Finance

Poinsett Capital Advisors appointed Andrew Reiken as chief investment officer.

After months of speculation and more than a week of fevered media coverage on the topic, President Obama formally picked Elizabeth Warren on Friday as assistant to the president and special advisor to Treasury Secretary Tim Geithner in charge of creating the Consumer Financial Protection Bureau.

A bankruptcy judge has approved a settlement between the Federal Deposit Insurance Corp. (FDIC) and the now-defunct Taylor Bean & Whitaker (TBW) over the ownership of more than $1 billion in disputed loans and mortgage-related assets.

Arch Bay Capital, which invests in and manages delinquent mortgages, appears to have scuttled — for now — its plans to enter the origination business, according to industry officials who have worked with it.

Six months into his tenure as MF Global's chief executive, Jon Corzine wants the futures broker to expand geographically, and he wants it to build a beachhead in investment banking.

MetLife Bank has emerged as the winning bidder on a $23 billion package of residential servicing rights auctioned off by the Federal Deposit Insurance Corp. (FDIC), according to investment banking sources close to the situation.

Discover Financial Services said Friday it would buy Student Loan Corp. (SLC) for $600 million in a deal that beefs up the Riverwoods, Ill., credit card issuer's growing student loan business.

Two FFELP student loan deals — Scholar Funding Trust 2010-A and NC State Education Assistance Authority Student Loan Revenue Bonds, Series 2010-1 — are in the market.

Today the Federal Reserve Bank of New York bought $1.379 billion in Treasury debt that are maturing from 2012 to 2013 in an outright coupon purchase.

For the last three years, private mortgage insurers have suffered two great woes: credit losses on policies written before the crisis and an inability to compete with Federal Housing Administration (FHA) prices on new insurance.

After nine months of struggle, the Senate finally succeeded Thursday in passing 61 to 38 a bill to create a $30 billion small business lending fund for community banks.

Sand Capital has acquired more than $100 million in distressed debt and REO properties, said Jay Stein, the firm's president. Sand Capital is a division of Sandor Development Co.

The ABS market has seen a deluge of transactions from the various asset classes, although the auto sector still has the lion's share of the pipeline.

The September remittance report for the MSC 2007-HQ12 deal showed that a "noteworthy" loan modification was done on one of the larger delinquent loans in the CMBS universe, according to Bank of America Merill Lynch analysts.

The 30-year fixed mortgage rates rose for the second week in a row to an average of 4.37% with an average 0.7 point from 4.35% last week.

Flagstar Bancorp — which continues to rank among the top 10 mortgage wholesalers in the U.S. — declined to confirm or deny that it is considering a $600 million offering of new equity.

Thanks to a pick-up in cash flows, an $100 million 2006-A tranche backed by diversified payment rights (DPRs) from Kazakhstan's Alliance Bank fully paid down this week, said a source at the Asian Development Bank (ADB), which wrapped the piece.

Mortgage servicers and banks foreclosed on more homes in August — 95,364 units — than in any month since the start of the U.S. mortgage crisis, according to new figures compiled by RealtyTrac, Irvine, Calif.

Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair said Wednesday that the Basel Committee on Banking Supervision's new capital plan should have been tougher.

How to ensure the Federal Deposit Insurance Corp. (FDIC) has the flexibility it seeks while giving investors and issuers the certainty they need emerged Wednesday as the central sticking point confronting lawmakers interested in developing a covered bond market in the U.S.