Headlines today. Phil mattingly reports on president obamas options in iraq. With amarx is in irbil focus on iraq passes oil fields. With theinterview Kansas City Fed president. But first, on this thursday, we begin with bank of americas rectal record settlement. The bank has agreed to pay nearly 17 billion to settle allegations that misled investors in the sale of mortgage bonds. It is the toughest penalty yet related to loans that fueled the financial crisis. We did the best we could. I am proud of the fact we established the working group the president set up in january 2012. The chase deal, the city deal, and this recordbreaking deal with bank of america are all coming out of the work of this National Working group that president obama set up in january 2012. He does not get mentioned a lot in the stories, but he put my office and others together and we started ramping up and that is why we are getting these recordbreaking settlements. Bloomberg reporter keri geiger has been follow
Power. Tyler is off this week. Simon is my coanchor. Hi, sue. Historic day down here on the floor of the new york stock exchange, where shortly after 10 00. We hit 2000 for the first time ever. We basically spend the last three hours trying to retake that, but to be honest with you, its been a bit of a struggle. The nasdaq with seema mody. Bob pisani is with me here at the nyse. Lets first kick off with dom chu. If you look at whats happening, we talk about the leaders and lag guards, since the first time the s p crossed 91000 mark. They werent necessarily s p 500 members back then, but look at the stocks on the leading side of things. Its in beverages, take a look at what we are talking about here. This stock is great. Were talking about a company that cocacola just invested in. Keurig green mountain. Up 51,000plus percent, a big move for this stock. This one here, 87 stock. Back in the day, it was not that much. Just worth pennies now up 78,000 some percent. This used to be called ha
Watch and it ends in a tie . A tie . Because even when they say its not it is always about winning. Melissa sigh of relief from the Housing Market. Money told you about the twoyear recovery faltering in the Housing Market amid rising prices and low paying jobs. Existing home expectations beat expectations seeing the highest monthly gain in three years. Here is fox businesss own Charlie Gasparino, jo ling kent and wall street journal spencer ante. What do you guys make of this . What do you think, charlie. Economy is still pretty slow. I think were bouncing off the bottom when you talk about housing making a come back. If you look at the numbers from, ill tell you, we were first to talk about this, again, i think this is the biggest economic story out there, jobs on the low end, jobs on the highend. Those aei numbers and other numbers in the New York Times say were not producing jobs in the middle. This is not a good economy. Melissa why would existing home sales rise by 5 . I dont know
Getting the benefit and availability of the site committees. We do believe we would get additional takeout from higher attach servicing of these loans with the policy changes that weve made. On the origination side, we are increasing premiums to some degree, 10 basis points on an annual basis. You think its important measure to take given what the fundies. We are very mindful that we have to be careful about adding additional cost on to new borrowers on loans that frankly are already profitable and starting to develop a cushion for fha. But at the same time, we need to ensure we can bring in additional revenue, which will be helpful for the fund moving forward. We are reversing a policy that has been not longstanding, but standing since around 2000 of automatically canceling mortgage Insurance Premium vanilla amortize to a 78 of tv. We have reversing the policy and making sure the Insurance Premium remains with the log. Fha is insuring the blog for ongoing period of time. We dont get o
35 , mr. Speaker, is the rate that that 1 are paying today. 35 cents out of every dollar earned by that top 1 today, at the marginal tax rate for those folks. Now, a lot of folks dont realize taxes are already going up next year. The president S Health Care bill, that bill that i was not here to oppose it though i tried to repeal it, i havent been able to get that through the senate, but the president S Health Care bill raises taxes come january 1. So on the top income bracket that the president wants to raise taxes even further on, they have a tax rate increase coming and its coming on january 1. 3. 8 , mr. Speaker. Every dollar of earned income these top 1 earn is going to have a new 3. medicare tax added to it. 3. 8 . 0. 9 , mr. Speaker, thats an increase in the medicare tax on the earned income of these folks. 3. 8 increase on the unearned income, 0. 9 increase on the earned income. 2. 7 , mr. Speaker. Thats the medicare tax that that top 1 is already paying on all of their earned