More warnings on Libor probe
TWO MORE bankers were given warning notices by the City watchdog yesterday, setting out the case against those suspected of involvement in alleged attempts to fix Libor.
One of the unnamed traders “dishonestly attempted to interfere” with rate submissions, the Financial Conduct Authority (FCA) said.
I swear some of the cable networks ave become the lowest common denominator these days. Here is another cable network fail: CNN. Putting entertainment first before education.
CNN interrupted an interview with U.S. Gen. James Marks Sunday evening discussing the United States’ position on Ukraine because it was time to hit the red carpet for the Oscars.
“General, General– my apologies, General Marks, I’m going to have to cut you off,” CNN anchor Jim Sciutto said. “Please stay with CNN and CNN.com for continuing developments on the crisis in Ukraine, but next, a live CNN red carpet special on Hollywood’s biggest night.”
Cut to: the Oscars!
And as an encore, here is the MSNBC map fail of Czechoslovakia that hasn’t exist since 1993 brought to you by Alex Wagner show:
Goldman Sachs Escapes HAMP Suit, Ocwen Still Fighting
Law360, New York (March 03, 2014, 7:49 PM ET) — A New York federal court on Monday dismissed claims against The Goldman Sachs Group Inc. but kept alive claims against an Ocwen Financial Corp. subsidiary in a class action alleging homeowners were misled over loan modification agreements negotiated under the federal Home Affordable Modification Plan.
U.S. District Judge Edgardo Ramos, in a 52-page decision, dismissed liability claims against Goldman Sachs and its former subsidiary Litton Loan Servicing LP, and claims against Ocwen Financial, but left breach of contract claims against Ocwen Financial subsidiary loan servicer Ocwen…
Many New Yorkers living in foreclosure limbo
New York has a crisis of foreclosure limbo loans.
Tens of thousands of neighbors in the five boros and Long Island are living year-to-year as a shadow class of struggling homeowners mired in mortgages with no completed foreclosure, no expectation of making payments on the loan and no other alternative to get out from under the bad debt.
Most borrowers want to work out a deal to pay the loan, experts said. But it’s an uphill fight.
Job losses are behind many foreclosures, and the weak job market keeps borrowers unemployed or under-employed — and struggling to catch up — long-term.
In addition, when borrowers finally do sit down with their lenders at a court-appointed settlement conference, they often meet with a low-level employee who lacks the power to make decisions. This leads to still more delays.
Syncora settles RMBS claims with JPMorgan
Syncora Holdings today announced that its wholly owned, New York financial guarantee insurance subsidiary, Syncora Guarantee, settled its residential mortgage-backed securitization related claims with JPMorgan Chase (JPM).
Syncora is to receive a cash settlement, estimated to be around $400 million.
However, the settlement from JPM does not make Syncora whole.
The Bermuda-based company is struggling in the current operating environment.
“Despite these developments and the change in the going concern assessment, the Company continues to face significant risks and uncertainties as described in the Company’s financial statements,” Syncora said in a statement.
According to coverage in Reuters, “home loans such as those issued by the Bear Stearns ‘securitization machine,’ as the bond insurer’s lawsuits have called it, were at the center of the financial crisis. As the loans became delinquent, mortgage-backed securities collapsed, helping to trigger a wider market meltdown.”