Mortgages did not fare well last year, but this year they seem to be on the right track, according to USA Today. Mutual funds and other institutional investors have little interest in owning individual mortgages. Instead, they buy securities backed by large pools of mortgages. Well-known ones are put together by Freddie Mac and Fannie Mae. Of the $13 trillion in the U.S. mortgage debt today, about $6.5 trillion is in the mortgage-baked securities. Mutual funds typically don’t hold the worst mortgage pools, says Eric Jacobson, analyst at Chicago-based
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Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.
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The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
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The Wall Street powerhouse has built its wealth division in large part through big deals but is not "looking to make acquisitions just for the sake of it, " said CEO Ted Pick.
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But the Bank of America subsidiaries nonetheless reported rises in AUM and net revenue in the second quarter while adding thousands of new client relationships.
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The accusations led to the end of 16 years at the firm.
July 15 -
In an earnings call Tuesday, CEO Charlie Scharf credited brokers in the firm's branches for working with consumer bankers for a 10% increase in new assets.
July 15