Posts From King World News

FDIC sues Citigroup, 2 other banks over soured mortgage-backed securities

The FDIC, a U.S. bank regulator, has sued three large U.S. banks to recoup some of the more than $695 million it lost from selling shoddy residential mortgage-backed securities once owned by a Texas bank that failed in 2009. Lawsuits stemming from the FDIC’s role as receiver for Austin-based Guaranty Bank, which had bought more than $2.7 billion of the securities, were filed against Citigroup Inc , Bank of New

Home sales near eight-and-a-half-year high, brighten outlook

U.S. home resales rose to a near 8-1/2-year high in July and factory activity in the mid-Atlantic region picked up this month, fresh signs of steady economic growth that likely keeps the Federal Reserve on track to raise interest rates this year. While other data on Thursday showed a slight increase in the number of Americans filing new applications for unemployment benefits last week, the trend remained consistent with strong

New Target COO's headache: Too few goods to keep shelves filled

Two days after being promoted to the new position of Target Corp’s Chief Operating Officer, John Mulligan’s big job is clear: fix a supply chain that the company blamed for shortages of goods that are undermining sales growth. On Wednesday, the fourth-largest U.S. retailer blamed its “incredibly complex supply chain” for unacceptable stock levels at its stores this year, forecasting weak growth in current quarter sales at established stores. The