Daily Archives: September 6, 2013

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ICAP in talks to settle Libor probe – report

ICAP in talks to settle Libor probe – report

(Reuters) – Broker-dealer ICAP is in advanced talks with U.S and British regulators over a deal to end an investigation into its alleged role in the manipulation of benchmark interest rates, the Wall Street Journal reported on Thursday.

Citing people familiar with the negotiations, the newspaper said an agreement with the U.S. Justice Department and Commodity FuturesTrading Commission (CFTC) and the UK Financial Conduct Authority (FCA) was likely in the coming weeks, although it could be delayed.

ICAP declined to comment. The U.S. Justice Department had no immediate comment. Neither the CFTC nor the FCA could be immediately reached for comment.

British and U.S. regulators have so far fined three banks, UBS, Barclays and Royal Bank of Scotland , a total of $2.6 billion over the rigging of the London Interbank Offered Rate (Libor), which is used to price trillions of dollars worth of products, including derivatives and mortgages.

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Retired cop, fighting cancer and eviction, wins back home

Retired cop, fighting cancer and eviction, wins back home

ATLANTA (CBS ATLANTA) –

A retired Atlanta police detective, who is fighting cancer and eviction, gets to keep her home. 

CBS Atlanta first reported Jacqueline Barber’s story nearly a year ago.

Barber told CBS Atlanta, in an exclusive interview, Occupy Our Homes Atlanta helped her negotiate a deal with her lender after a yearlong struggle.  

The Occupy Our Homes tents and protest signs were gone from Barber’s property Monday night.

It was simply Barber’s house, which is a huge achievement considering she was almost kicked out just a few months ago.

Barber, a retired narcotics detective, a grandmother of four and a bone marrow cancer patient fought and won the right to keep her home after facing nearly certain eviction.

“The fight has been so long and hard, but I’m good now, really good,” Barber said.

Since spring of last year, Barber tried to get her lender to modify her loan.

Her mortgage adjusted from $2,400 a month to $3,800.

The loan changed hands several times.

Barber offered to buy back her home for $150,000, but the new holder of the loan told her to pay $200,000 or get out.

“It was wearing me down,” Barber said.

With the help of activists from Occupy Our Homes and the nonprofit group, Home Free, Barber struck a deal with Ocwen and U.S. Bank to buy back the home for less than market value.

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JPMorgan Chase Drops Out of Student Lending

JPMorgan Chase Drops Out of Student Lending

JPMorgan Chase (JPM) is getting out of the student loan business.

The $2 trillion-asset company will stop accepting new student loan applications on Oct. 12, the company said Thursday. Stiff competition from federal lending programs led the bank to conclude that private student loans held limited future potential.

“Students and their families are increasingly relying on government-backed loans rather than private student loans, and as a result the market has declined by 75% in the last five years,” JPMorgan Chase spokeswoman Trish Wexler told American Banker. “We no longer see growth potential in this market. We’re planning to focus our resources in other businesses where we do see room for growth, like auto lending.”

New of the bank’s decision to exit student lending was first reported by Reuters.

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HAMP mortgage case against BofA fails to proceed

HAMP mortgage case against BofA fails to proceed

A federal judge ruled that a lawsuit accusing Bank of America (BAC) of reneging on promises to help distressed homeowners modify their mortgages cannot proceed as a class action.

Per Reuters:

While saying the borrowers’ claims may have merit, U.S. District Judge Rya Zobel in Boston said there are so many individual factual issues that they “cannot sensibly be adjudicated” together on a classwide basis.

Source: Reuters