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Bank of America hit with $1.3 billion penalty over Countrywide mortgages

The case involves bad mortgages sold by Countrywide Financial to the government-backed lenders Fannie Mae and Freddie Mac ahead of the Great Recession. Bank of America spent billions to buy the mortgage lender, which was struggling under the weight of the collapsing housing market, in no small part because of risky subprime mortgages it had made.

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2 hrs ago

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Portuguese Regulator Bans Short-Selling After Banco Espirito Santo Unveils Massive $5 Billion Loss

Having waited until after the US equity markets closed, Portugal's troubled Banco Espirito Santo unveiled an enormous EUR 3.577 Billion loss - that is 15 times larger than the loss the bank suffered a year earlier. The data  - to end-June, before the crisis really got going - already shows notable deposit flight, a 73.1% plunge in banking income, and a EUR 3 billion collapse in repoable assets (i.e. liquidity). On the heels of this Portugal's securities regulator has enforced a short-selling ban...

zerohedge.com

2 hrs ago

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Obama to GOP: 'Stop just hating all the time'

KANSAS CITY, Mo. (AP) — Pointing the finger at Republicans for congressional inaction, President Barack Obama chided lawmakers Wednesday for spending the waning days before their month-long summer break trying to sue him rather than addressing economic issues that could boost the middle class.

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6 hrs ago

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Deal Or No Deal? Argentina Declared In Selective Default, Holds Press Conference - Live Feed

After an exuberant day in Argentine bond and stock markets, we are nearing a decision. With a handful of hours left until it's all over, various 'deal's have been proposed today from Argentine bankers as a last-minute rescue package. S&P has already decided that it's a done deal: *ARGENTINA CUT TO SD FROM CCC- BY S&P *ARGENTINA DEFAULTED ON $13B IN FOREIGN DEBT, S&P SAYS *ARGENTINA MISSED $539M BOND PAYMENT, S&P SAYS And now, Argentine Economy Minister Axel Kicillof will speak in a press...

zerohedge.com

2 hrs ago

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Social Media Is Making People Dumber, Fears Elliott's Paul Singer

Ask yourself the following set of questions: Do people seem better informed today in the developed world? Smarter? Is the discourse more sophisticated? The answer is a resounding “no” to all those questions... In the absence of [a basic ground in history, political science, philosophy and civilization], all of these Twitter and Facebook bits alight on a population that lacks the tools to sort or analyze what they are reading while scrunched over their Androids... This overabundance of...

zerohedge.com

1 hr ago

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The months around the government shutdown posted the best economic growth of the recovery | WashingtonExaminer.com

Last year's government shutdown coincided with the strongest economic growth of the economic recovery, data released by the Bureau of Economic Analysis Wednesday show. The BEA's revised statistics show that the gross domestic product, adjusted for inflation, grew at an annual rate of about 4 percent in the second half of 2014 — faster than any other two-quarter period during the economic expansion that began in the second half of 2009. The updated data, which includes more information on...

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New York Met Opera proposes federal arbitration in bitter labor dispute

By Jonathan Allen NEW YORK (Reuters) - New York's Metropolitan Opera has proposed bringing in a federal mediator to resolve its most bitter labor dispute with its musicians and other unionized employees in decades, the company said on Wednesday. The suggestion comes a day before current employment contracts expire, but will not alter the Met's plans to lock out the employees and suspend their health benefits beginning on Friday if new agreements are not reached, the company said. The Met has...

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2 hrs ago

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Can Argentina avoid another default?

Argentina has just hours to avoid a second debt default in 13 years that could plunge the country into turmoil.

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6 hrs ago

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Right Now: House Voting Whether To Sue Obama

House Republicans are expected to formally approve their lawsuit against President Obama today. As John Boehner wrote earlier in the week, "President Obama has overstepped his constitutional authority — and it is the responsibility of the House of Representatives to defend the Constitution." Voting has started on the 'impeachment lite' bill...

zerohedge.com

3 hrs ago

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