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Maryland to get $75M, plus consumer relief, under BofA settlement
Maryland’s share of the $17 billion Bank of America settlement includes $75 million in compensation for state and local governments and their pension plans — and that’s not counting the bank’s agreement to provide consumer relief via such things as mortgage forgiveness, community reinvestment and affordable rental housing.
Fed says economy has slowed, takes no new steps
WASHINGTON — The Federal Reserve said Wednesday that the U.S. economy is losing strength and repeated a pledge to take further steps to boost growth if hiring remains weak. The Fed took no new action after a two-day policy meeting. But it acknowledged in a statement released after the meeting that economic activity had slowed […]
Fed could be moving to more bond buying
WASHINGTON — The Federal Reserve appears to be moving toward announcing some new step to try to energize the troubled U.S. economy. The question is whether it will do so after its policy meeting this week. Probably not, many economists say. The U.S. economy grew at an annual rate of just 1.5 percent from April […]
Fed ready for even further transparency
WASHINGTON — The Federal Reserve under Ben Bernanke has gone further than ever to explain its policies to the public. It’s ready to go further still. A Fed policy meeting Tuesday will likely focus, in part, on an evolving plan to reveal the direction of interest rates more explicitly. The Fed may decide, for example, […]
Fed to shift $400B in holdings to boost economy
WASHINGTON — The Federal Reserve will use more than $400 billion to try to drive down long-term interest rates, make home and business loans cheaper and invigorate the economy. Analysts said the moves would provide only a slight economic benefit. The action the Fed announced Wednesday is modest compared with previous steps it’s taken. The […]
Allstate sues Goldman Sachs over toxic investments
Allstate Corp. is suing Goldman Sachs Group Inc. claiming the broker fraudulently sold it more than $123 million in mortgage-backed securities in 2006 and 2007, before the housing market collapse sent the investments’ value plunging. The insurer claims in a lawsuit filed in New York that the documents Goldman provided at the time “contained untrue […]
Regulator sues Goldman Sachs over risky mortgages
LOS ANGELES — The U.S. regulator of credit unions is suing Goldman Sachs & Co. for more than $491 million in damages over losses incurred by five failed wholesale credit unions that bought mortgage-backed securities from the investment bank. The National Credit Union Administration filed the lawsuit on Tuesday in U.S. District Court in Los […]
AIG sues Bank of America for $10B over mortgages
NEW YORK — More trouble piled up for Bank of America Corp. on Monday, as American International Group Inc. sued it for more than $10 billion, saying the bank cheated it by selling residential mortgage-backed securities that were overvalued. The suit comes on top of similar suits, which together put the bank in a precarious […]
