Staff Reporter
Bank of America Corp is in talks to sell collection rights on $300 billion of mortgages, two sources familiar with the situation said, in an effort to offload problem exposure after huge losses from its Countrywide Financial acquisition. Congress Approves Some Sandy Relief Amid Anger Over Delay
Congress on Friday approved $9.7 billion in initial relief for victims of Superstorm Sandy, but New York and New Jersey lawmakers seethed over delays in passing the rest of a $60.4 billion federal aid package. Major Borrowers to Reduce Bank Deposits
Wall Street dealers expect hedge funds, insurance companies and other borrowers to pull some cash from commercial banks when a financial crisis-era deposit insurance program expires at the end of the year, the Federal Reserve said on Thursday. Home Prices Rose For Ninth Straight Month
U.S. single-family home prices rose in October for nine months in a row, reinforcing the view the domestic real estate market is improving and should bolster the economy in 2013, a closely watched survey showed on Wednesday. Scouts Can Lease Public Land, Despite Stance on Gays
The Boy Scouts of America can lease public land from the City of San Diego for a cheap rate, even though the scouts prohibit atheists, agnostics and homosexuals from becoming members, a U.S. appeals court ruled. Existing Home Sales Rise to Fastest Pace in Three Years
Home resales rose sharply in November to their fastest pace in three years, a sign the recovery in the housing market is gaining steam. Fannie, Freddie May Have Lost $3 Billion in Libor
Mortgage finance giants Fannie Mae and Freddie Mac may have suffered more than $3 billion in losses due to manipulation of the benchmark interest rate known as Libor, according to an internal memo by a federal watchdog. U.S. Home Building Permits Approach Four-and-Half-Year High
U.S. homebuilding permits touched their highest level in nearly 4-1/2 years in November, pointing to strength in the housing market, even though groundbreaking activity dropped. Two Killed as Sicilian Apartment Buildings Collapse
Two people were killed and 10 were injured when two apartment buildings collapsed overnight in the historical center of Palermo in Sicily, Italian emergency services said on Tuesday. China Home Prices Rises Quicken, Uptrend Takes Hold
China home prices showed fresh signs of recovery taking hold in November, the fourth month in the last five to show a rise as a two-year long government campaign to curb prices frays. Israel Approves 1,500 More Settler Homes in East Jerusalem
Israel approved plans to build 1,500 more Jewish settler homes in east Jerusalem on Monday, an official said, days after provoking international protests against a project for another 3,000 such homes on land it captured in the 1967 Six-Day War. UBS Faces $1.5 Billion Day of Reckoning Over Rate Rigging
UBS AG will pay around $1.5 billion to settle charges that a group of traders at its Japanese unit rigged Libor interest rates, a source familiar with the matter said on Monday as the Swiss bank prepares for a deal with regulators. U.S. Agency Sues JPMorgan Over Mortgage Securities
The U.S. credit union regulator sued JPMorgan Securities and Bear Stearns & Co on Monday over $3.6 billion in mortgage securities the bank allegedly sold to credit unions that collapsed because of losses from the securities. As Crisis Brewed, Growing But Uneven Concerns at NY Fed
Top officials at the Federal Reserve Bank of New York expressed growing but uneven concerns about the brewing mortgage-market crisis in 2007 and 2008, according to minutes of board meetings that underline how authorities failed to grasp the real dangers the economy faced at that time. After Sandy, Adjuster Comes, But Not the Cash (Commentary)
When your home is destroyed, your first urge is to fix it. You want to rebuild, remove the smell of saturated insulation and the sight of mud-stained floors with the new, the clean, the livable. SEC Has Examined Bank of America Mortgage Repurches
Securities regulators have made inquiries into the mortgage repurchase practices at Bank of America Corp's Countrywide unit, according to a transcript filed in a lawsuit against the bank by insurer MBIA Inc. Bank of America CEO Moynihan: Don't be Quick to Ditch Fannie and Freddie
Bank of America Chief Executive Brian Moynihan on Friday said the taxpayer-supported mortgage giants, Fannie Mae and Freddie Mac, should not be eliminated as policymakers calibrate the right balance of government support for home buying. Dundee Shares Surge After Restructing Real Estate Unit
Shares of Dundee Corp soared as much as 14 percent on Friday after the asset management company said it would distribute half of its stake in its real estate unit to shareholders, unlocking value in frustration over what it believed was a low share price. Metlife and Partner Buy Washington, D.C. Building for $730 Million
MetLife Inc and an undisclosed joint-venture partner have bought Washington D.C.'s largest, privately owned office building, the insurance company said on Thursday. Actor Depardieu Puts Paris House Up For Sale
French actor Gerard Depardieu, accused of trying to escape the taxman by buying a house just over the border in Belgium, has put his sumptuous Parisian home up for sale. Squatters of Rome Scrape By at the Margins in Italy's Crisis
When Mariangela Schiena moved to Rome from southern Italy 11 years ago, all she hoped for was a simple life, with a roof over her head and a home where she could start a family. Hong Kong Leader Survives No Confidence Vote Over Building Work
Hong Kong's new leader Leung Chun-ying narrowly survived a motion of no-confidence on Wednesday over unauthorized building works in his home that have undermined his integrity and triggered calls for his resignation. U.S. Seizes Texas Condo Says It Was Owned By Former Mexican Governor
A U.S. federal judge said the government has seized a luxury Texas condominium purportedly owned by a fugitive former Mexican governor wanted on suspicion of aiding drug traffickers, the U.S. Attorney's Office said Tuesday. PIMCO Flagship Fund Cut Mortgages, Treasures Ahead of FED Call
The PIMCO Total Return Fund, the world's largest bond fund, reduced its exposure to mortgage bonds and Treasuries in November after profiting as a result of the Federal Reserve's stimulus measures, data from the firm's website shows. Massachusetts Slaps Utilities With Record Fines for 2011 Outages
Massachusetts has fined three electric utilities an unprecedented $24.8 million for their slow response to widespread power outages caused by 2011's devastating Tropical Storm Irene and a pre-Halloween blizzard. Genworth Names Thomas McInerney CEO
Genworth Financial Inc named Thomas McInerney chief executive as the insurer looks to move past the billions of dollars in losses from its mortgage insurance business. Obama Seeks $60.4 Billion for Sandy Repairs, States Want More
President Barack Obama asked Congress on Friday to approve a $60.4 billion aid package to help East Coast states rebuild after Superstorm Sandy, well short of their initial requests. Greece Says Qatar Eyeing Investment in Defense Sector
Qatar is interested in Greek defense companies being privatized and could submit investment plans when Prime Minister Antonis Samaras visits the Gulf state early next year, Greece's defense minister said on Monday. In Giant 'Garage Sale' Japan's TV Giants Hawk $3 Billion of Assets
Panasonic Corp, Japan's struggling maker of Viera brand TVs, owns more than 10 million square meters of office and factory space, dormitories for its workers and sports facilities for its rugby, baseball and women's athletics teams. Brazil Offers New Tax Breaks As Economy Sputters
Brazil's government on Tuesday extended tax breaks to the country's construction industry in a new effort to encourage investment and boost flagging growth in the world's sixth-largest economy.
EDITOR'S PICKS
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Gov. Gavin Newsom Expedites Temporary Housing For Residents In Areas Struck By LA Wildfires
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Pasadena Native Lost Her House To LA Wildfires One Day After Paying Off Her Mortgage: 'It's Gone'
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How The Mircale Malibu Mansion And Pacific Palisades Home Survived The Devastating LA Fires
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What Happens To Your Mortgage And Property Tax When You Lose Your Home In A Natural Disaster?
