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Latest News
Consumer watchdog launches bank review in wake of CBC stories - CBC.ca + MORE Mar 15th
CBC.caConsumer watchdog launches bank review in wake of CBC storiesCBC.caCanada's top consumer watchdog says it is reviewing business practices at Canada's federally-regulated charter banks starting next month, following a CBC investigation that has uncovered reports of troubling sales pra.... More »
Fitch says Canada’s big banks can withstand housing downturn + MORE Aug 13th
Big six banks have enough capital to meet Basel III rules and would survive a ‘sharper than expected correction’
.... More »
Five things to watch for in the Canadian business world in the coming week Sep 6th
TORONTO – Five things to watch in Canadian business this week:
Bank rate suspense: Will the Bank of Canada cut its benchmark rate again, hike it or hold steady? Amid glimmers of hope for the Canadian economy with some recent Statcan data on jobs and trade, the central bank announces its overni.... More »
Why we pay so much for chequing accounts Aug 16th
The big banks typically have offerings costing well below $15, but extra service fees can pile up if you’re not careful
.... More »
It’s probably time you switched banks—4 easy steps for Canadians + MORE Jun 29th
When you opened your first bank account, chances are it was with the same financial institution your parents used—because, why not? And given how loyal Canadians are to their banks, there’s a good chance you’re still banking with the same institution. In fact, 70% of Canadians held the sa.... More »
UBS has reached an agreement ‘in principle’ with US over mortgages; Q2 profit up 62 per cent
– canadianbusiness.com
GENEVA – The U.S. government has reached “an agreement in principle” to settle its lawsuit against Swiss banking giant UBS AG that seeks to recoup more than $900 million in losses from mortgage-backed securities, the bank announced Monday.
In 2011, the U.S. government sued UBS and 17 other financial firms for selling some $196 billion worth of mortgage-backed securities to housing financing agencies Fannie Mae and Freddie Mac. However the securities turned toxic when the housing market collapsed.
Among the major U.S. banks targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., and Goldman Sachs Group Inc., but the action extended to other large European banks including The Royal Bank of Scotland, Barclays Bank and Credit Suisse.
Fannie and Freddie, which are overseen by the U.S. Federal Housing Finance Agency, buy mortgage loans and securities issued by banks so that the lenders use the money to reinvest in the property market. The two agencies invested heavily in residential mortgage-backed securities, which bundled pools of mortgages into complex investments that collapsed after the real-estate bust and helped fuel the financial crisis in late 2008…
In 2011, the U.S. government sued UBS and 17 other financial firms for selling some $196 billion worth of mortgage-backed securities to housing financing agencies Fannie Mae and Freddie Mac. However the securities turned toxic when the housing market collapsed.
Among the major U.S. banks targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., and Goldman Sachs Group Inc., but the action extended to other large European banks including The Royal Bank of Scotland, Barclays Bank and Credit Suisse.
Fannie and Freddie, which are overseen by the U.S. Federal Housing Finance Agency, buy mortgage loans and securities issued by banks so that the lenders use the money to reinvest in the property market. The two agencies invested heavily in residential mortgage-backed securities, which bundled pools of mortgages into complex investments that collapsed after the real-estate bust and helped fuel the financial crisis in late 2008…
