Fed releases bank plans to fix mortgage servicing
MarketWatch
The Federal Reserve on Monday released action plans for correcting mortgage servicing delinquencies developed by nine large financial institutions after being sanctioned last year. The action plans are required by major banks that were sanctioned by the Fed last year for "negligence" in residential mortgage loan servicing and foreclosure processes.
http://jlne.ws/wX3PD5
NFA takes emergency enforcement action against Texas firm J Hansen Investments LLC and its principal, Jonathan Hansen
Press Release
National Futures Association (NFA) announced today that it has taken an emergency enforcement action against J Hansen Investments LLC (JHI) and its principal, Jonathan Hansen (Hansen). J Hansen Investments is an NFA Member commodity pool operator located in Houston, Texas and Hansen is also an NFA Associate.
http://jlne.ws/wVUCta
Federal Court in Illinois Orders Former Futures Trader David Sklena to Pay over $6.6 Million for Cheating Customers
Press Release
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained a federal court order requiring former Chicago Board of Trade (CBOT) floor trader and registered floor broker David Sklena of Skokie, Ill., to pay a disgorgement and civil monetary penalty of $6,608,750 for aiding and abetting another trader’s scheme to cheat customers who placed orders in Five-Year Treasury Note futures contracts.
http://jlne.ws/wSYubK
Draghi’s Unlimited Loans Are No Panacea
Bloomberg
European Central Bank President Mario Draghi’s success in quelling a bond-market rout across the euro region’s periphery masks a failure by the region’s banks to bolster their capital.
http://jlne.ws/yvc93f
Standard & Poor's Puts EFSF On Downgrade Watch—AGAIN
Business Insider
Standard & Poor's just placed the European Financial Stability Facility—the eurozone bailout fund—on creditwatch negative.
http://jlne.ws/wJgkhQ
A Buffett Heir, but Who?
WSJ.com
Warren Buffett on Saturday sought to reassure Berkshire Hathaway Inc. shareholders girding for an inevitable but anxiety-provoking leadership transition, stating that an unnamed individual has been chosen to eventually succeed him as the conglomerate's chief executive.
http://jlne.ws/yxpBGG
Volcker Punishes Small Bonds in Liquidity Trap: Credit Markets
SFGate - Bloomberg
Tougher regulations on risk-taking by banks and the growth of exchange-traded funds that buy the most actively traded junk bonds are penalizing smaller borrowers seeking capital.
http://jlne.ws/zosF4a
ECB Loan Program Eyed for Take-Up Size
WSJ.com
The European Central Bank is back in the spotlight this week as it prepares to launch the second round of its program to support the euro-zone banking system with the offer of unlimited three-year funds, even as concern lingers that it risks monetary instability if repeated too often.
http://jlne.ws/x3UMjs
Zoellick Sees China Heeding Suggestions
WSJ.com
A report by the World Bank and a prominent Chinese think tank recommends sweeping changes in the Chinese economy, including reducing the power of state-owned enterprises and breaking up monopolies, but doesn't examine the role of the institution that will have the biggest say in such changes: the Chinese Communist Party.
http://jlne.ws/whmfh2
Corporate Bond Issuance Can’t Match Demand, Citigroup Says
Bloomberg
There aren’t enough corporate bonds available to satisfy investor demand because the amount of securities that have matured this year is outstripping new issuance, according to analysts at Citigroup Inc. (C) in London.
http://jlne.ws/wfC3NS
G20 will be more involved only after the Eurozone increases
Ashraflaidi
G20 will be more involved only after the Eurozone increases financial firewall; Italian and German bond auctions; Eurozone M3 grew and Italian business confidence declined; ECB deposits remain elevated. Market turns to pending home sales and Dallas FED manufacturing. Remaining Premium trades are shorts in ES (Emini S&P500), AUDNZD & longs in gold & EURGBP. Longs in US crude and EURUSD were all done.
http://jlne.ws/wmnXc1
Central Bank of Hungary governor offers to donate salary
http://jlne.ws/wAwYrD
Banks to guzzle another 500 billion euros from ECB
Reuters
Banks will guzzle another half a trillion euros of cheap three-year loans offered by the European Central Bank on Wednesday, according to a Reuters poll of money market traders, who said the opportunity would be the last of its kind.
http://jlne.ws/AAOfck
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