State Street Corp., Boston, has taken a $279 million net charge after taxes for the fourth quarter to establish a reserve designed to address costs related to active fixed-income strategies exposed to subprime mortgage markets.State Street has also named James S. Phalen, executive vice president and head of international operations for investment servicing and investment research, as the new interim chief executive officer of State Street Global Advisors. William W. Hunt, the previous SSGA CEO, has resigned. SSGA, State Street's investment management arm, manages its fixed-income strategies.
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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.
5h ago -
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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
10h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
10h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago