Fiduciary matters focus of program
Area investment advisors, registered representatives, and trust officers are invited to join Miller Canfield estate planning lawyers Dawn Schluter and Ken Konop on Thursday, February 13 for a Before the Bell Breakfast Forum on “Why the Fiduciary Matters!”
Discussions will include what financial planners should know about the legal obligations of the trustee of their clients’ trust — and why they should care about this important selection.
The program will take place from 7:15-8:30 a.m. at the Townsend Hotel in Birmingham.
There is no cost to attend. Space is limited to registered representatives, investment advisors and trust officers.
Advance reservations are required.
To register online, visit millercanfield.com/news-events
For additional information, contact Sandy Bera at bera@millercanfield.com or 248.267.3345.
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Deal OK’d for Fannie to get $537M
WASHINGTON (AP) — A federal bankruptcy judge has approved Lehman Brothers Holdings Inc.’s settlement with Fannie Mae, allowing the mortgage finance giant to recover about $537 million for its claim against the estate of the failed Wall Street bank over soured mortgage securities.
Judge James Peck made the ruling Wednesday. The settlement values at about $2.15 billion Fannie’s claim over home loans and mortgage securities it bought from Lehman before the financial crisis. Under rules of Lehman’s bankruptcy proceeding, Washington-based Fannie will receive about 25 percent of that.
Fannie and sibling Freddie Mac were rescued by the government in a $187 billion bailout in 2008 after they were hit by massive losses on high-risk mortgages.
Lehman’s bankruptcy in September 2008 was the biggest in U.S. history and helped set off the financial crisis.
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Average U.S. rate on 30-year loans drops
WASHINGTON (AP) — Average U.S. rates for fixed mortgages slipped last week as new data showed a decline in home prices in November and a drop in new homes sales last month.
Mortgage buyer Freddie Mac said Thursday the average for the 30-year loan fell to 4.32 percent from 4.39 percent the prior week. The average for the 15-year loan eased to 3.40 percent from 3.44 percent.
Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago.
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MLB tells court A-Rod suit should be tossed
NEW YORK (AP) — Major League Baseball is seeking a speedy dismissal of New York Yankees third baseman Alex Rodriguez’s lawsuit challenging a season-long suspension.
Howard Ganz, an MLB lawyer, said in a letter to U.S. District Judge Edgardo Ramos that Rodriguez’s claims do not come “remotely close” to what is needed to overturn an arbitration decision in federal court.
Ganz’s letter, dated Monday and filed Tuesday, said the lawsuit should be tossed because a court is not empowered to re-examine the merits of an arbitration decision.
Rodriguez’s claims in his lawsuit were considered by the arbitrator and resolved based on evidence and arguments, along with the arbitrator’s interpretation of collectively bargained agreements, Ganz said.
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