Nov
Reuters - Merrill Lynch & Co said on Friday that the majority of its best-performing financial advisors will join Bank of America Corp when that bank buys Merrill at the end of the year.
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Nov
AP - The young prosecutor tapped to monitor the $700 billion financial rescue plan has brought down Colombian drug traffickers, gone after swindling corporate executives and now heads the mortgage fraud unit for the U.S. attorney’s office in Manhattan.
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Nov
Reuters - President George W. Bush intends to nominate Assistant U.S. Attorney Neil Barofsky to be the special inspector general for the Troubled Assets Relief Program at the Treasury Department, the White House said on Friday.
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Nov
AP - The Federal Deposit Insurance Corp. says a new plan could help 1.5 million American households avoid foreclosure.
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Nov
AP - Mortgage finance company Freddie Mac is asking for $13.8 billion out of a potential $100 billion in government aid after posting a massive quarterly loss.
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Nov
AFP - Freddie Mac, one of the mortgage finance giants taken over by the government earlier this year, reported Friday a quarterly loss of 25.3 billion dollars as it asked for a fresh capital infusion.
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Nov
BusinessWeek Online - Individual investors aren’t the only ones scared to look at their portfolios. Insurance giants are also watching their holdings wither, a situation that could have serious implications for their customers and the markets. The biggest independent life insurer, MetLife, reported total paper losses of $12.2 billion on its $340 billion portfolio. “You have to plan for things to be depressed for the next few quarters at a minimum,” says Steven A. Kandarian, chief investment officer at MetLife.
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Nov
BusinessWeek Online - It may seem like ancient history now, but not long ago the mortgage industry was turning ordinary people into millionaires. One of them was Sharmen Lane, a high school dropout who, like many other young women during the boom, found her way into an obscure banking job with the clunky title “mortgage wholesaler.” Her experience — and the experiences of other wholesalers like her — offers a glimpse into the recklessness and indulgence that drove the industry to ruin.
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