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A member of the Occupy Wall Street movement places tape over a window of a forclosed home during a recent march in the impoverished community of East New York. (Photo by Spencer Platt/Getty Images)
Pimco: $25 Billion Foreclosure Deal to Hit Pensions Harder Than Banks
The government’s foreclosure-abuse deal with banks is cheap for the loan servicers while costly for bond investors including pension funds, Pacific Investment Management Co.’s Scott Simon says. Five banks committed $20 billion in various forms of mortgage relief plus payments of $5 billion to state and federal governments. “This was a relatively cheap resolution for the banks,” said Simon. “Pension funds, 401(k)s and mutual funds are going to pick up a lot of the load.”[Full Story]
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Jim Rogers: I Am Wary of Stocks Despite Recent Spike
Stocks may be up this year but investors should be wary, as a sound economy isn’t pumping up share prices but rather Federal Reserve meddling is inflating the asset class, says international investor Jim Rogers…. [Full Story]
Larry Summers: I See ‘Virtuous Circle’ Building in US Economy
The U.S. is looking so good that improving economic indicators will build [Full Story]
US on Pace for $1 Trillion Deficit Despite January Dip
The federal deficit was lower through the first four months of the budget [Full Story]
S&P 500 Snaps Five-Week Advance Amid Concern About Greece Rescue
U.S. stocks fell, snapping a five- week-rally for the Standard Poor s 500 [Full Story]
Underwater? Some Banks Paying People to Leave Homes
The markets are abuzz with the news that the banks will ante up to help [Full Story]
Millions of American homeowners were likely excited when they first learned [Full Story]
More Street Talk
U.S. lenders including Bank of America Corp. still face years of litigation and billions of dollars in liabilities tied to the housing collapse after agreeing to settle a probe of abusive foreclosure practices. [Full Story]
- Currency Volatility Falls to Lowest Since 2008 on Growth Signs
- MF Trustee Sees $1.6 Billion Gap Between Claims, Assets
- Future of Bank Benchmark Rate under Review
- S&P Downgrades 34 Italian Banks After Cutting Nation’s Grade
- Greek Prime Minister: Back Bailout or Face Catastrophe
- Critics Worry about ECB Nonchalance over Payments Stress
- Greece Balks at Demand for More Cuts to Get Aid
- Barclays Warns It Will Miss Profit Goal Despite Slashing Bonuses
More Finance News
Americans turned less optimistic about the economy in early February on worries about falling income even as their outlook on the jobs market rose to a record high, a new survey shows.[Full Story]
- Obama Budget to Project $901 Billion Deficit in Fiscal 2013
- Budget Deficit Drops to $27 Billion in January
- Fed’s Pianalto Says Housing Is ‘Significant Headwind’ to Economy
- Beyond Chinese New Year, a Bear Lurks
- Philadelphia Fed Economists: Jobless Rate to Slip but Growth Will Slow
- Trade Gap Widens More Than Expected as China Deficit Hits Record
- Bankruptcy Lawyers: Student Loans May Be ‘Next Debt Bomb for US’
- Energy Agency Cuts Oil Demand Forecast on Weak Global Growth
More Economy
Toyota Motor Corp. Camry and RAV4 vehicles are under investigation by U.S. automobile-safety regulators after reports of electrical fires in driver-side doors. [Full Story]
- AEP Cuts Amount of Coal-Fired Power Generation It Will Shut
- Brookfield in Talks With Two Companies for Bank of America Space
- International Paper Takeover Gets Conditional U.S. Approval
- GE Holds Dividend Steady, Analysts See Dec. Hike
- Reliance Comm Profit Falls for 10th Straight Quarter
- Apollo Fourth-Quarter Profit Falls 66% on Market Swings
- RadioShack Options May Signal M&A Deal
- Travelers Recovering Well After Crisis
More Companies
The United States may be living through 10 years of sluggish growth that does little to boost domestic oil demand in the short term, the former head of ExxonMobil says. [Full Story]
- Canada Trade Surplus Widens to Three-Year High on Exports
- Copper Prices Seen Rising as Demand Lags
- Emerging Stock Inflows Climb to 15-Month High
- Petrobras Output Growth Slowest in Four Years After Shutdowns
- OSG Says Oil-Tanker Pool Will Halt Iran Trade After Sanctions
- US Investors Flock to Canada’s ‘Yankee’ Bonds
- Peter Epstein: Coal-Stock Rally May Continue to Smolder
- Europe Trading Tax May Wipe 10% From Stocks Value, HSBC Says
More Markets
Chief executive officers need to leave their egos at the door because micromanaging only works against a company’s progress, and not for it, says entrepreneur and business creator Bob Davids.[Full Story] | 
- America Movil Falls as Costs Squeeze Profit
- Charles Gasparino: Obama Mortgage Plan to Hurt Housing
- Carl Weinberg: Greece Agreement Solves Little
- AllianceBernstein Disappoints Again, Stock Falls
- ‘American Dream’ of Home Ownership Still Thrives, Builders Poll Finds
- First Solar Falls on Energy Department Loan Delay, Downgrade
- LinkedIn Shares Jump as Ads, Subscriptions Boost Revenue
- Harris Private Bank: US Economy Starting to Flex Its Muscle
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