Some borrowers who were mistreated during foreclosures will receive compensation. The payments will range from hundreds of dollars to $125,000. The agreement ends a case-by-case review of the banks' actions.
The agreement resolves claims against the bank about mortgage-backed securities it sold before the housing bust. Many weren't worth what was promised. Also today, BofA and other banks are expectd to settle claims related to alleged foreclosure abuses.
Hedge fund and private equity managers came out of the "fiscal cliff" agreement with a better tax setup than many affluent taxpayers. It largely keeps in place a practice that allows them to have their earnings taxed at a capital gains rate rather than at a higher rate for ordinary income.
Google chairman Eric Schmidt is visiting the Hermit Kingdom, where few people have ever been allowed to access Google, let alone the billions of web pages it can search for information. Schmidt is part of a delegation led by former New Mexico Governor Bill Richardson.
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