Tuesday, April 10, 2012

Big banks face more rules on mortgages

Welcome to the morning roundup. Here's a look at today's banking and finance headlines:

Mortgage servicing rules. The new Consumer Financial Protection Bureau might soon require mortgage servicers, including Charlotte's Bank of America Corp. and Wells Fargo & Co., to reach out more to delinquent borrowers, warn them about changes in their interest rate and even apply monthly payments the same day, the Wall Street Journal reports. The regulator said it plans to propose the new rules by this summer and finish them by early next year.

Bank capital. Ben Bernanke said banks need to have more capital to make sure the financial system is stable, Reuters reports. The Federal Reserve chairman said during a conference Monday that regulators were taking steps to force financial institutions to hold more capital.

Stock market correction. U.S. stocks might face a steeper correction going forward, a market strategist tells CNBC. Others predict the bull market will continue, despite last week's disappointing job data.

Dimon's dancing. JPMorgan Chase & Co. CEO Jamie Dimon might run the nation's largest bank by assets - but he's "a terrible dancer," Bloomberg writes. That's according to his wife, Judy Dimon, who made the comment at a gala Monday night.