Tuesday, April 3, 2012

Foreclosures stall after $25 billion settlement

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

Foreclosures stall. New data show newly started foreclosures and foreclosure sales dropped sharply in February, CNBC reports. That came as a surprise to experts who expected both measures to rise after the $25 billion mortgage settlement between big banks and government officials - and some say the stall could lead to an overall drop in home sales.

JPMorgan banker resigns. London banker Ian Hannam, JPMorgan's global chairman of equity capital markets, resigned to fight a $720,000 fine from a British regulator for passing on inside information, Reuters writes. He had been at the firm for two decades.

Rocky start. Citigroup Inc. and Morgan Stanley announced plans to combine their brokerage units in January 2009, but it's been a slow start, the Wall Street Journal reports. Brokers are operating on old computer systems, and Morgan Stanley Smith Barney has failed to meet some targets amid turbulent market conditions.

Stocks flat. U.S. stocks were flat this morning after a rally, Bloomberg reports. Analysts say it will be easier for data to disappoint markets this week after big gains in recent days.