Morning business headlines
Friday, August 09, 2013 10:52 AM
U.S. steps up probe of JPMorgan over Bear Stearns mortgages
Reuters reports that the U.S. Department of Justice has stepped up its probe in recent weeks into Bear Stearns' mortgage dealings in the run-up to the financial crisis, adding to JPMorgan Chase & Co.'s legal problems.
Borrowers can sue Wells Fargo over mortgage modifications
Reuters reports Wells Fargo & Co. must face lawsuits by homeowners who claim the largest U.S. mortgage lender refused to offer them permanent mortgage modifications for which they had qualified, a federal appeals court has ruled.
China to tighten requirements for foreign investment in banking
Reuters reports that China is set to revise rules on the setting up of new banks in the country, aiming to tighten requirements for foreign firms while easing regulations for local entities. Foreign banks' regulatory capital level must meet the standards set by their home country governments and also not be below 10.5 percent, compared with the current requirement of 8.5 percent.