Oil Plunges; Stocks Gain

Many struggling homeowners not covered in deal

(NEWSER) - The $26 billion mortgage settlement announced yesterday will be a boon for some—but the terms of the deal leave many homeowners out in the cold. Recipients of loans owned by the Federal Housing Administration, for instance, won't directly benefit from the settlement; nor will those with mortgages held by private investors, the New York Times reports. Millions of Fannie Mae and Freddie Mac loans—about half of America's mortgages—aren't part of the plan, either. More»

49 states sign on to deal with nation's top 5 banks

(NEWSER) - America's five biggest banks have hammered out a $26 billion settlement for their role in causing the mortgage meltdown, reports the Wall Street Journal . The deal—the biggest of its kind since 1998's $206 billion settlement with the tobacco industry—was hammered out during almost a year of negotiations between the banks and all 50 state attorneys general, reports the New York Times . The money will go to some 2 million homeowners affected by the crisis. More»

Obama administration nearing deal for mortgage relief

(NEWSER) - California and New York are close to signing on to the Obama administration's multibillion dollar mortgage robo-signing settlement, significantly expanding the deal, the New York Times reports. If California signs on, the settlement total will jump from $19 billion to $25 billion. In exchange, the states want measures to help individual homeowners, and the ability to investigate the banks' other past mortgage misdeeds. California also wants to ensure that big pension funds can still sue the banks for false claims about mortgage-backed securities. More»

It's Dow's best finish since 2008

(NEWSER) - Today's rosy jobs report did wonders for the markets. The tech-heavy Nasdaq, in fact, closed at an 11-year high, reports MarketWatch , while the Dow finished at its highest level since May 2008, notes the Wall Street Journal . The numbers:

• Dow: Up 157, 1.2%, to 12,862
• Nasdaq: Up 46, 1.6%, to 2,906
• S&P 500: Up 19, 1.5%, to 1,345

Measure to be before House next week

(NEWSER) - Lawmakers in Congress are inching closer to deciding, somewhat belatedly, that they shouldn't be allowed to profit by playing the stock market using inside information they have gleaned on Capitol Hill. A bill that bans insider trading by lawmakers and thousands of executive branch officials is heading to the House after passing the Senate 96-3 yesterday, the AP reports. President Obama has promised to sign the bill, which requires stock trades be posted online within 30 days. More»