…$335m to settle a case stemming from its audit of Colonial Bank , which collapsed in 2009 following a fraud involving fake mortgages. In July 2018, a court ordered it to pay $625m to the FDIC.
Illinois has the lowest municipal credit rating of any state, but it has managed to hang on to its investment-grade status. But that doesn’t mean that the Land of Lincoln is out of its fiscal quagmire, analysts say.
TASS Russian News Agency |
Mar 15, 2019 at 4:51 PM
The issue of law enforcement pressure upon business was not raised by entrepreneurs during the meeting, much like the problem of using criminal cases as a tool in resolving commercial disputes.
Calvey and his accomplices put together a scheme, where the “First Collection Bureau”, under their control, waived its right to a 59.9% stake in a Luxembourg-based company called the International Financial Technology Group (IFTG), to the Vostochny bank to pay it back for a 2.5 bln-ruble debt.
Baring Vostok’s projects include CTC Media, Yandex, Avito, Ozon, ER-Telecom, 1C, and Novomet.
With both the Dow, and the broader market saved – for now – from an embarrassing Quad Witch slump by news that Boeing is set to roll out a software upgrade for its 737 MAX airplanes (how a software update will fix what many now see as a hardware issue is unclear, nor is it clear how Boeing effectively admitting guilt for the death of hundreds of people which will unleash billions in lawsuits is bullish), bond yields will have none of it and as we showed earlier, the buying ramp across asset classes is the latest confirmation that equities are not trading on fundamentals (as bonds price in the continued deterioration in the US economy).
All in all, as BMO’s rate strategist Jon Hill noted “a variety of disappointing releases which will continue to push yields lower.”
And speaking bizarre moves during “Freaky Friday”, shortly after the data was released, and the resultant tumble in yield, 3- and 5-year yields inverted modestly vs. fed funds, which according to Hill, was “a self-evident ominous sign.”
The Central Bank is to examine the practice of financial lenders applying legal fees to the mortgage arrears accounts of homeowners involved in repossession cases.
Legal fees, as well as a separate concern about the treatment by lenders of mortgage tax relief at source (TRS) credits, has been raised by the State-run Money Advice and Budgeting Service (Mabs) which guides homeowners in distress.
Three lenders – AIB, EBS and Haven – were identified at Waterford Circuit Court as being those behind the three adjourned cases.