUTERS/Brendan McDermid SYDNEY (Reuters) – Ratings agency Standard and Poor’s weakened its risk assessment criteria to win business and turn out high ratings on opaque debt products tha... More »
A realtor and bank-owned sign is displayed near a house for sale in Phoenix, Arizona, January 4, 2011. REUTERS/Joshua Lott CHICAGO (Reuters) – Foreclosure is a frightening word – especially if the person losing her home is a senior living on a modest, fixed in... More »
People walk past a branch of the Royal Bank of Scotland in London, Britain December 1, 2017. REUTERS/Peter Nicholls (Reuters) – Royal Bank of Scotland Group Plc will pay $125 million to resolve claims that it made misrepresentations while selling mortgage-back... More »
FILE PHOTO: U.S. President Donald Trump delivers a speech on tax reform legislation at the White House in Washington, U.S., December 13, 2017. REUTERS/Carlos Barria (Reuters) – Republicans in the Senate and House of Representatives are expected to vote within ... More »
WASHINGTON (Reuters) – Randal Quarles, the top Federal Reserve official tasked with policing Wall Street, said on Friday that he would recuse himself from any matters concerning Wells Fargo & Co, the nation’s third largest bank. Wells Fargo, which last year pa... More »
(Reuters) – Republicans in the U.S. Congress reached a deal on tax legislation on Wednesday, clearing the way for final votes next week on a package that, if approved, would be sent to President Donald Trump to sign into law. Formal language of the legislation... More »
WASHINGTON (Reuters) – Millions of households would no longer benefit from federal tax deductions for charity donations, mortgage interest payments and property tax under Republican tax plans being debated in the U.S. Congress, a think tank said on Thursday. T... More »
Wells Fargo & Co is facing litigation over previously disclosed sales problems related to its auto lending and mortgage businesses, the bank disclosed in a regulatory filing on Friday. More »
The largest U.S. veterans service organization on Thursday urged President Donald Trump to veto recent legislation allowing financial companies to block customers from banding together to sue, saying it would hurt members of the armed forces. More »
China has launched probes into consumer loans that are being misused for home purchases, warning they cannot be used to "fuel property bubbles", a senior banking official said on Friday. More »
Morgan Stanley plans to bring its mortgage origination business in-house to improve customer service and generate more business, two people familiar with the matter told Reuters on Friday. More »
With U.S. Congress members focused during their August recess on finding ways to lower the corporate tax rate, industry groups and other sectors of society are gearing up to fight proposed changes to the personal income tax. More »
The Commonwealth Bank of Australia (CBA.AX) said on Monday a software "coding error" was responsible for the "vast majority" of the anti-money laundering law breaches it was accused of last week. More »
Wells Fargo & Co (WFC.N) will pay the U.S. government $108 million to settle a whistleblower lawsuit claiming it charged military veterans hidden fees to refinance their mortgages, and concealed the fees when applying for federal loan guarantees. More »
Houses under construction are seen at a subdivision near the town of Kleinburg, Ontario, Canada May 13, 2017. Canada’s long housing boom has drawn thousands into the sector, from realtors and home stagers to construction workers, and a looming slowdown threate... More »
FILE PHOTO: Flags fly over the Federal Reserve Headquarters on a windy day in Washington, U.S., May 26, 2017. The Federal Reserve’s plan for shrinking its massive balance sheet envisions a future with no holdings of mortgage bonds, a prospect that could presen... More »
FILE PHOTO — People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. Three of the six biggest U.S. banks kicked off the earnings season on Friday, reporting profits that topped Street estimates but faile... More »
FILE PHOTO: New home construction is seen in San Diego, California, U.S. on August 21, 2015. REUTERS/Mike Blake/File Photo U.S. mortgage lenders are bracing for rockier times as consumers demand for home loans slows and competition in the mortgage industry int... More »
FILE PHOTO – Investor Warren Buffet arrives for the premiere of the film ”Wall Street: Money Never Sleeps” in New York, U.S. on September 20, 2010. REUTERS/Lucas Jackson/File Photo It took less than 24 hours for Warren Buffett, one of the world’s savviest deal... More »
FILE PHOTO – The entry to the Home Capital Group’s headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada on May 1, 2017. Picture taken using a wide angle lens. REUTERS/Chris Helgren/File Photo Warren Buffett’s Berkshire ... More »
Kyle Bass, Chief Investment Officer of Hayman Capital Management, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 4, 2016. REUTERS/Lucy Nicholson Hayman Capital Management founder Kyle Bass on Thursday said he remains s... More »
A federal jury on Thursday delivered a mixed verdict for three former Nomura Holdings Inc traders accused by the U.S. Department of Justice of lying to customers about the prices of mortgage bonds they bought and sold. More »
The Morgan Stanley logo is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 19, 2017. REUTERS/Brendan McDermid Morgan Stanley is developing a new digital mortgage application tool in a bid to ... More »
President Donald Trump plans to nominate Brian Brooks, general counsel for Fannie Mae, as deputy secretary of the U.S. Treasury, Axios reported on Saturday, citing three sources it said had knowledge of the pick. More »
High rise private residential buildings are seen in Hong Kong, China May 21, 2017. Picture taken May 21, 2017. REUTERS/Bobby Yip Hong Kong’s latest attempt at cooling home prices in one of the world’s most expensive property markets is expected to send buyers ... More »
Federal Housing Finance Agency Director Mel Watt testifies before a Senate Banking Committee hearing on ‘The Status of the Housing Finance System After Nine Years of Conservatorship’ on Capitol Hill in Washington, U.S., May 11, 2017. REUTERS/Yuri Gripas The U.... More »
Australia’s Prime Minister Malcolm Turnbull (L) and Minister for Immigration and Border Protection Peter Dutton speak on Australia’s citizenship test during a press conference at Parliament House in Canberra, Australia, April 20, 2017. AAP/Lukas Coch/via REUTE... More »
Wealthfront Inc, the digital financial advice company, will begin letting some customers borrow against their investment accounts in its first foray into lending. More »
FILE PHOTO – People pass the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. REUTERS/Mike Segar/File Photo Big U.S. banks revealed more evidence of a slowdown in loan growth in their earnings reports on Thu... More »
File photo: A stands outside Fannie Mae headquarters in Washington February 21, 2014. REUTERS/Kevin Lamarque U.S. mortgage finance giants Fannie Mae (FNMA.PK) and Freddie Mac (FMCC.PK) may write down $21 billion of tax-related assets if there is a deep cut in ... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo A federal judge on Thursday said Wells Fargo & Co (WFC.N) must face litigation seeking to hold it responsible for billions of doll... More »
U.S. hedge fund manager Emanuel ‘Manny’ Friedman plans to list a fund in London to invest in asset-backed securities and real estate assets put up for sale as a result of regulatory change in the financial sector. More »
Bayliss and Maiya Keidan More »
A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith Wells Fargo & Co, Royal Bank of Scotland Group Plc and Deutsche Bank AG have reached a $165 million class-action settlement over their underwriting for the now-bankrupt... More »
Dr. Ben Carson is sworn in to testify before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on his nomination to be Secretary of the U.S. Department of Housing and Urban Development on Capitol Hill in Washington, U.S. January 12, 20... More »
A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, U.S. October 20, 2014. REUTERS/Larry Downing/File Photo Refinancings’ share of U.S. mortgage applications shrank to its lowest level since late 2008 at the peak of the global c... More »
FILE PHOTO – Containers are seen at Container Terminal 9 during sunset at Hong Kong’s Kwai Chung district September 7, 2012. REUTERS/Bobby Yip/File Photo Hong Kong handed out billions of dollars in tax cuts and poverty relief on Wednesday to reflate its econom... More »
A stands outside Fannie Mae headquarters in Washington February 21, 2014. REUTERS/Kevin Lamarque Bayliss More »
A U.S. appeals court said on Thursday it will reconsider an October ruling that the Consumer Financial Protection Bureau’s structure is unconstitutional, virtually guaranteeing the battle over an agency borne of the financial crisis will reach the Supreme Cour... More »
Republicans lawmakers are starting to put in motion plans to destroy or defang the U.S. agency intended to protect individuals from financial fraud. More »
Jared Kushner, senior advisor to President-elect Donald Trump arrives for the Presidential Inauguration of Trump at the U.S. Capitol in Washington, D.C., U.S., January 20, 2017. REUTERS/Saul Loeb/Pool By Joy WiltermuthNEW YORK (IFR) – Investors on Friday snapp... More »
A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo The U.S. Federal Reserve will stop reinvestments of its mortgage-backed securities holdings in April 2018 ... More »
FILE PHOTO – Defendant Wing Chau exits the Jacob Javits Federal building in New York, U.S. on April 7, 2014. REUTERS/Brendan McDermid/File Photo The U.S. Securities and Exchange Commission has partially overturned a ruling finding an investment adviser feature... More »
A statue is pictured next to the logo of Germany’s Deutsche Bank in Frankfurt, Germany September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo Deutsche Bank’s pursuit of success on Wall Street has come at a high price, a $7 billion plus penalty illustrating the... More »
Australian Prime Minister Malcolm Turnbull attends a session during the B20 Summit ahead of G20 Summit, in Hangzhou, Zhejiang province, China September 4, 2016. REUTERS/Aly Song Australia’s conservative government on Monday forecast a A$10 billion deterioratio... More »
A woman shows her phone operating Ant Check, an Alibaba-linked platform, at a cafe in Beijing, China, April 11, 2016. REUTERS/Shirley Feng/File Photo Ma Yiqing, 24, is typical of China’s younger generation – he uses his credit card frequently and borrows from ... More »
U.S. President-Elect Donald Trump speaks at event at Carrier HVAC plant in Indianapolis, Indiana, U.S., December 1, 2016. REUTERS/Chris Bergin Some big hedge funds got a bump in November after Donald Trump’s surprise U.S. presidential election victory sent sto... More »
William Ackman, founder and CEO of hedge fund Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York May 4, 2015. REUTERS/Brendan McDermid Bayliss More »
Former candidate Ben Carson arrives to attend the third and final 2016 presidential campaign debate between Republican U.S. presidential nominee Donald Trump and Democratic nominee Hillary Clinton at UNLV in Las Vegas, Nevada, U.S., October 19, 2016. REUTERS/M... More »
Morning commuters pass by the New York Stock Exchange (NYSE) in New York City, U.S., November 10, 2016. REUTERS/Brendan McDermid Donald Trump’s stunning victory for the White House may mark the long-awaited end to the more than 30-year-old bull run in bonds, a... More »
The headquarters of Germany’s Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo Deutsche Bank (DBKGn.DE) will solve its problems without relying on help from Berlin, Germany’s flagship lende... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo The U.S. House Financial Services Committee has opened a probe into Wells Fargo’s sales practices and plans to call the company’s ... More »
The Bank of America building is shown in Los Angeles, California October 29, 2014. REUTERS/Mike Blake/File Photo – RTSIJL2 Years of stubbornly low interest rates and expectations they will remain low for years to come have prompted U.S. banks to shift their ba... More »
Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital LP., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. REUTERS/Brendan McDermid – RTX2CW2U Jeffrey Gundlach’s DoubleLine posted a net inflow of $790.23 million into its op... More »
A woman walks past an advertisement promoting an apartment complex which is currently under construction in Yongin, South Korea, August 24, 2016. REUTERS/Kim Hong-Ji In Yongin, a satellite city south of Seoul, orange construction cranes are racing to build gle... More »
The Wells Fargo bank branch is seen in Golden, Colorado in an October 11, 2013 file photo. REUTERS/Rick Wilking/Files A Wells Fargo & Co mortgage unit will pay $3.45 million to some customers because of a processing error that delayed the mailing of letters to... More »
