Top Interest Rate Headlines 12-17-10: Arizona sues Bank of America over mortgage servicing

Arizona sues Bank of America over mortgage servicing 
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Financial rescue cheap vs past crises: Geithner
By David Lawder, Reuters
The price of corporate bailouts in 2008 and 2009 looks cheap compared to past crises, U.S. Treasury Secretary Timothy Geithner said on Thursday, while urging more drastic action from housing finance giants Fannie Mae and Freddie Mac to help homeowners.
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ELX to SEC: new rules unfairly benefit NYSE
By Ann Saphir, Reuters
ELX Futures LP told regulators late Wednesday that a proposed rule would give NYSE Euronext's U.S. futures exchange an unfair advantage against ELX in competing against CME Group Inc, and should be rejected. ELX Futures, whose own attempt to challenge CME Group 's dominance in the lucrative market for Treasury futures trading has met with limited success, said that the proposed rule will enshrine NYSE Euronext 's co-owned New York Portfolio Clearing as a "monopolist."
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House Republicans Urge Regulators to Exempt Manufacturers From Swaps Rules
Bloomberg
Two U.S. lawmakers who will take leadership roles in the next Congress said regulators must ensure manufacturers and commercial end-users are exempt from margin requirements for the $583 trillion swaps market.
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U.S. Treasury Department Statement On House Passage Of Tax Cut, Unemployment Insurance Package
Press Release
The U.S. Department of the Treasury today released the following statement from Treasury Secretary Tim Geithner regarding the passage of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 by the House of Representatives:
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Commentary: The Role of SWAPs In The Financial Panic of 2008
Traders Magazine
There were many causes of the Financial Panic of 2008.
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Banks told must restrain bonus payments
Reuters Finance News (EU) via Yahoo! UK & Ireland Finance
LONDON (Reuters) - British politicians and the Bank of England stepped up pressure on banks on Friday to rein in bonuses, as a new code on bonus curbs from the country's financial regulator said some ...
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Banks face an extra L80bn of bad debts
Daily Telegraph
Britain's four largest lenders are facing losses on loans to consumers of up to L80bn over their own forecasts, the central bank has warned in its latest Financial Stability Report.
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Goldman Deal Pushes Commercial Mortgage Bond Sales Past $11 Billion Mark
Bloomberg
Goldman Sachs Group Inc. and Citigroup Inc. sold $876.45 million of bonds linked to U.S. commercial real estate, pushing 2010 sales to $11.5 billion as strategists forecast next year's offerings will quadruple.
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RBS Sells $6.1 Billion of Assets to Mitsubishi UFJ
BusinessWeek
Royal Bank of Scotland Group Plc sold about 3.9 billion pounds ($6.1 billion) of project finance assets to Bank of Tokyo-Mitsubishi UFJ Ltd.
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Citigroup Opens High Tech Branch in Union Square
NYConvergence
In an effort to spruce up its consumer facing operations, Citigroup Inc. is opening a flashy new branch in Union Square today at the location of the Virgin Megastore that closed down mid 2009. The branch, apparently the first in a string of planned 'flagship' branches in major US and international cities, features laptops and [...]
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Morgan Stanley CEO: I will escort out any bonu$ leakers
New York Post
Talk about going off script. Morgan Stanley Chief Executive James Gorman raised some eyebrows during a routine conference this week when he threatened to "personally escort" [out] anyone found leaking any details of the firm's compensation levels to the media, The Post has learned. Gorman, who has been pushing...
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Morgan Stanley on track to top Europe's M&A rankings
eFinancial News
Morgan Stanley is on track to top the coveted mergers and acquisitions league tables for Europe for a second year in a row, in what turned out to be another dismal 12 months for deal-making in the region.
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Diamond to Become Barclays CEO Three Months Earlier
By Jon Menon and Gavin Finch
Barclays Plc, Britain's third- biggest bank, said Robert Diamond will take over as chief executive officer three months earlier than planned.
Bloomberg
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Bank of America appeals $595 million Lehman ruling
Reuters
WILMINGTON, Delaware (Reuters) - Bank of America (BAC.N) has appealed a bankruptcy court order that it must pay Lehman Brothers Holding Inc (LEHMQ.PK) about $595 million, according to court documents.
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