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Format: 10-23-2014
October 22, 2014
U.S. regulators yesterday issued a rule requiring banks that sell loans to investors to keep part of the risk on their own books, a measure aimed at preventing the sloppy loans that sparked the 2007-09 credit crisis, Reuters reported yesterday. The rule was mandated by the 2010 Dodd-Frank Wall...
October 22, 2014
Over the last two years, lawmakers in at least eight states have voted to increase the fees or the interest rates that lenders can charge on certain personal loans used by millions of borrowers with subpar credit, the New York Times reported today. This overhaul of certain state lending laws comes...
October 22, 2014
The U.S. judge overseeing Detroit's historic bankruptcy dropped hints on Tuesday on what he wants to hear in the city's closing statements and what he may be scrutinizing in creditor settlements, Reuters reported yesterday. The city's emergency manager also testified in federal court yesterday that...
October 22, 2014
Apple and GT Advanced Technologies Inc. struck an agreement yesterday that will let GT begin the shutdown of key Arizona operations, and shed some more light on why the former stock market darling abruptly filed for bankruptcy this month, Reuters reported yesterday. A lawyer for GT, Apple's...
October 22, 2014
The Federal Reserve Bank of New York failed to examine JPMorgan Chase & Co.’s investment unit ahead of the bank’s 2012 “London whale” trading debacle, despite a recommendation from other Fed supervisors that it look at the unit involved in the trades, according to a new report, the Wall Street...
October 22, 2014
LDK Solar Co., the Chinese solar-cell maker that defaulted on its bonds this year, filed for bankruptcy in the U.S. to help carry out restructurings already under way in Hong Kong and the Cayman Islands, Bloomberg News reported yesterday. Xinyu, China-based LDK filed for chapter 15 protection...
October 22, 2014
The unexpected bankruptcy filing of a defunct Massachusetts company raised the suspicion yesterday of a bankruptcy judge who said that he had "significant doubts" about the legality of the case, Dow Jones Daily Bankruptcy Review reported today. Judge Brendan Shannon punted on the dismissal question...
October 22, 2014
This summer’s huge cyberattack on JPMorgan Chase and a dozen other financial institutions is accelerating efforts by federal and state authorities to push banks and brokerage firms to close some gaping holes in their defenses, the New York Times reported today. Top officials at the Treasury...
October 21, 2014
Melvin L. Watt, director of the Federal Housing Finance Agency, announced a program yesterday offering more reassurances to mortgage lenders that fear they could suffer unpredictable losses on the loans they sell to the government, the New York Times reported today. The move in large part is...
October 21, 2014
Bankruptcy Judge Steven Rhodes said yesterday that he would rule during the week of Nov. 3 on Detroit's plan to adjust its debts and exit the biggest-ever municipal bankruptcy, Reuters reported yesterday. Judge Rhodes said that he would issue an oral ruling in court late that week on whether the...
October 21, 2014
Texas tycoon Sam Wyly has filed for bankruptcy, saying that he does not have the assets to pay the nearly $300 million that U.S. regulators are demanding for his role in a fraudulent offshore scheme, Reuters reported yesterday. In documents filed with a U.S. bankruptcy court in Dallas on Sunday,...
October 21, 2014
The losing bidder in a bankruptcy court auction for Atlantic City's former Revel Casino Hotel isn't ready to fold just yet, as an attorney for Florida developer Glenn Straub has filed an appeal in bankruptcy court to try and stop the sale of the Revel to Brookfield Asset Management, the...

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