There are new rules for mortgage brokers that could protect consumers and what kind of bonuses is Wall Street giving out? Here's the Friday Bloomberg After The Bell Report from the New York Stock Exchange.
American Stock Exchange
2391.44 down 2.29
3134.71 down 1.29
Standard And Poors 500
1485.98 up 5.04
It's bonus time on Wall Street. Citigroup informed its staff Thursday that some staffers would be getting as much as a 20 percent cut in bonus after revenue was down, but top performers were likely spared the cuts. Over at Goldman Sachs, CEO Lloyd Blankfein likely got a $19 million bonus, a 90-percent increase over last year.
HSBC will pay $249 million to settle claims of botched U.S. foreclosures, joining 12 other mortgage servicers in a deal that now exceeds $9 billion, according to banking regulators.
Stocks rose with the Dow at a five-year high as House Republicans plan to vote next week on a temporary increase in the debt ceiling limit.
Loan officers will face restrictions on giving borrowers high cost mortgages under a new rule issued by the Consumer Protection Financial Bureau. The rule prohibits compensation that varies with loan terms, so that the originator cannot earn more by getting a consumer into a loan with a higher interest rate.