Almost 2 of the lows of the session. Look how quickly rebounced back. That 1. 2 decline put us right at the correction move. We were down about 10 from its recent house, maybe a bounce off that level is what we have . Havent had a correction in the nasdaq since 12 to. Yahoo is going to report earnings. The question is how much will that affect trading activity as well . That and a couple other companies will be reporting tonight as well. Speaking of fast moving changes, if you were watching this show yesterday, you know anything can happen in a final hour of trading, and heres what we were talking about. 3 00 yesterday, the dow fading fast. Only to do a stunning turnaround in what some down here, yes, were calling the shaq rally. There he is. When bill and i started interviewing the former nba great here at the exchange, maybe coincidence. I think not. The real point of all of this, we need to get shaq back on the floor right now. I think the traders would agree with that. That was an
Captioning sponsored by wpbt this is n. B. R. Tom good evening. Im tom hudson. Susie is off tonight. The nations biggest banks move to put the housing crisis behind them, paying billions of dollars to settle claims of foreclosure abuse. With the fiscal cliff drama over for now, investors look to the markets next hurdle earnings season. Coming up what to expect from Corporate Americas bottom lines. And we kick off a new series, n. B. R. U. , our partnership with some of the nations top universities. Tonight does maximizing shareholder value hurt the economy . That and more tonight on n. B. R. the nations largest banks announced two big settlements today over the housing crisis. 10 of them are settling with federal regulators over allegations they mishandled foreclosures. And in a separate deal, bank of america and governmentowned mortgage giant fannie mae settled the score over trillions of dollars worth of bad home loans. In all, the deals cost the Banking Industry billions of dollars,
To compromise the Capital Position of the bank in any way. Reporter also today, ten major banks, including bank of america settled claims they abused the foreclosure system, seizing defaulted homes without proper paperwork. The banks agreed to fix those abuses two years ago, with a casebycase review of foreclosure practices. But that just wasnt moving fast enough, and proved too costly. Bring in todays deal the banks will pay a total of 8. 5 billion. Three billion of that will go to homeowners hurt by the banks; the rest, five billion to assistance programs like loan refinancing, for homeowners who are struggling. It helps current homeowners and its going to help the marketplace at the margin. You know, the con, if there is one, is the fact that well never, it will make it less likely now that well ever get a full accounting of the foreclosure irregularities that existed. And how widespread were they, what were the types of irregularities and what were the full dollar amounts. Reporter
To compromise the Capital Position of the bank in any way. Reporter also today, ten major banks, including bank of america settled claims they abused the foreclosure system, seizing defaulted homes without proper paperwork. The banks agreed to fix those abuses two years ago, with a casebycase review of foreclosure practices. But that just wasnt moving fast enough, and proved too costly. Bring in todays deal the banks will pay a total of 8. 5 billion. Three billion of that will go to homeowners hurt by the banks; the rest, five billion to assistance programs like loan refinancing, for homeowners who are struggling. It helps current homeowners and its going to help the marketplace at the margin. You know, the con, if there is one, is the fact that well never, it will make it less likely now that well ever get a full accounting of the foreclosure irregularities that existed. And how widespread were they, what were the types of irregularities and what were the full dollar amounts. Reporter