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The number of US homes being repossessed hit an all-time high last month, but is set to start falling, says the body that tracks the figures. Banks took control of 92,432 properties in April, up 1% from March, and a 45% rise from a year earlier, said RealtyTrac.
Eight banks are facing a US investigation into the rating of their mortgage products, the BBC understands. New York Attorney General Andrew Cuomo is looking at whether the relationship between the banks and credit rating agencies was manipulated to gain better ratings for risky securities.
Corn futures rose to a two-month high on mounting demand from China, the world’s second-biggest consumer.
Morgan Stanley (NYSE:MS) CEO James Gorman denied allegations the US bank misled investors about mortgage derivatives it sold them. The firm is being probed by US prosecutors over whether the bank misled clients when it sold them collateralized debt obligations as its own traders bet that the value of the securities would drop, the Wall Street Journal reported Wednesday.
United States trade deficit rose to a 15-month high in March as rising imports underlined the economy's recovery. Figures from the Commerce Department showed the gap between imports and exports rose 2.5% to 40.4 billion US dollars.
The US reported its largest April budget deficit on record, 82.7 billion USD as receipts declined in a month that typically sees an increase in individual income tax payments, according to the latest release from the Treasury Department.
United States shares closed lower on Tuesday as global stock markets stalled on niggling worries over European debt problems. On Wall Street, the Dow Jones index closed down 0.34% following a turbulent day's trading, and a nearly 4% rise on Monday.
Companies in the United States added 290,000 jobs in April, mostly in the private sector, the United States Department of Labor said Friday, a strong sign that the job market has begun recovering from last year's damaging recession.
United States regulators and stock exchanges are searching for answers after what is believed to be an electronic trading error set off a heart-stopping plunge in markets that rivalled the crash of 1987.
United States big banks should be charged a fee to pay for bailouts as it will make them less prone to reckless lending, US Treasury Secretary Timothy Geithner told lawmakers as he sought support for the proposal.