As the rest of the housing industry recovers, a little-known firm with a key role in U.S. mortgage finance remains stuck in limbo, wrestling with regulators, lawsuits and the departures of senior employees.
New York’s top banking regulator sent a subpoena to Credit Suisse Group AG last week as he examines whether its private bank helped clients evade state taxes, a person with knowledge of the matter said.
U.S. stocks climbed for a second day as optimism grew over corporate earnings and the Nasdaq Composite Index rebounded after falling near its average level for the past 200 days. Treasuries rose amid increasing tensions in Ukraine, while emerging markets slumped on signs China’s economy is slowing.
The dollar remained higher versus the euro after U.S. consumer prices rose more than forecast last month while the Federal Reserve Bank of New York’s gauge of manufacturing in its region unexpectedly declined in April.