When John Bichelmeyer’s mutual fund fell 48 percent in 2008, he decided his portfolio needed an upgrade. The Buffalo Emerging Opportunities Fund would still invest in small companies with the potential to become big ones. What it wouldn’t do is invest in businesses that were burning cash, or in biotechnology firms whose prospects were difficult to gauge, Bloomberg Markets magazine will report in its April issue.
President Barack Obama’s fiscal-year 2015 budget projects the Federal Housing Administration won’t require a taxpayer subsidy this year as the agency’s efforts to shore up its finances have offset losses from defaulted loans.
Bank of America Corp., the second- biggest U.S. lender, disclosed new probes into its mortgage and foreign-exchange businesses and boosted an estimate of potential legal losses by 20 percent to $6.1 billion.
JPMorgan Chase & Co. will pay $614 million to settle claims it improperly approved Federal Housing Administration and Veterans Affairs loans that weren’t eligible for insurance from those agencies because they didn’t meet underwriting requirements.
Morgan Stanley and JPMorgan Chase & Co. agreed to pay $1.86 billion to end U.S. accusations of misconduct in their handling of home loans and related securities that left taxpayers shouldering losses after the financial crisis.