Apr 30, 2014

DealBook P.M. Edition - April 30, 2014: Regulator's Report Discovers More Issues With Bank Foreclosure Practices.

For the latest updates, go to dealbook.nytimes.com »
WEDNESDAY, APRIL 30, 2014
TOP STORY
Last year, regulators had negotiated a $10 billion deal with 15 banks over foreclosure issues.
Regulator's Report Discovers More Issues With Bank Foreclosure Practices A 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.
For the latest updates, go to dealbook.nytimes.com »
DEALBOOK HIGHLIGHTS
Senators Express Concern on Reverse Mortgage Rules Senator 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.
Donald R. Mullen Jr. was the manager of Goldman Sachs's subprime mortgage trade during the housing bubble.
Troubled-Mortgage Funds Are on the Rise, but Face Headwinds Distressed-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.
A nuclear plant in Byron, Ill., owned by the Exelon Corporation.
Utility Operator Exelon to Buy Pepco for $6.8 BillionBuying Pepco will add operations in New Jersey, Delaware, Maryland and Washington to Exelon's existing East Coast operations.
David M. Rubenstein, the co-founder and co-chief executive of the private equity giant Carlyle Group.
Carlyle Earnings Fall 18% Private equity may be a booming business, but the Carlyle Group was weighed down by declines in its global market strategies business and real assets segment.
A Bank of America branch in New York.
Another View: What Bank of America's Accounting Mistake Can Teach the Market Do 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.
Thomas H. Lee brought his wit to a charity gala.
Take My Buyout, Please … Thomas H. Lee, who was honored Tuesday night for his philanthropy at an event organized by the UJA-Federation of New York, knows how to work a room.
Energizer's headquarters in St. Louis.
Energizer to Split in Two Energizer 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.
Reuters Breakingviews: Energizer Split Leaves Biggest Problem Intact The main challenge is mustering enough resources to take on the consumer products behemoth Procter & Gamble, writes Kevin Allison.
After paying an entry fee, players on Tradesports.com get to buy and sell different prediction contracts, using fantasy money.
Intrade Co-Founder Opens Fantasy Sports Site By 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.
A branch of BNP Paribas in Paris.
BNP Paribas Says $1.1 Billion May Not Cover U.S. Fines The 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.
A plant for Scania, the Swedish truck maker, in Angers, France.
Volkswagen Extends Offer to Acquire Full Control of Scania Volkswagen, which already controls 62.6 percent of Scania's capital, is hoping to coax more of the Swedish truck maker's shareholders to sell.
Workers gathered in front of the Alstom's headquarters outside Paris on Wednesday.
Alstom Backs G.E.'s Offer Despite French Government's Concerns The 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.
BUZZ TRACKER
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?
LOOKING AHEAD
Data on Unemployment in Europe A 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 Jobs The 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.
For the latest updates, go to dealbook.nytimes.com »

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