Financial Business Recap: Capital Agency Has Flash CRASH, Metlife Is FINED

Here are Tuesday’s top stories:

On Tuesday, American Capital Agency Corp. (NASDAQ:AGNC) suffered a quick crash, falling 11 percent in the opening seconds of trade on a volume of 5.7 million shares before regaining most of the loss. The stock typically trades around 100,000 during the first 2 minutes and it is so far unknown if any stops were triggered.

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The Federal Reserve has fined insurer MetLife, Inc. (NYSE:MET) $3.2 million for “unsafe and unsound” practices in the servicing of loans and foreclosures, subsequent to a 16-month inquiry. The company is now at work getting rid of any connection to mortgages and banking in order to remove itself from the Fed’s oversight.

Huntington Bancshares Incorporated (NASDAQ:HBAN) is said to have Citizens Republic Bancorp, Inc. (NASDAQ:CRBC), the Flint, Michigan lender that still owes TARP $300 million, on its shopping list. Among the other suitors might be Fifth Third Bancorp (NASDAQ:FITB).

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