ARLINGTON, Va. - (01/07/05) -- Friedman, Billings, Ramsey Groupsaid it has hired eight former top executives at Freddie Mac'sinternal bond trading group to create an institutional mortgagebacked securities trading business. The new group will be headed byMichael Swell, formerly vice president and chief of Freddie MacsSecurities Sales and Trading Group, which was discontinued lastyear. Robert Cole, formerly head trader at SS&TG, will run thetrading desk. The MBS business will be combined with Friedman,Billings' asset backed securities operations. Freddie Mac shut downthe market-making operations of its securities sales and tradingunit at year-end.
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The top five banks and thrifts had combined assets of more than $13 trillion as of December 31, 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
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The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
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The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
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