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Aug 21, 2014

FDIC | Press Release -August 21, 2014: FDIC Announces Settlement With Bank of America.



Press Release

FDIC Announces Settlement With Bank of America

Settlement of Claims Totals $1.03 Billion

FOR IMMEDIATE RELEASE
August 21, 2014
Media Contact:
David Barr (202) 898-6992
dbarr@fdic.gov
The Federal Deposit Insurance Corporation (FDIC) as Receiver for 26 failed banks has announced a $1,031,000,000 settlement with Bank of America Corporation, Banc of America Funding Corporation, Banc of America Securities LLC, Banc of America Mortgage Securities, Inc., Bank of America, N.A., NB Holdings, Inc., Countrywide Financial Corporation, Countrywide Securities Corporation, Countrywide Home Loans, Inc., CWMBS, Inc., CWALT, Inc., CWABS, Inc., CWHEQ, Inc., Countrywide Capital Markets, LLC, Merrill Lynch Mortgage Capital Inc., Merrill Lynch Mortgage Investors Inc., and Merrill Lynch, Pierce, Fenner & Smith Inc. (BofA Entities) of certain of the receiverships' claims. The settlement funds will be distributed among the 26 receiverships.
The settlement resolves several sets of claims. One set of those claims is federal and state securities law claims based on misrepresentations in the offering documents for 155 residential mortgage-backed securities (RMBS) purchased by failed banks in FDIC receivership. As receiver for failed financial institutions, the FDIC may sue professionals and entities whose conduct resulted in losses to those institutions in order to maximize recoveries. From January 2011 to January 2014, the FDIC as Receiver for seven failed banks inherited or filed 14 lawsuits against the BofA Entities and other defendants for violations of federal and state securities laws in connection with the sale of 63 RMBS. In October 2013, the FDIC as Receiver for 19 failed banks objected to a proposed class settlement of claims arising from their purchase of 92 RMBS in three class action lawsuits based on misrepresentations in RMBS offering documents. As of July 31, 2014, the FDIC has authorized lawsuits based on the sale of RMBS to a total of eight failed institutions and has filed 19 lawsuits, including the 14 lawsuits against the BofA Entities, seeking damages for violations of federal and state securities laws. The settlement resolves the FDIC's claims against the BofA Entities in those 14 lawsuits and the three class action lawsuits.
Other claims resolved by the settlement include breach of contract claims brought by the FDIC as Receiver for Colonial Bank against Bank of America, N.A., as custodian and bailee for 4,808 Colonial Bank loans, tort claims brought by Bank of America, N.A. against the FDIC as Receiver for both Colonial Bank and Platinum Community Bank, a related Administrative Procedure Act claim brought by Bank of America, N.A. against the FDIC as Receiver for Colonial Bank, and a FOIA claim brought on behalf of Bank of America, N.A. against the FDIC in its corporate capacity.

FTC | Final Order Settling Charges - August 21, 2014: That “BrainStrong Adult” Supplement Marketers Made Deceptive Memory Improvement Claims

FTC@100 Banner



Following a public comment period, the Federal Trade Commission has approved a final order settling charges that supplement marketers i-Health, Inc. and Martek Biosciences made deceptive claims while advertising their BrainStrong Adult dietary supplement.
The FTC’s complaint against i-Health and Martek, announced in June 2014, charges that the two companies, which sold the supplement at major retail stores, including CVS Pharmacy, Walmart, Walgreens, and Rite Aid, as well as online through drugstore.com and Amazon.com falsely claimed that they had clinical proof that BrainStrong Adult improves adult memory.
The final order bars the companies from claiming that any dietary supplement, food, drug, or product promoted to prevent cognitive decline or improve memory or containing DHA can prevent cognitive decline or improve memory in adults, unless the claim is truthful and supported by clinical testing. It also bars the companies from making claims about the health benefits, performance, safety, or effectiveness of such products, unless the claims are supported by competent and reliable scientific evidence.  Finally, the companies cannot claim they have clinical proof when they do not.
The Commission vote approving the administrative final order and responses to members of the public who submitted comments was 3-1-1, with Commissioner Maureen K. Ohlhausen voting no, and Commissioner Terrell McSweeny not participating. (FTC File No. 132-3067; the staff contact is Keith Fentonmiller, Bureau of Consumer Protection, 202-326-2775)
The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.

Contact Information

MEDIA CONTACT:
Mitchell J. Katz
Office of Public Affairs
202-326-2161
More news from the FTC >>

Federal Reserve Bank of New York: Agency MBS Transaction Summary -August 21, 2014-.




Agency MBS Transaction Summary
Gross purchases from August 14 through August 20: $7,477 million
Sales (dollar rolls) from August 14 through August 20: $0 million
Net purchases from August 14 through August 20: $7,477 million

All amounts reflect current face
Purchases summarize all trades executed during the indicated period including purchases associated with dollar rolls.*
Transactions ($ million)
Maturity
Coupon
Settlement Month
FHLMC
FNMA
GNMA
GNMA2
30 Year
3.5Sep4716270384
3.5Oct4736280385
4Sep5248240295
4Oct5238240298
15 Year
2.5Oct10315300
3Oct31554800
3.5Oct525000
Total2,4613,65401,362
*Does not include trades associated with small value exercises.

Forex Contracts Daily News | CMI Spot Prices as of close of trading in New York on August 21, 2014.






Spot Prices as of close of trading in New York

Thursday, August 21, 2014

Gold

Today Change Week Ago Month Ago Year Ago
$1,275.45 -$19.80 $1,315.45 $1,314.15 $1,372.45

Silver

Today Change Week Ago Month Ago Year Ago
$19.43 -$0.09 $19.92 $21.05 $23.10

Platinum

Today Change Week Ago Month Ago Year Ago
$1,421.10 -$10.50 $1,472.40 $1,497.10 $1,543.10

Palladium

Today Change Week Ago Month Ago Year Ago
$881.10 +$9.30 $888.80 $881.30 $758.10

Gold/Silver Ratio

67.03

WSJ | Most Actives Closing on August 21, 2014.

Most Actives Closing
Most Active Stocks by Volume
4:32 pm ET 08/21/2014
NYSE
Issue Volume Price Chg % Chg
Bank of America (BAC) 167,794,609 $16.16 0.64 4.12
Hewlett-Packard (HPQ) 39,435,391 37.00 1.88 5.35
Hertz Global Holdings (HTZ) 30,105,522 30.10 -0.23 -0.76
Nokia ADS (NOK) 26,509,386 8.25 0.12 1.48
Sprint (S) 25,048,492 5.56 0.06 1.09
Citigroup (C) 24,011,340 51.07 1.27 2.55
Pfizer (PFE) 23,958,665 28.82 -0.07 -0.24
J.C. Penney (JCP) 22,541,162 10.17 -0.16 -1.55
General Electric (GE) 21,971,080 26.43 0.07 0.27
Petroleo Brasileiro ADS (PBR) 18,729,489 17.73 0.05 0.28
AT&T (T) 15,695,034 34.64 0.11 0.32
Ford Motor (F) 14,886,082 17.40 -0.01 -0.06
Vale ADS (VALE) 13,533,746 13.93 -0.15 -1.07
International Rectifier (IRF) 13,470,945 39.12 0.02 0.05
Petroleo Brasileiro ADS A (PBRA) 13,199,702 18.79 -0.05 -0.27
Office Depot (ODP) 12,787,820 4.95 -0.23 -4.44
JPMorgan Chase (JPM) 12,547,738 58.50 0.86 1.49
Rite Aid (RAD) 12,360,402 6.40 -0.03 -0.47
American Eagle Outfitters (AEO) 12,312,585 13.32 0.34 2.62
Regions Financial (RF) 11,947,051 10.12 0.16 1.61
Advanced Micro Devices (AMD) 11,894,359 4.24 -0.04 -0.93
Coca-Cola (KO) 11,892,487 41.41 0.16 0.39
Kinross Gold (KGC) 11,720,878 3.95 -0.11 -2.71
EMC (EMC) 10,643,685 29.62 -0.08 -0.27
Twitter (TWTR) 10,555,550 45.11 0.05 0.11
 
Nasdaq
Issue Volume Price Chg % Chg
eBay (EBAY) 50,236,573 $55.89 2.49 4.66
Intel (INTC) 36,848,283 35.15 0.65 1.88
China Finance Online ADS (JRJC) 34,771,054 9.74 0.57 6.22
Apple (AAPL) 32,961,155 100.58 0.01 0.01
Sirius XM Holdings (SIRI) 23,523,321 3.58 0.01 0.28
Microsoft (MSFT) 21,119,415 45.22 0.27 0.60
Cisco Systems (CSCO) 20,487,833 24.89 0.18 0.73
Facebook Cl A (FB) 19,910,607 74.57 -0.24 -0.32
Zynga (ZNGA) 18,113,857 3.06 -0.06 -1.92
Staples (SPLS) 17,108,600 10.97 -0.35 -3.09
Micron Technology (MU) 16,478,536 33.19 -0.11 -0.33
PowerShares QQQ Trust Series 1 (QQQ) 16,198,338 98.90 0.20 0.20
Yahoo! (YHOO) 12,164,478 37.64 0.14 0.37
BlackBerry (BBRY) 11,603,464 9.85 -0.31 -3.10
Applied Materials (AMAT) 10,627,409 22.20 0.30 1.37
American Realty Capital Properties (ARCP) 10,274,589 13.30 0.12 0.91
VelocityShares Daily 2x VIX Short Term ETN (TVIX) 9,693,122 2.69 0.04 1.51
DryShips (DRYS) 9,687,930 3.36 0.13 4.02
Gilead Sciences (GILD) 9,661,122 102.27 1.48 1.47
Qualcomm (QCOM) 8,544,141 76.77 0.33 0.43
ON Semiconductor (ONNN) 8,336,179 9.44 0.24 2.61
Frontier Communications (FTR) 8,194,055 6.64 0.03 0.45
American Airlines Group (AAL) 8,140,294 39.51 -1.09 -2.68
JetBlue Airways (JBLU) 7,902,780 12.47 -0.26 -2.04
RF Micro Devices (RFMD) 7,886,905 11.99 0.02 0.17
 
NYSE Arca
Issue Volume Price Chg % Chg
SPDR S&P 500 ETF Trust (SPY) 60,401,693 $199.50 0.58 0.29
Market Vectors ETF Trust Market Vectors Gold Miners (GDX) 42,051,350 26.07 -0.59 -2.21
Select Sector SPDR-Financial (XLF) 35,198,931 23.20 0.27 1.18
iShares MSCI Emerging Markets ETF (EEM) 33,415,785 44.87 -0.19 -0.42
iShares Russell 2000 ETF (IWM) 31,439,521 115.20 0.25 0.22
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX) 25,607,892 27.81 0.10 0.36
iShares MSCI Japan ETF (EWJ) 19,555,280 12.01 0.06 0.50
Direxion Daily Small Cap Bear 3x Shares (TZA) 16,290,662 14.81 -0.09 -0.60
iShares China Large-Cap ETF (FXI) 14,167,503 40.67 -0.54 -1.31
iShares MSCI Brazil Capped ETF (EWZ) 11,904,258 51.04 0.00 0.00
Select Sector SPDR-Utilities (XLU) 8,428,966 42.58 0.10 0.24
VelocityShares 3x Inverse Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (DGAZ) 8,384,036 4.29 -0.18 -4.10
iShares MSCI EAFE ETF (EFA) 8,362,016 66.79 0.28 0.42
Vanguard FTSE Emerging Markets ETF (VWO) 8,348,643 45.19 -0.04 -0.09
Select Sector SPDR-Industrial (XLI) 8,064,907 54.34 -0.05 -0.09
SPDR Gold Trust (GLD) 7,873,865 122.88 -1.34 -1.08
Market Vectors Junior Gold Minets ETF (GDXJ) 6,747,129 41.19 -0.32 -0.77
iShares 20+ Year Treasury Bond ETF (TLT) 6,716,442 116.64 0.65 0.56
ProShares Ultra VIX Short-Term Futures ETF (UVXY) 6,554,334 24.11 0.11 0.46
iShares MSCI Germany ETF (EWG) 6,106,215 28.98 0.19 0.66
Direxion Daily Small Cap Bull 3x Shares (TNA) 5,964,182 74.11 0.37 0.50
Direxion Daily Gold Miners Bear 3x Shares (DUST) 5,898,721 16.35 0.99 6.45
ProShares UltraShort S&P500 (SDS) 5,648,985 24.36 -0.14 -0.57
Direxion Daily Gold Miners Bull 3x Shares (NUGT) 5,368,218 43.04 -3.01 -6.54
Direxion Daily Financial Bear 3x Shares (FAZ) 4,987,312 16.49 -0.47 -2.77
 
Composite
Issue Volume Price Chg % Chg
Bank of America (BAC) 167,794,609 $16.16 0.64 4.12
SPDR S&P 500 ETF Trust (SPY) 60,401,693 199.50 0.58 0.29
eBay (EBAY) 50,236,573 55.89 2.49 4.66
Market Vectors ETF Trust Market Vectors Gold Miners (GDX) 42,051,350 26.07 -0.59 -2.21
Hewlett-Packard (HPQ) 39,435,391 37.00 1.88 5.35
Intel (INTC) 36,848,283 35.15 0.65 1.88
Select Sector SPDR-Financial (XLF) 35,198,931 23.20 0.27 1.18
China Finance Online ADS (JRJC) 34,771,054 9.74 0.57 6.22
iShares MSCI Emerging Markets ETF (EEM) 33,415,785 44.87 -0.19 -0.42
Apple (AAPL) 32,961,155 100.58 0.01 0.01
iShares Russell 2000 ETF (IWM) 31,439,521 115.20 0.25 0.22
Hertz Global Holdings (HTZ) 30,105,522 30.10 -0.23 -0.76
Nokia ADS (NOK) 26,509,386 8.25 0.12 1.48
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX) 25,607,892 27.81 0.10 0.36
Sprint (S) 25,048,492 5.56 0.06 1.09
Citigroup (C) 24,011,340 51.07 1.27 2.55
Pfizer (PFE) 23,958,665 28.82 -0.07 -0.24
Sirius XM Holdings (SIRI) 23,523,321 3.58 0.01 0.28
J.C. Penney (JCP) 22,541,162 10.17 -0.16 -1.55
General Electric (GE) 21,971,080 26.43 0.07 0.27
Microsoft (MSFT) 21,119,415 45.22 0.27 0.60
Cisco Systems (CSCO) 20,487,833 24.89 0.18 0.73
Facebook Cl A (FB) 19,910,607 74.57 -0.24 -0.32
iShares MSCI Japan ETF (EWJ) 19,555,280 12.01 0.06 0.50
Petroleo Brasileiro ADS (PBR) 18,729,489 17.73 0.05 0.28
 
 
Footnotes
Includes common, closed end funds, ETFs, ETNs and REITS
x - stock is trading ex-dividend
Source: WSJ Market Data Group