Jeffrey B. Lane has been named chairman and chief executive officer of the troubled Bear Stearns Asset Management, according to The Bear Stearns Cos.Richard Marin, former BSAM chairman and chief executive officer, will remain with BSAM as a senior adviser to Mr. Lane. Before joining BSAM, Mr. Lane was a vice chairman of Lehman Brothers and chairman of Neuberger Berman Inc. He was previously vice chairman of Travelers Group and of the company's Smith Barney subsidiary. Merrill Lynch recently liquidated approximately $850 million in subprime-related assets seized from at least one Bear Stearns hedge fund after the fund failed to meet its margin calls. In a subsequent conference call, Bear Stearns chief financial officer Sam Molinaro said the Wall Street firm was trying to restructure the hedge fund (and a similar one) but that the process could take several months.
-
A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11