ForexGen Press Releases

The U.S. Treasury Department may begin its program to spur purchases of mortgage-backed securities from banks with about $20 billion in public and private money, down from as much as $100 billion when it was announced in March, two people familiar with the matter said.
The Treasury plans provide about $1.1 billion in capital to eight [...]

Private-equity firms said the Federal Deposit Insurance Corp. may be diminishing the appetite for future bank takeovers by demanding buyout groups put more capital at risk.
Under a proposal outlined by the FDIC yesterday, investor groups would act as a source of strength for “subsidiary depository institutions.” Buyout firms have expressed concern that expanding the so-called [...]

Six banks in Illinois and one in Texas were seized by regulators as the deepening financial crisis pushed the toll of failed U.S. lenders this year to 52, the most since 1992.
Twelve banks have failed this year in Illinois, the most of any state. The seven lenders seized yesterday, with total assets of $1.49 billion [...]

The Treasury’s plan to sell warrants back to banks that are leaving the U.S. bailout program undervalues the securities by $525 million, said a University of Louisiana professor who has studied the process.
The expected value of warrants for 10 of the largest banks that repaid their Troubled Asset Relief Plan funds earlier this year is [...]

JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley are extending their dominance in underwriting equity offerings — helped by the sale of shares of financial firms, including their own.
The three New York-based banks together control 42 percent of the global market so far this year, according to data compiled by Bloomberg. That’s [...]

U.S. banks are fighting the Obama administration plan to create a consumer agency for financial services as they seek to protect fees, such as credit-card penalties that have almost doubled to $19 billion in five years.
Fees imposed by banks accounted for 53 percent of industry income in 2008, up from 35 percent in 1995, according [...]

Wall Street’s largest trade group has started a campaign to counter the “populist” backlash against bankers, enlisting two former aides to Treasury Secretary Henry Paulson to spearhead the effort.
In memos of confidential meetings with top financial executives, the Securities Industry and Financial Markets Association said it began this month the “execution phase” of the operation, [...]

Banks may be less willing to finance takeovers after Credit Suisse Group AG and Deutsche Bank AG agreed to a $1.73 billion settlement of a lawsuit alleging they interfered with the failed leveraged buyout of Huntsman Corp.
“This was signed at the tail end of the heyday, when everyone was blinded by the glory of private [...]

The Federal Reserve may have few, if any, securities deals for the start of its program to aid the commercial real estate market and head off more losses at U.S. banks.
Today is the first monthly deadline for investors to apply for loans to buy new commercial mortgage-backed securities through the Term Asset-Backed Securities Loan Facility, [...]

The Federal Reserve is likely to emerge as the most powerful regulatory agency in the Obama administration’s plan for overhauling financial market oversight, people familiar with the proposal said.
Treasury Secretary Timothy Geithner told Chairman Ben S. Bernanke in a June 9 meeting the administration will call for the Fed to be the regulator of firms [...]