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Japans total household spending fell 6.4% month-on-month in June, compared with a forecast of -3.1% and a previous reading of 3.7%.Japans total household spending fell 3.3% year-on-year in June, compared with a forecast of 1.00% and a previous reading of -0.40%.Asian stocks are expected to open slightly lower on Friday as renewed geopolitical tensions dragged down both U.S. stocks and bonds. Oil prices jumped, reigniting inflation concerns ahead of a key U.S. jobs report. Market focus now shifts to Fridays U.S. jobs report for new clues about the Federal Reserves policy path. Stronger-than-expected jobs data could reinforce the case for persistently high interest rates, while any escalation of tensions in the Middle East could push up energy prices and exacerbate market volatility. UBS analyst Ulrike Hoffmann said, "Short-term risks remain, especially if U.S. data remains strong, oil prices continue to fuel inflation concerns, or the market continues to price in a more hawkish Fed rate path." José Torres, senior economist at Interactive Brokers, said, "Wall Street has once again reversed its recent sharp rise as the lack of clarity surrounding the Strait of Hormuz has led investors to question the validity of the strong rally earlier this week."On August 7th, it was reported that the Venezuelan and Chilean foreign ministries issued separate statements on August 6th, announcing the exchange of diplomatic notes and the formal restoration of consular relations. They also decided to establish consulates general in each others capitals. Furthermore, both sides agreed to proceed gradually towards the full normalization of bilateral relations.Federal Reserves Mussalim: Amidst energy market volatility, I am focused on core inflation.

Wells Fargo basically wins two cases over mortgage losses

Charlie Brooks

Jul 13, 2022 10:51

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Wells Fargo & Co (NYSE:WFC) won the dismissal of one lawsuit and a portion of another claiming the fourth-largest bank neglected to monitor toxic mortgage-backed securities, which were a primary cause of the 2008 global financial crisis.


In a 68-page order, U.S. District Judge Katherine Polk Failla of the Southern District of New York rejected a complaint filed by investors led by Ireland's Phoenix Light SF Ltd, noting that the legal problems addressed had previously been handled in past action.


The judge also found that Commerzbank AG (OTC:CRZBY) was prevented from pursuing certain claims against Wells Fargo in San Francisco because the German lender lacked standing or filed too late.


Commerzbank (ETR:CBKG) was given permission to sue Wells Fargo after revealing that servicers for 17 trusts had liquidated 3,377 loans using defective documentation rather than letting sellers acquire them. Other claims were also retained.


Plaintiffs' counsel did not immediately react to queries for comment. Wells Fargo did not react immediately to comparable questions.


The lawsuits claimed hundreds of millions of dollars in damages in connection with Wells Fargo's function as loan trustee.


They are part of a series of cases brought over the preceding decade and a half to hold lenders and trustees liable for the collapsing value of once-safe residential mortgage-backed securities.


Trustees were commonly sued for failing to push sellers to buy back troubled loans, failing to alert investors of defaults, and failing to exercise reasonable standards of care.


Wells Fargo previously paid two investor class actions and a National Credit Union Administration lawsuit over illegal mortgages.


It agreed to pay a $2.09 billion civil judgment in August 2018 to settle US Department of Justice claims that it knowingly produced and promoted residential mortgage loans that misrepresented income and were of lesser quality than it had indicated.


Phoenix Light SF Ltd et al v Wells Fargo Bank NA, U.S. District Court, Southern District of New York, No. 14-10102; and Commerzbank AG v Wells Fargo Bank NA, U.S. District Court, Southern District of New York, No. 15-10033.


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