Bank of America fires back at New York over modification violations
By Karen Freifeld NEW YORK (Reuters) – Bank of America Corp has fired back at New York Attorney General Eric Schneiderman after he threatened to sue the bank for violating the terms of a $25 billion settlement designed to end mortgage servicing abuses. In a letter to Schneiderman, lawyers for Bank of America said they were “surprised and disappointed” the attorney general thought the bank engaged in “flagrant violations” of the timeline to process mortgage modifications. The lawyers also said Schneiderman cannot sue until the bank has an opportunity to cure any alleged violations. …
Softbank asks banks not to finance Dish’s Sprint bid
(Reuters) – SoftBank Corp has asked investment banks not to finance a rival bid for Sprint Nextel Corp by Dish Network Corp, saying doing so could hurt their chances of gaining a coveted role in the highly anticipated public offering of Alibaba Group Holding Ltd, according to two people with knowledge of the matter. Japanese telecom giant SoftBank, which is a big shareholder in Chinese e-commerce giant Alibaba with a 33 percent stake, is locked in an escalating bidding war with Dish, after the U.S. satellite TV provider made a $25.5 billion proposal for Sprint in April. …
U.S stocks rise for third week in a row
NEW YORK (AP) — Small was beautiful this week.
U.S. will be able to keep borrowing into September
The United States will not run out of room to borrow until at least early September, Treasury Secretary Jack Lew said, citing accounting maneuvers that can be employed once a suspension of the nation’s debt limit expires next week.