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STORIES:
Most
of Cyprus pain inflicted on overseas depositors, central bank says - (www.reuters.com) Cyprus' central bank said on
Thursday most of the depositors who lost money at bailed-out Bank of Cyprus
were from overseas and that Cypriots had not been hit as hard as might have
been expected. "Seventy percent of the value of deposits concerned
overseas residents, leaving Cypriot households and businesses unaffected to a
greater extent than was possibly expected," Central Bank of Cyprus
Governor Panicos Demetriades told a news conference. He said overall 96 percent
of deposits in Cyprus were unaffected by losses on larger accounts required by
the euro zone in
exchange for aid to the overly indebted country.
Stodgy
Netherlands is nation that'll blow up euro - Matthew Lynn - (www.marketwatch.com) Which euro-zone country is
most deeply in debt? The profligate Greeks, with their generous state-funded
pensions? The Cypriots and their banks stuffed with dodgy Russian money? The
recession-hit Spaniards or the boom-and-bust Irish? None of the above.
Actually, it is the sober, responsible Dutch. Consumer debt in the Netherlands
has hit 250% of available income, one of the highest levels in the world. In
Spain, by comparison, it has never gone above 125%. The Netherlands has turned
into one of the most heavily indebted countries in the world. It has slumped
into recession and shows very little sign of coming out of it. The euro crisis
has been dragging on for three years now but so far has only infected the
peripheral nations within the single currency. But the Netherlands is a core
member of both the euro and the European Union. If it can’t survive in the euro
zone, then the game really will be up.
Federal
judge questions constitutionality of Colorado foreclosure law - (www.denverpost.com) A federal judge on Monday
made the rare move to stop the foreclosure auction of an Aurora woman's house
in a case that squarely takes on the constitutionality of Colorado's
foreclosure laws. U.S. District Judge William Martinez issued a preliminary
injunction against the sale of Lisa Kay Brumfiel's four-bedroom home, scheduled
for Wednesday in Arapahoe County, until the judge can decide whether parts of
state law are unfair to homeowners facing the loss of their house. At issue is
a provision in state law that allows lawyers to assert that their client,
typically a bank, has the right to foreclose on a property even though they
might not have the original mortgage paperwork to prove it. What makes the case
compelling isn't just that a federal judge was persuaded to step into an issue
involving state law — extremely difficult to do — but the plaintiff in the case
is a part-time saleswoman who has taken on the battle without a lawyer.
Big
Banks Push Back Against Tighter Rules - (online.wsj.com) The nation's biggest banks
are going on the offensive to fend off growing efforts in Washington to rein
them in. The banks have hired longtime,
influential Washington hands to deflect regulatory and political pressure to
strengthen their finances and to sell assets. Regulators and some lawmakers
have raised concern that large banks remain "too big to fail" and
could require another government bailout in the event of a new financial
meltdown. The effort by banks marks a lobbying
turning point for the industry, which adopted a mostly low-profile stance to
new regulations in the wake of the financial crisis.
2
banks violated mortgage accord (news.yahoo.com)
New York's
attorney general on Monday accused Wells Fargo and Bank of America of
violating the terms of last year's national mortgage settlement by
failing to process hundreds of refinancing requests promptly. Attorney General
Eric Schneiderman has notified the national monitoring committee
established to enforce the five-bank agreement, citing complaints of 210
prompt-processing violations by Wells Fargo and 129 by Bank of America. If the
committee defers taking action, Schneiderman said he will sue for
compliance. Under the settlement, the banks are required to respond to
mortgage modification requests within 30 days. Schneiderman said delays put
homeowners further into debt from missed payments and penalties, pushing them
closer to foreclosure.
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