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Zürich-based UBS (NYSE:UBS) attempts to block a United States lawsuit concerning billions of dollars worth of mortgage bonds in a case that could impact government endeavors to recover losses that Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) suffered during the housing crash. In the United States Court of Appeals in Manhattan Monday, UBS contended that a decision which allows the Federal Housing Finance Agency to pursue its suit in regards to losses on $6.4 billion in mortgage bonds sold to Fannie and Freddie should be overturned. The agency that oversees the two was established in 2008 and the central question is whether that agency also extended the time which the government had to file claims against UBS and a group of other lenders.
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Data from Goldman Sachs (NYSE:GS) finds that only 13 percent of what it calls the smartest money on the Street is outperforming the S&P 500 and that 20 percent of all hedge funds are actually in the red during the current year. Even more to the downside, the research indicates that hedge fund managers have pushed into the same trades with turnover standing at a record low. More specifically, investors in hedge fund are currently paying 2 percent fees up front and then 20 percent of profits to the managers.
In a Monday release, Vice chairman and Chief Executive of Fifth Third Bancorp (NASDAQ:FITB) Kevin T. Kabat said that Executive Vice President and Chief Credit Officer Bruce Lee will step down at the end of 2012 for personal reasons. Lee had joined the company in 2001 at he time of the acquisition of Capital Bank, N.A., headquartered in Toledo, in which he served as executive vice president and senior loan officer.
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