Bank of America in $8.5B mortgage settlement (AP)

Posted in on June 29th, 2011 by | | .

AP - Bank of America and its Countrywide unit will pay $8.5 billion to settle claims that the lenders sold poor-quality mortgage-backed securities that went sour when the housing market collapsed.

BofA settles on mortgage repurchase claims (Reuters)

Posted in on June 29th, 2011 by | | .

Reuters - Bank of America Corp settled nearly all of the claims related to the legacy Countrywide-issued first-lien residential mortgage-backed securitization (RMBS) repurchase exposure for $8.5 billion in cash .

Greek parliament passes key austerity bill (AP)

Posted in on June 29th, 2011 by | | .

AP - Greece's lawmakers approved a key austerity bill Wednesday needed to avert default, despite a second day of rioting on the streets of Athens that left dozens of police and protesters injured.

Greece backs austerity despite violent protests (AP)

Posted in on June 29th, 2011 by | | .

AP - Greece's lawmakers approved a key austerity bill Wednesday needed to avert default next month, despite a second day of rioting on the streets of Athens that left dozens of police and protesters injured.

Feds: Mine faked reports before fatal W.Va. blast (AP)

Posted in on June 29th, 2011 by | | .

AP - Coal company managers pressured miners to generate a second set of reports omitting chronic safety problems to mislead inspectors before an underground explosion killed 29 men last year, federal regulators said Tuesday.

IMF urges US lawmakers to raise $14.3T debt limit (AP)

Posted in on June 29th, 2011 by | | .

AP - The International Monetary Fund urged U.S. lawmakers Wednesday to raise the nation's borrowing limit. It warned that inaction could lead to a spike in interest rates that would harm the U.S. economy and world financial markets.

Dozens of US cities line up to contest 2010 census (AP)

Posted in potential drop, federal money, conference of mayors, medicaid, budgets, census, dozens, decade, challenges, jobs on June 29th, 2011 by | | .

AP - With jobs and federal aid at stake, U.S. cities are lining up to contest their 2010 census counts as too low. A decade ago, there were 1,200 challenges filed by cities, towns and counties. The U.S. Conference of Mayors is predicting a big jump in that number, due in part to tighter budgets that make local officials more sensitive to potential drop-offs in federal money for Medicaid and other programs.

Obama challenges GOP on debt talks: 'Get it Done' (AP)

Posted in barack obama, congress president, deficit reduction, compas, tax breaks, gop, republicans on June 29th, 2011 by | | .

AP - In a blunt challenge to Republicans in Congress, President Barack Obama insisted Wednesday that elimination of selected tax breaks for oil companies and the super-wealthy must be included in any deficit reduction plan.

Greece passes steep cuts as riots seize capital (AP)

Posted in on June 30th, 2011 by | | .

AP - Greece fended off a bankruptcy that threatened to roil global financial markets, approving severe spending cuts and tax increases Wednesday in the face of violent protests by Greeks who say they have suffered enough.

Confrontational Obama rebukes GOP on debt talks (AP)

Posted in on June 30th, 2011 by | | .

AP - In a blistering rebuke of Republicans, President Barack Obama on Wednesday pressed lawmakers to accept tax increases as part of a deal to cut the nation's deficits and avoid a crippling government default. "Let's get it done," Obama challenged, chiding Congress for frequent absences from Washington.

High court undoes Scalia's pro-tobacco order (AP)

Posted in on June 30th, 2011 by | | .

AP - Supreme Court Justice Antonin Scalia exercised a rarely used power last fall to let Philip Morris USA and three other big tobacco companies delay making multimillion-dollar payments for a program to help people quit smoking.

Greece set for final vote on cuts after riots (AP)

Posted in on June 30th, 2011 by | | .

AP - Greek lawmakers are set to pass a bill Thursday to fast-track fresh austerity measures demanded by creditors, following two days of rioting in Athens that left some 200 people injured and 50 stores damaged.

Investors stay cautious as H2 starts: Reuters poll (Reuters)

Posted in on June 30th, 2011 by | | .

Reuters - LONDON (Reuters)- Investors have become a little more upbeat heading into the second half of the year, lifting stock allocations from 2011 lows but remaining cautious with plenty of safe-haven cash and bonds.

Greece clears final hurdle to get bailout funds (AP)

Posted in on June 30th, 2011 by | | .

AP - Greece bought itself time to deal with its crippling debt crisis Thursday after lawmakers passed the second and final austerity bill essential for the release of crucial bailout funds and prevent the country from defaulting next month.

Greece passes austerity bill after trouble-free vote (Reuters)

Posted in on June 30th, 2011 by | | .

Reuters - The Greek parliament passed a second austerity bill Thursday, opening the way for the EU and IMF to release a 12 billion euro ($17 billion) loan installment which Athens urgently needs to stave off bankruptcy.