Pimco, NY Fed Said to Seek BofA Repurchase of Mortgages
By Jody Shenn, Bloomberg
Pacific Investment Management Co., BlackRock Inc. and the Federal Reserve Bank of New York are seeking to force Bank of America Corp. to repurchase soured mortgages packaged into $47 billion of bonds by its Countrywide Financial Corp. unit, people familiar with the matter said.
http://jlne.ws/dfaHUg
B of A pressured to buy back bad mortgages
By Wallace Witkowski, MarketWatch
A bondholders' group is seeking to force Bank of America Corp. /quotes/comstock/13*!bac/quotes/nls/bac (BAC 11.85, +0.05, +0.42%) to buy back some $47 billion in bad mortgages packaged by Countrywide Financial Corp., according to a published report Tuesday. Bloomberg News, citing unnamed people familiar with the matter, reported that Pacific Investment Management Co., BlackRock Inc. /quotes/comstock/13*!blk/quotes/nls/blk (BLK 174.63, -1.87, -1.06%) , and the Federal Reserve Bank of New York wrote to Bank of America and Bank of New York Mellon Corp., the debt's trustee, /quotes/comstock/13*!bk/quotes/nls/bk (BK 25.99, -0.63, -2.37%) faulting Countrywide for not servicing the loans properly.
http://jlne.ws/9d3epe
Prichard Appointed First Vice President - Philadelphia Fed
Press Release
The Federal Reserve Bank of Philadelphia today announced the appointment of D. Blake Prichard to first vice president and chief operating officer, effective January 1, 2011. Prichard is currently the executive vice president responsible for Information Technology Services, Customer Relations, and Treasury and Payment Services. He also oversees the Federal Reserve System's Groupware Leadership Center, which provides national e-mail and related services. He will succeed William H. Stone, Jr., who announced his plans to retire earlier this year after serving as the Bank's first vice president for 23 of his 40 years of service.
http://jlne.ws/cWCbFQ
Buffett Raises Stake in Munich Re
BY WILLIAM LAUNDER AND ERIK HOLM, WSJ.com
FRANKFURT—German reinsurer Munich Re said billionaire investor Warren Buffett continues to increase his stake in the company and that he plans to raise the holdings further over the next year.
http://jlne.ws/bpdHR3
Goldman Sachs Profit Beats Estimates as Expenses Drop
By Christine Harper, Bloomberg
Goldman Sachs Group Inc., the biggest securities firm by revenue, said profit dropped 40 percent, beating analysts’ estimates, as lower costs and higher investment-banking revenue cushioned a decline in trading.
http://jlne.ws/9KpupS
China Abandons The Abacus
By Jacob Goldstein, NPR/ Planetmoney
China said today that it's raising interest rates by a quarter of a percentage point. That's a big deal. China hasn't raised interest rates since 2007, and the move is a sign of strength for China's economy. One interesting detail: It's the first time in modern history that China's central bank made an interest-rate move that wasn't a multiple of .09. "The reason is that on the abacus, adding multiples of nine was much easier than adding multiples of 10. So the modern People's Bank of China inherited that special character from the old days," an economist with Citigroup in Beijing told Reuters.
http://jlne.ws/b7J8uD
Could the Bank of Canada be forced to cut rates again?
By Michael Babad, The Globe And Mail
Economists now believe Bank of Canada Governor Mark Carney won't raise interest rates again until well into next year. Since the recession's end, Mr. Carney has hiked his benchmark overnight rate three times, taking it from its emergency low to 1 per cent.
http://jlne.ws/acqCrM
Guy Hands Testifies in Case Against Citigroup
The New York Times
Guy Hands, the charismatic British financier, took the witness stand on Tuesday before a packed federal courtroom in Lower Manhattan to pursue his fight with Citigroup. Mr. Hands’s private-equity firm, Terra Firma Capital Partners, has sued the bank over its failed buyout of the EMI Group, accusing Citigroup of lying to him about the presence of another bidder during the auction of the music company.
http://jlne.ws/bNed9a
Hedge Funds Seeking Distressed Assets May Turn to Japan, China, Australia
By Netty Ismail and Rishaad Salamat, Bloomberg
Hedge funds seeking distressed assets in Asia may find the best opportunities in Japan, China and Australia next year as banks sell soured loans, and small and medium-sized businesses struggle to attract funding.
http://jlne.ws/c2VuuI
Citigroup to Have 1.5B Shares Sold Off by Treasury
ThirdAge
Citigroup is preparing for a large sale of shares by the U.S. Treasury after the government agency said Tuesday it was preparing to sell 1.5 billion shares of common stock out of its holdings of 3.5 billion shares.
http://jlne.ws/cwlynM
Officials Hint Fed on the Verge of More Easing
By Mark Felsenthal and Pedro da Costa, Reuters
A string of Federal Reserve officials on Tuesday indicated the central bank will soon offer further monetary stimulus to the economy, with one saying $100 billion a month in bond buys may be appropriate.
http://jlne.ws/dx0XF4
Bondholders Pick a Fight With Banks
By RUTH SIMON, WSJ.com
As banks restart foreclosures they had suspended, bondholders are stepping up efforts to recoup losses on soured mortgage portfolios amid concern about sloppy mortgage servicing and underwriting practices.
http://jlne.ws/cZjmb4
Goldman Sachs Cuts Compensation Pool to $370,706 per Employee
By Christine Harper and Michael J. Moore, Bloomberg
Goldman Sachs Group Inc. set aside $13.1 billion for compensation and benefits in the first nine months of the year, down 21 percent from a year earlier, as revenue fell 14 percent.
http://jlne.ws/c0pfJW
Fed Is Monitoring Mortgage Foreclosure Process
By Michael S. Derby, WSJ.com
The leader of the Federal Reserve Bank of New York addressed the ongoing saga of mortgage foreclosures, saying “the Federal Reserve actively encourages efforts to find viable alternatives to foreclosure, like loan modifications, or deeds in lieu.” But he added, “we also support due process and access to legal counsel for homeowners facing foreclosure, for instance through legal aid programs.”
http://jlne.ws/avYnWI
China Raises Interest Rates
By ANDREW BATSON, WSJ.com
China raised interest rates for the first time since emerging from the financial crisis, in a surprise move that highlights the widening gap in the world economy between economically vibrant developing countries and the rich nations trying to fend off stagnation.
http://jlne.ws/copgpn
Housing Starts Rise to Five-Month High in Sign of Stabilization
By Bob Willis, Bloomberg
Builders in the U.S. unexpectedly began work on more homes in September, a sign the real estate market was stabilizing at depressed levels heading into the recent upheaval in the foreclosure crisis.
http://jlne.ws/chRo0z
BOE Governor King Says Some U.K. Inflation Indicators `Extremely Subdued'
By Scott Hamilton and Jennifer Ryan, Bloomberg
Bank of England Governor Mervyn King said that some gauges of U.K. inflation are “extremely subdued,” signaling that he may be open to stepping up bond purchases. Officials are “conscious that the continuing high level of inflation poses the risk that inflation expectations may move up,” King said in a speech today in Dudley, England. Still, the danger that slack in the economy will push price-growth below the bank’s target is “at least as large.”
http://jlne.ws/9455q4
Geithner vows U.S. will not devalue dollar
By Jim Christie and David Lawder
PALO ALTO, Calif./WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner vowed on Monday that the United States would not devalue the dollar for export advantage, saying no country could weaken its currency to gain economic health.
http://jlne.ws/9LzKh3
Finance Minister Lagarde Sees Significant Progress on Hedge Fund Rules
Bloomberg
French Finance Minister Christine Lagarde said European Union finance ministers made "significant progress" in agreeing to tougher hedge-fund and private-equity regulations.
http://jlne.ws/bsdrJZ
CFTC Proposes Swaps Reporting as Step Toward Position Limits
By Alan Bjerga and Asjylyn Loder, Bloomberg
The top U.S. commodities regulator today proposed a rule that will require traders to report over- the-counter swaps based on raw materials including oil and corn, a prelude to trading limits.
http://jlne.ws/bw1dSY
Basel III to ease in new bank liquidity rules
Reuters
Global banking supervisors agreed on Tuesday to phase in the introduction of a key new global standard on lenders' minimum short-term funding cover, handing further relief to a sector facing a hefty funding gap.
http://jlne.ws/dtcUqQ
CME Group wants facelift for credit default swaps
Reuters
CME Group Inc. will try to revamp its languishing credit default swaps clearing service, which has been all but eclipsed by rival clearinghouse operator IntercontinentalExchange Inc., a CME executive said on Monday.
Crain's Chicago Business
http://jlne.ws/9sxAJm
UBS names head executives of Brazil operations
San Francisco Chronicle
UBS AG said Monday it named Lywal Salles as chairman of UBS Group Brazil and Eduardo Centola as CEO of UBS Investment Bank in Brazil. Salles, 64, is the chairman of Banco Itau Europa...
http://jlne.ws/aYug1e
Morgan Stanley Said to Get Nod to Sell C.I.C.C.
New York Times
Morgan Stanley has obtained regulatory approval for its planned sale of a 34.3 percent stake in Chinese investment bank China International Capital Corp , state media reported on Tuesday, according to Reuters.
http://jlne.ws/btcQvW
Former Citadel trader fined $1.1 million
Chicago Tribune
Mikhail 'Misha' Malyshev ordered to pay fine to 2 charities after violating judge's order to preserve potential evidence in lawsuit
A former executive of hedge fund manager Citadel Investment Group LLC recently gave about $1.1 million to two Chicago charities, but the payments were not an act of good will.
http://jlne.ws/dybm3i
Micex Eases Investor Rules to Double Bond Market: Russia Credit
BusinessWeek
Russia is seeking to lure buyers for a record amount of debt sales by easing foreign investor restrictions and offering futures on government bonds for the first time.
http://jlne.ws/do2J0O
Brazil Hikes Tax On Incoming Fixed Income Investment To 6% -Estado
Dow Jones
Facing continued heavy flows of foreign currency, Brazil Monday raised its financial operations tax on incoming fixed-income investment for the second time in a month, and also hiked the tax on guarantees for derivatives operations, according to the Estado news agency.
WSJ.com
http://jlne.ws/bu5xel
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