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.
A trial attorney from the Securities and Exchange Commission said his bosses were too “tentative and fearful” to bring many Wall Street leaders to heel after the 2008 credit crisis, echoing the regulator’s outside critics.
U.S. agencies trying to ensure the financial system is strong enough to withstand another crisis have settled on one of the last pieces of their regulatory apparatus to limit the size of bank debt, according to two people briefed on the discussions.
After Symetra Financial Corp. was formed in 2004, the life insurer set up shop in a 25-story glass tower outside Seattle, put its name on the building and pushed the state to adopt more favorable rules for its business.
Ukraine’s foreign minister said the risk of war with Russia was growing as President Barack Obama prepared to travel to Europe amid calls from U.S. lawmakers for more Western support for the Kiev government.