Worldwide, Richest 3% Hold One-Fifth of Collective Income

Worldwide, Richest 3% Hold One-Fifth of Collective Income
"Across 131 countries worldwide, the richest 3% of residents hold 20% of the total collective household income -- as do the poorest 54%. In other words, the 3% reporting the highest household incomes share the same "slice" of collective income across countries that more than half of residents worldwide -- those on the lower end of the income scale -- must share."

Citigroup paid $250 million to resolve U.S. mortgage suit | Reuters

Citigroup paid $250 million to resolve U.S. mortgage suit | Reuters
"Citigroup Inc. (C.N) paid $250 million (152 million pounds) to taxpayer-owned Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) to settle a lawsuit over soured mortgage securities, the regulator of the two housing finance firms said on Thursday.

General Electric Co. (GE.N) also paid $6.25 million to settle a similar suit, the Federal Housing Finance Agency said in a statement. Ally Financial Inc, the former parent of bankrupt Residential Capital LLC, paid $475 million.
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The banks are among 18 financial institutions that were sued in 2011 for allegedly misleading Fannie Mae and Freddie Mac, the biggest provider of housing finance in the United States, into buying more than $200 billion in mortgage-backed securities."

INT: Housing market could face new bubble, home price expert warns

Housing market could face new bubble, home price expert warns
"In the housing market, it has its own momentum right now as people see it coming back. We're sort of in the beginnings of another housing bubble," the Nobel Prize-winning economist told CNBC on Tuesday. "
"But the more subdued monthly gains "show we are living on borrowed time and the boom is fading," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement. "


 

Obama and Climate Change: The Real Story | Politics | Rolling Stone

Obama and Climate Change: The Real Story - Rolling Stone
"If you want to understand how people will remember the Obama climate legacy, a few facts tell the tale: By the time Obama leaves office, the U.S. will pass Saudi Arabia as the planet's biggest oil producer and Russia as the world's biggest producer of oil and gas combined. In the same years, even as we've begun to burn less coal at home, our coal exports have climbed to record highs. We are, despite slight declines in our domestic emissions, a global-warming machine: At the moment when physics tell us we should be jamming on the carbon brakes, America is revving the engine."

Wells Fargo settles with Fannie Mae for $591 million | Real Estate | NewsObserver.com

Wells Fargo settles with Fannie Mae for $591 million - NewsObserver.com
"Wells Fargo will pay more than half a billion dollars to mortgage giant Fannie Mae to settle a disagreement over bad loans sold by the bank before the financial crisis.
The San Francisco bank announced Monday that it had reached a $591 million agreement with Fannie Mae to cover all mortgages sold before 2009. After the mortgages went sour, Fannie Mae sought to force Wells Fargo to buy them back, claiming their quality was misrepresented."
"The agreement with Wells Fargo marks the latest in a string of settlements between major banks, Fannie Mae and the government regulator that oversees Fannie, the Federal Housing Finance Agency.
Nearly a year ago, Charlotte-based Bank of America agreed to pay $10 billion to settle claims with Fannie Mae. The deal included $3.6 billion in cash and required the repurchase of more than 30,000 loans.
Fannie has also entered into similar agreements with SunTrust Banks, CitiMortgage, J.P. Morgan Chase, Flagstar, PNC and HSBC Bank in settlements that totaled a combined $2.36 billion."