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FBI Begins Foreclose Mess Investigation

FBI begins foreclose mess investigation. (CNBC.com) In addition to an investigation by all fifty state attorneys general, a federal law enforcement source says the FBI has just begun an criminal investigation into whether the financial industry broke any laws.

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Mortgage applications down 10.5% (Mortgage Bankers Association) According to a survey by the mortgage bankers association out this morning, mortgage loan application volume was down ten and a half percent on the week, after seasonal adjustment; the refinancing index dropped 11.2% from the prior week.

Blackrock profits rise. (Reuters) Blackrock's profits in the third quarter rose to $551 million, from $317 million the quarter before.

E.U. agrees to make life easier for hedge funds seeking to do international business around Europe(New York Times) Finance ministers in Europe have agreed to a plan that allows European hedge funds access to investors through a single registration. The deal also calls for hedge funds to increase transparency. But reaction is not entirely positive: Some in the U.S. have criticized the plan as discriminating against non-E.U. firms. The plan still must pass the E.U. parliament.

Bank of England President wants greater coordination of economic policies (Bloomberg)Bank of England Governor Mervyn King has called for a 'grand bargain' to avoid a spiral of protectionism. Of particular concern to King is the possibility that trade rivals may engage in a downward spiral of currency devaluation in an attempt to gain a competitive advantage.