U.S. housing starts up but
miss forecasts; permits fall
U.S. housing starts rose but were below market expectations and building
permits fell in March, pointing to underlying weakness in the housing market
that could persist despite improving weather. The Commerce Department said
Wednesday that groundbreaking increased 2.8 percent to a seasonally adjusted
annual rate of 946,000.
Bank of America swings to
quarterly loss on legal costs
New York Times: Bank of America Corp. swung to a first-quarter loss
of $276 million, as legal expenses related to the financial crisis mounted. The
bank said Wednesday that its litigation expenses increased to $6 billion in the
quarter, showing how Bank of America is still paying for its mortgage missteps
nearly six years after the financial crisis.
GM to seek court protection
against faulty-ignition lawsuits
General Motors Co. said it will ask a U.S. bankruptcy court to bar plaintiffs
from proceeding with lawsuits against the automaker for claims related to any
actions before it filed for bankruptcy in 2009. The plaintiffs have alleged
that they bought or leased vehicles that contained an ignition switch defect.
The defect has been linked to the deaths of at least 13 people and resulted in
the recall of 2.6 million GM vehicles.