Headlines

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Format: 10-26-2014
October 24, 2014
Investigations of the subprime auto finance business are spreading as General Motors Co. said its lending arm received additional subpoenas seeking details of its underwriting practices, Bloomberg News reported today. GM Financial, which specializes in loans to people with spotty credit, said in a...
October 24, 2014
The Federal Reserve said that it would examine how exposed the largest U.S. banks are to “risky corporate borrowers” in its next round of stress tests, reflecting regulators’ growing concern about lending to companies with high debt levels, the Wall Street Journal reported today. The Fed released...
October 24, 2014
A U.S. judge said yesterday that she would order the assets of Texas entrepreneur Sam Wyly, who once made the Fortune 400 list, temporarily frozen since he filed for bankruptcy, Reuters reported yesterday. During a hearing in Manhattan, U.S. District Judge Shira Scheindlin said that she was "not...
October 24, 2014
Shareholders of GT Advanced Technologies are lobbying regulators to form a committee to vouch for their interests in the sapphire maker's bankruptcy, saying that they believe their shares may still have value, Reuters reported yesterday. GT Advanced, which supplied sapphire to Apple Inc., filed for...
October 24, 2014
A Luxembourg bank that extended nearly $50 million to San Bernardino, Calif., wants a federal judge to set a March 1 deadline for a plan to show how the city will get out of bankruptcy, Dow Jones Daily Bankruptcy Review reported today. The bank, Erste Europaische Pfandbrief-und Kommunalkreditbank...
October 24, 2014
L’Oreal SA, the world’s largest cosmetics maker, announced on Oct. 20 that it has an agreement to acquire recently reorganized beauty brand Carol’s Daughter through a U.S. unit, Bloomberg News reported yesterday. Carol’s Daughter will continue to operate from its New York headquarters under its...
October 24, 2014
New court filings show that the Backstreet Boys have settled their claims against their creator, Lou Pearlman, whose bankruptcy filing preceded the onetime music mogul’s arrest on fraud charges, the Wall Street Journal reported today. The pop singers said that Pearlman and his Trans Continental...
October 24, 2014
As RadioShack and American Apparel struggle in the throes of financial recalibration, an under-the-radar hedge fund has emerged as perhaps their last hope for salvation, the New York Times reported today. Standard General has landed squarely at the center of two of this year’s most visible...
October 24, 2014
The average rate on a fixed-rate 30-year mortgage fell to 4.03 percent in the week ended Oct. 17, the lowest level since June 2013, according to mortgage-information website HSH.com, the Wall Street Journal reported today. Rates have hovered around that level in the days since, HSH.com says. That...
October 23, 2014
A restructuring expert testified in bankruptcy court yesterday that Detroit's relatively fast move through municipal bankruptcy has resulted in costly creditor settlements and too little emphasis on fixing the city's broken operations, Reuters reported yesterday. Still, Martha Kopacz, who was...
October 23, 2014
Three U.S. agencies signed off on relaxed mortgage-lending rules Wednesday, helping complete a long-stalled provision of the 2010 Dodd-Frank financial law, the Wall Street Journal reported today. The Federal Reserve, Securities and Exchange Commission and Department of Housing and Urban Development...
October 23, 2014
Texas tycoon Sam Wyly, who filed for bankruptcy this week, is trying to exhaust his fortune through exorbitant spending to impede the U.S. Securities and Exchange Commission's collection of a $198.1 million fraud claim against him, the regulator told a U.S. judge yesterday, Reuters reported. During...