Receiving Wide Coverage ...
The Home Stretch? Today is the deadline (extended from Friday) for states to sign on to the nationwide robo-signing settlement, and that is one of the few things the papers seem to agree on. The Times says California attorney general Kamala Harris is back at the table. Her state’s “participation would result in having more money available for many other states, including an estimated $500 million in additional money for Florida,” the paper says. But the Journal says the negotiators have offered Harris “a commitment that a certain portion of the deal's benefits go to California,” and suggests that other AGs, including Florida’s Pam Bondi, may balk precisely at this carve-out.
The FT says the deal’s principal reductions alone now could total $40 billion, while the Times and the Journal still use the familiar $25 billion figure for the maximum size of the entire settlement, which would include cash payments to people who lost their homes as well as principal reductions for those struggling to keep theirs. The FT plays up the potential backlash from third-party mortgage investors, since the settlement would give banks credit for writing down loans they service but don’t own. But according to the Journal, “negotiators believe banks will focus on cutting balances on loans they own, both because they would receive more credit … and because of limitations in their contracts with investors who bought mortgage-backed securities.”
Citi in China: Citigroup will become the first western bank to issue credit cards in its own name on the mainland, the papers report. It and HSBC already have back-end support deals in place with Chinese issuers.
Wall Street Journal
President Obama nominated
The Swift network is under pressure to
“Julius Baer, Switzerland's largest private bank, said it expects to
Charles Schwab — the man, not the company named after him — argues in an op-ed that the Fed’s
Financial Times
The sector of the S&P 500 index made up of financial companies “has begun trading above the book value of its assets for the first time since July in a sign of
New York Times
Gretchen Morgenson had two separate stories in the Sunday Times profiling individuals who have been fighting the big banks. One focused on a “mortgage sleuth” who back in 2003
An op-ed on the