A credit union was placed into conservatorship: Clarkston Brandon Community Credit Union, with 9,000 members in Michigan. The credit union will continue to operate with new management with a focus on correcting problems in its operations.
Goldman Sachs has agreed in principle to pay $5 billion to settle claims of unloading near-worthless mortgage-backed securities on unsuspecting investors.
Wall Street banks may be facing half a trillion dollars in bad loans to oil producers because of the falling price of oil. Only about $17 billion in loans have been affected by oil production bankruptcies so far, but a far greater number are effectively nonperforming because the debtors aren’t earning enough oil revenue to make debt payments. JPMorgan is thought to have the greatest volume of oil loans on its books and is preparing for loan losses approaching $1 billion over the next two years.
