Will the Proposed Banking Settlement Have Unintended Consequences?
By Joseph R. Mason and Hal J. Singer, Harvard Business Review
Today's news is full of details regarding the settlement talks between the largest mortgage servicers and government officials, including the Treasury Department and some state attorneys general. Such a settlement must be carefully crafted if it is to avoid making the housing markets worse. An important part of that task is facing the true costs and consequences of a major new principal reduction program.
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U.S. regulators define safe home loan
By Dave Clarke, Reuters
U.S. lenders would have to offer mortgages with at least a 20 percent down payment if they want to repackage the loan to sell to other investors without keeping some of the risk on their books, according to a proposal U.S. bank regulators endorsed on Tuesday.
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Fed's Bullard: could trim bond buying by $100 billion
By Jan Lopatka and Michael Winfrey, Reuters
St. Louis Federal Reserve chief James Bullard urged the U.S. central bank on Tuesday to begin reversing its campaign of monetary easing, saying it could trim its $600 billion bond-buying program by $100 billion.
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Alan Greenspan: Dodd-Frank fails to meet test of our times
FT.com
The US regulatory agencies will in the coming months be bedevilled by unanticipated adverse outcomes as they translate the Dodd-Frank Act’s broad set of principles into a couple of hundred detailed regulations. The act’s underlying premise is that much of what occurred in the market place leading up to the Lehman Brothers bankruptcy was excess (hardly controversial) and that its causes would be readily addressed by this wide-ranging statute (questionable).
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U.S. regulators define safe home loan
By Dave Clarke, Reuters
U.S. lenders would have to offer mortgages with at least a 20 percent down payment if they want to repackage the loan to sell to other investors without keeping some of the risk on their books, according to a proposal U.S. bank regulators endorsed on Tuesday.
http://jlne.ws/htYh0z
Bullard in Prague: QE experience shows monetary policy can be eased aggressively even w/ near-zero rate
Federal Reserve Bank of St. Louis
On Tuesday, Federal Reserve Bank of St. Louis President James Bullard delivered remarks titled “U.S. Monetary Policy: Recent Developments” as part of a central bankers panel discussion at the 19th European Banking and Financial Forum in Prague...
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Standard & Poor's downgrades Greece, Portugal
By Andrei Khalip and Ingrid Melander Andrei Khalip And Ingrid Melander, Reuters
Standard & Poor's downgraded Greece and Portugal on Tuesday, citing risks that the countries' debts to a new European bailout fund would be repaid before bond investors, sending their borrowing costs sharply higher.
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Bankers pleased with ‘skin in the game’ rule
By Ronald D. Orol, MarketWatch
Bankers were mostly pleased with a long-awaited proposal on mortgages from federal regulators Tuesday because it exempts, for now, banks from a key rule if they sell loans to Fannie Mae and Freddie Mac.
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FDIC set to endorse risk-retention rule
By Dave Clarke, Chicago Tribune
U.S. lenders would have to offer mortgages with at least a 20 percent down payment if they want to repackage the loan to sell to other investors without keeping some of the risk on their books, according to a proposal U.S. bank regulators endorsed on Tuesday.
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A Look at Case-Shiller, by Metro Area
By Phil Izzo, WSJ.com
The S&P/Case-Shiller Composite 20-city home price index, a broad gauge of U.S. home prices, posted a 1% drop in January from a month earlier and fell 3.1% from a year earlier, as the housing market faced a new round of trouble.
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Nouriel Roubini's 10 Big Risks To The US Economy
By Joe Weisenthal, Business Insider
In a note to clients of RGE Monitor, Nouriel Roubini listed 10 downside risks to the global economy...
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Spain's Caja Madrid to get 188 mln euros from Mapfre
Reuters
Spanish savings bank Caja Madrid will receive 188 million euros ($265.4 million) from the dissolution of its cross-shareholding pact with Mapfre (MAP.MC), the Spanish insurance company said on Tuesday.
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Dying Banks Kept Alive Show Secrets Fed's Data Will Reveal for First Time
Bloomberg
By Craig Torres and Bob Ivry, Bloomberg
U.S. regulators closed Chicago- based Park National Bank in October 2009 when it owed $345 million to one of the lowest-cost lenders in town: the Federal Reserve’s discount window. Park National had been a constant customer at the window for more than 18 months before it failed, records show.
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NYSE, ELX Make Gains In CME's Eurodollar Stronghold
By Jacob Bunge, DOW JONES NEWSWIRES
NYSE Euronext (NYX) had become the leading rival to CME Group Inc. (CME) in the rate-futures market by the end of last week though the Chicago company's two challengers mustered a share of just 3.6% between them, according to data released Monday. The NYSE Liffe U.S. arm of the transatlantic exchange operator traded more than 60,000 Eurodollar futures on Mar. 25 as it completed its first week of trading, overtaking the record haul of nearly 42,000 at ELX Futures LP, which launched the product last June.
Swaps Reform Shouldn’t Mimic Futures Market Rules, ISDA Says
By Matthew Leising and Shannon D. Harrington, Bloomberg
U.S. regulators writing rules to oversee the $583 trillion privately negotiated swaps market for the first time shouldn’t seek to impose the same restrictions they enforce on exchange-traded futures, an industry group said.The International Swaps and Derivatives Association proposed changes to Commodity Futures Trading Commission and Securities and Exchange Commission plans that will create so- called swap-execution facilities. The trading systems should be allowed to limit participants, have flexibility in how many investors see price quotes and not rely on “non-analogous” markets like futures for guidance, the New York-based group said in a paper released today.
ISDA: SEF Rules Should Provide Greater Choice, Access and Liquidity to OTC Derivatives Market Participants
Press Release
NEW YORK, Tuesday, March 29, 2011 – In a paper published today, the International Swaps and Derivatives Association, Inc. (ISDA) outlined its views on the role, impact and optimal structure for Swap Execution Facilities (SEFs*) in the global over-the-counter (OTC) derivatives markets.
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Regulators to vote on mortgage securities rules: report
Reuters
Banks will be forced to keep some risk when they securitize all but the most conservatively written mortgages under rules that regulators are expected to vote on Tuesday, the New York Times reported on Monday.
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Bank Bonuses Said to Get Scrutiny From European Regulator After Complaints
Bloomberg
The European Union's top financial regulator will review this year's bonus awards following criticism of large payouts for bank executives, two people with knowledge of the situation said.
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Lloyds Hires JPMorgan, Citigroup for Sale of 600 Branches
BusinessWeek
Lloyds Banking Group Plc, Britain's biggest mortgage lender, said it hired Citigroup Inc. and JPMorgan Chase & Co. to oversee the sale of 600 branches as required by European Union regulators.
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Nomura US investment bank head quits
By Michiyo Nakamoto, Financial Times
Nomura has replaced its head of investment banking in the US, in the latest management change to hit the Tokyo-based banking group, as it struggles to make its mark in the North American market.
http://jlne.ws/ep8pTG
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