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Wall Street Roundup: Foreclosing on the forecloser. John Paulson votes against banks.

November 16, 2010 |  9:02 am

Gold: Trading now at $1,335 per ounce, down 2.4% from Monday. Dow Jones industrial average: Trading now at 11,033.42, down 1.5% from Monday.

Bernanke

Fed on the defensive. Top Federal Reserve officials gave rare interviews to defend the central bank's recently announced policy of buying up Treasury bonds. The bond market appears to have rejected the strategy, and bond rates have actually risen.

Foreclosure woes not over. The problems created by problematic foreclosures and fraudulent documentation could be worse than thought, a congressional panel is warning in a report delivered Tuesday.

Foreclosing on the forecloser. A law firm under investigation for its handling of foreclosure documents has laid off staff and may have to close its doors.

Paulson votes against banks. Hedge fund manager John Paulson has sold off much of his holdings in big American banks such as Goldman Sachs and Bank of America as the institutions face questions about their foreclosure practices and worries about future profits.

How credit raters are holding on. The financial-reform legislation was supposed to clip the wings of the credit rating agencies, but it now appears that they may not change all that much.

-- Nathaniel Popper in New York

Photo: Federal Reserve Chairman Ben Bernanke.

 

 

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