Read/Post Comments (0) | Recommended this article (0)
Please login to Zacks.com or register to post a comment.
Zacks' 7 Best Stocks
for May, 2013
FREE Report for Zacks.com
Visitors Only
Visitors Only
They're hand-picked from the list of Zacks Rank #1 Strong Buys. Our experts predict that their prices will jump the soonest.
Today, you can see them free.
- Latest News
- Most Popular
- Spotlight on Market and Fed Exit Plan
- This Week's Top Value Stocks
- Anatomy of Success: National Retail Properties
- RTI: Buy or Sell: Bank of America (BAC)
- The Best ETF to Play Japan's Surge
- Roundtable Top Picks of the Week
- Top-Rated Zacks Rank Sectors
- Double-Down on These Gaming Stocks
- Railroad Industry Stock Outlook - May 2013
- AWS 5/14: Thinking of Life Without QE
- PFP 5/14: This Is Getting Too Easy
Recent Quotes
| No Recent Quote currently available |
My Portfolio
|
My Portfolio Tracker One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts. Set yours up today. |
More Zacks Resources
Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.
Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.
Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.
My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.
Zacks #1 Stocks on the Move 05/14/2013
| Company Name | Symbol | %Change |
|---|---|---|
| INTEROIL COR | IOC | 9.57% |
| INFORMATION | III | 9.47% |
| A M R CP | AAMRQ | 6.83% |
| SCIENTIFIC L | SCIL | 5.26% |
| PACER INTL I | PACR | 5.23% |
Quick Links
Resources
Client Support
Zacks Research is Reported On:
Zacks Investment Research
is an A+ Rated BBB
Accredited Business.
Copyright 2013 Zacks Investment Research
At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1986 it has nearly tripled the S&P 500 with an average gain of +26% per year. These returns cover a period from 1986-2011 and were examined and attested by Baker Tilly, an independent accounting firm.
Visit performance for information about the performance numbers displayed above.
NYSE and AMEX data is at least 20 minutes delayed. NASDAQ data is at least 15 minutes delayed.
This page is temporarily not available. Please check later as it should be available shortly. If you have any questions, please email customer support at support@zacks.com or call 800-767-3771 ext. 9339.
Washington Mutual Inc. – acquired by JPMorgan Chase & Co. ( JPM - Analyst Report ) in 2008 – and Citigroup, Inc. ( C - Analyst Report ) are encountering legal charges in connection with issues arising out of the sale of mortgage-backed securities (MBS). Integer Program LLC sued these two firms for incurring huge losses from mortgage loans.
Integer has accused Washington Mutual and Citi of breaching an agreement related to mortgage loan purchase entered by these two institutions in 2007. As a result of this agreement, Integer incurred a total loss exceeding $301 million.
As per the lawsuit filed by Integer, residential mortgage loans, in excess of 4600, were securitized by Washington Mutual. Consequently, these mortgage-backed securities were sold to Integer. Of these, the alleged breaches took place on over 1,400 loans.
Prior to the closing of the offer date of the certificates to the public, more than 60 mortgage loans were delinquent. Further, it is alleged that both JPMorgan and Citi were well aware of the associated risks. However, despite being acquainted with the existing breaches in the securities, JPMorgan and Citi did not take any steps to rectify them.
Similar Charges Earlier
Earlier in 2013, JPMorgan was sued by National Credit Union Administration (NCUA), the U.S. regulator for credit unions, for misrepresentation in the underwriting and sale of MBS worth over $2.2 billion, which were sold to the U.S. Central, Western Corporate and Southwest Corporate federal credit unions (FCUs) by Washington Mutual.
Further, many other global giants, including Morgan Stanley ( MS - Analyst Report ) and The Goldman Sachs Group, Inc. ( GS - Analyst Report ) , are battling similar lawsuits related to MBS.
Our Viewpoint
Such charges are expected to result in increased legal risks, which might pose a threat to the companies’ financials going forward. Moreover, it is apprehended that litigation overhangs might tarnish the image of these banking majors.
JPMorgan currently carries a Zacks Rank #2 (Buy), while Citi carries a Zacks Rank #3 (Hold).
Read the full Analyst Report on JPM
Read the full Analyst Report on C
Read the full Analyst Report on MS
Read the full Analyst Report on GS