Top Financial Stocks
Financial stocks are mostly lower, with the NYSE Financial
Sector Index falling 0.6% while the S&P Financial 100 Index is
down just 0.1%.
In company news, Bank of America (
) is down about 0.5% at $14.55 a share, holding near its best
levels of the session amid reports the Federal Housing Finance
Agency is seeking at least $6 billion from the bank to settle civil
claims that the bank sold faulty mortgage bonds to
government-backed finance companies, Bloomberg News reported,
citing an unnamed person with direct knowledge of the
The FHFA has sued BAC and 17 other firms in an effort to recoup
some of the losses taxpayers had to shoulder to rescue Fannie Mae
and Freddie Mac during the 2008-2009 credit crisis.
JPMorgan & Chase (
) will pay $4 billion to resolve FHFA claims as part of a broader
$13 billion deal reached late Friday to end investigations of its
mortgage bond sales, Bloomberg said, citing another unnamed person
with knowledge of those talks.
In other sector news,
(+) FRC, (+1.3%) Announces public offering of depositary shares
at $25 apiece and each representing a 1/40th interest in a share of
its Series E noncumulative perpetual preferred stock.
(-) FHN, (-3.0%) Cut to Sector Perform for Outperform at RBC
Capital Markets, which also trimmed its price target for the stock
by $2 to $11 a share.
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