Friday, December 6, 2013
Settlement in the pipeline for JPMorgan security case
An $11 billion national settlement is under discussion to resolve claims over JPMorgan's handling of mortgage-backed securities in the run-up to the recession, said a government official familiar with ongoing negotiations among bank, federal and state officials.
The Justice Department is taking the lead on the settlement, which would include $7 billion in cash and $4 billion in consumer relief, although the deal also would include states with claims against the bank, the official said.
The government has continued investigating JPMorgan over mortgage-backed securities, which lost value after a bubble in the housing market burst and helped spur the financial crisis.
Orders for durable goods slightly higher last month
Companies placed slightly more orders in August for U.S. long-lasting manufactured goods, stepping up demand for cars, trucks and machinery. Even with the gain, business spending on factory goods may not be strong enough to accelerate economic growth in the July-September quarter.
Orders for durable goods, items expected to last at least three years, increased 0.1 percent in August, the Commerce Department said Wednesday. That comes after orders plummeted 8.1 percent in July, which was largely because of a steep drop in volatile commercial aircraft orders.
Glitch in Apple Maps app sends drivers onto runway
A glitch in the Apple Maps app on newer iPhones and iPads guides people up to a runway at a major Alaska airport instead of sending them on the proper route to the terminal, an airport official said Wednesday.
The map actually stops at the tarmac, but twice this month, wayward drivers have continued across an active runway at Fairbanks International Airport.
There were no injuries in either the Sept. 6 incident or the second one last Friday, mainly because they both happened early in the morning, between flights.
Americans step up buying new homes in August
Americans stepped up purchases of new homes in August after cutting back in July, suggesting that higher mortgage rates are not yet slowing the housing recovery.
Sales of new homes increased 7.9 percent last month to a seasonally adjusted annual rate of 421,000, the Commerce Department said Wednesday. That comes after sales plunged 14.1 percent in July to a 390,000 annual rate.
-- From news service reports