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Apr 30, 2014
DealBook P.M. Edition - April 30, 2014: Regulator's Report Discovers More Issues With Bank Foreclosure Practices.
Regulator's Report Discovers More Issues With Bank Foreclosure PracticesA new report from a banking regulator offers a snapshot of the morass of problems that mortgage holders who fell behind in payments experienced during the financial crisis.
Senators Express Concern on Reverse Mortgage RulesSenator Charles Schumer and Senator Barbara Boxer urged the Department of Housing and Urban Development to clarify the rules around reverse mortgages, a type of loan that has increasingly saddled middle-age children with the mortgages of their parents.
Troubled-Mortgage Funds Are on the Rise, but Face HeadwindsDistressed-mortgage funds are suddenly hot, but it is unclear whether the strategy of investing in delinquent home loans will live up to the marketing hype.
Another View: What Bank of America's Accounting Mistake Can Teach the MarketDo big banks have strong enough management of their risks and good internal controls to detect accounting problems? Mayra Rodríguez Valladares examines the problem in Another View.
Energizer to Split in TwoEnergizer said that it plans to split into two publicly traded companies: one for household products like Energizer batteries, the other for personal care products like Schick razors.
Intrade Co-Founder Opens Fantasy Sports SiteBy styling the new company as a fantasy sports site and not a betting and prediction market, Tradesports.com hopes to avoid the kind of regulatory trouble that hastened Intrade's demise.
BNP Paribas Says $1.1 Billion May Not Cover U.S. FinesThe French bank warned on Wednesday that it might have to pay penalties. The bank also reported that first-quarter profit increased 5 percent from the period a year earlier.
Alstom Backs G.E.'s Offer Despite French Government's ConcernsThe struggling French conglomerate's board "has unanimously endorsed G.E.'s offer," but the directors will also consider a rival offer from the German industrial giant Siemens.
Why Only One Top Banker Went to Jail for the Financial CrisisThe economic catastrophe of 2008 was the largest of its kind since the Depression. Jesse Eisinger, writing in The New York Times magazine, asks who's taking the fall?
Data on Unemployment in EuropeA report this week is likely to provide important clues about the course of the economic recovery in Europe. On Friday, Eurostat will publish data on unemployment in March. Those numbers will help to ground the thinking of the European Central Bank, which plans to hold a monetary policy meeting on May 8 in Brussels as it faces criticism that it is doing too little to keep deflationary pressures under control.
Labor Department Set to Report on JobsThe Labor Department on Friday plans to report the latest data on hiring and the unemployment rate in April. Month-to-month gains in hiring have been volatile recently, but most economists expect a fairly robust report on the job market this month. The consensus calls for an increase in payrolls of 210,000 and a decline in the unemployment rate to 6.6 percent. If the actual payroll gain meets or exceeds that estimate, it will be the best month for hiring since November 2013, and also echo other recent positive signs for the economy, like rising consumer confidence and healthy durable goods orders.