I hope you really, really like the phrase "put-back exposure."
Stocks came back from the lows of the session in the last few minutes of the session to end just slightly lower after a tepid government bond auction, a disappointing jobs report and the fallout continued over foreclosure practices at major banks. Bank of America and JPMorgan fell, while McDonald's rose.
Stocks pulled back from the lows of the session but remained down after a tepid government bond auction, a disappointing jobs report and the fallout continued over foreclosure practices at major banks. Bank of America and JPMorgan fell, while McDonald's rose.
A bigger issue emerging is what those robosigners, perhaps unbeknown to them, were covering up—big flaws in mortgage securitization that could open the floodgates to investor lawsuits against trusts.
Stocks fell after news of higher inflation and weakness in the employment market, and as financial stocks skidded. McDonald's and Verizon rose, while Bank of America and JPMorgan fell.
It is very difficult for the S&P 500 to move ahead with financials so weak today (financials are the second biggest sector in the S&P 500, at 15.5 percent of the index, tech is the largest at 18.9 percent), but techs and healthcare are showing some mid-morning strength.
The US mortgage foreclosure crisis deepened as it emerged that Wells Fargo may have used practices that prompted rivals to halt home repossessions, and JPMorgan Chase said banks might be fined over the issue.
The foreclosure mess was years in the making and came as little surprise to industry insiders and government officials, the New York Times reports.
JPMorgan kicked off the major banks to report earnings Wednesday, posting a better-than-expected profit, helped by lower loan losses in its retail and credit card units. So is this the time for investors to buy banks? Matt McCormick, banking analyst and portfolio manager at Bahl & Gaynor Investment Counsel and Chris Kotowski, senior research analyst at Oppenheimer & Co. shared their insights.
Up to 40 state attorneys general are preparing to launch a joint investigation into the mortgage industry over the foreclosure-document mess.
Wells Fargo has begun a review of pending home foreclosures, making it the latest major lender to announce an investigation into potential fraudulent foreclosure affidavits, the Wall Street Journal reported Tuesday.
Foreclosure Gate dominates the headlines. But for Jim Rickards and Chris Whalen none of this is very surprising.
Cramer makes the call on viewers' favorite stocks.
Stocks edged higher at the close, with the Dow climbing back above 11,000 after a late session drop, amid thin holiday trading and ahead of a big week of earnings announcements. Boeing and JPMorgan rose, while DuPont and 3M fell.
Stocks turned mixed Monday amid quiet holiday trading as investors considered the next steps from the Federal Reserve and the release of several major earnings reports this week. DuPont and 3M fell, while Boeing and JPMorgan rose.
Stocks struggled for direction amid quiet holiday trading as investors considered the next steps from the Federal Reserve in the wake of a disappointing jobs report on Friday. 3M and Caterpillar fall, while JP Morgan rose.
In a Washington Post op-ed piece this week, Timothy Geithner makes the case that the Troubled Asset Relief Program was much more successful than most would believe. He outlines five myths about TARP and why the general disdain towards this program is without merit. The piece deals mostly with the prudence of TARP as a financial rescue program. Maybe; debate will rage on I’m quite sure as to its effectiveness.
See what's happening, who's talking and what will be making headlines on Monday's Squawk on the Street.
Two big banks, Bank of America and PNC Financial Services Group, announced further cutbacks in foreclosures, the latest fallout from flawed paperwork in the foreclosure process that has become a major obstacle to the housing market's recovery.
The uproar over bad conduct by mortgage lenders intensified Tuesday, as lawmakers in Washington requested a federal investigation and the attorney general in Texas joined a chorus of state law enforcement figures calling for freezes on all foreclosures, reports the New York Times.