The mortgage settlement between the top five mortgage banks and state attorneys general may indeed be a net positive in the short term, as it offers more certainty about the myriad state inquiries and offers additional hope that more individual foreclosure cases can be resolved.
But there’s a reason why New York and California signed the accord: It does nothing to hold back their efforts to pursue banks for a wide range of mortgage-related claims.
Read more »
The bottom-line impact of the ballyhooed $25 billion settlement between five big mortgage banks and nearly all states will likely be limited.
Bank of America will contribute the majority of the settlement, $11.8 billion, mainly by dint of its Countrywide purchase. Wells Fargo will provide $5.4 billion, JPMorgan $5.3 billion, Citigroup $2.2 billion and Ally will provide $310 million. Bank of America will be required to pay an additional $1 billion for F.H.A. loans.
Read more »Virginia-based startup timeRAZOR has added $3.4 million in funding. The company has been in stealth mode since June 2011. The online startup’s mission is to bring “a sense of serendipity back to our highly-scheduled world.” The company’s board of advisors includes Linda Abraham, co-founder of comScore; Eddie Amos, former Microsoft executive; and Gene Riechers, former General Partner of Valhalla Partners.
Read more »People were starting to wonder if this was ever going to happen.
Read more »Five-year-old PaxVax Corp., a Menlo Park, Calif.-based company that develops oral vaccines against infectious diseases, is announcing numerous appointments today, including: Nima Farzan as executive vice president and chief operating officer; Thomas Monath as chief technology officer; and Jonathan Smith as executive vice president and chief science officer.
Read more »The conventional wisdom on the Volcker Rule is that it would hit trading-intensive firms the hardest.
A JPMorgan analyst last year estimated that the rule would reduce U.S. bank’s revenue by up to 46 percent. Most assume that Goldman Sachs would be among the hardest hit, as it has long been one of the most trading intensive. But at a conference covered by Reuters, CFO David Viniar suggests that his firm might benefit--at the expense of clients.
Read more »Media services provider Access Media 3 has secured $30 million in funding from ORIX Venture Finance and Petra Capital Partners. Access Media 3 is headquartered in Oak Brook, Illinois.
PRESS RELEASE
Read more »Prolexic Technologies, a provider of Distributed Denial of Service protection services, has closed an US$8 million Series B investment led by Baltimore-based Camden Partners. Prolexic is headquartered in Hollywood, Florida and has scrubbing centers located in the Americas, Europe and Asia.
PRESS RELEASE
Read more »Touchmedia said Wednesday that they have closed another round of financing led by Founder and CEO Mickey Fung. Internal investors from prior rounds, including Qi Ming Venture Partners, TLC Capital, and Mustang Ventures, also participated. Touchmedia is a Chinese developer of interactive touch-screen solutions.
PRESS RELEASE
Read more »Velomedix Inc., a Menlo Park, Calif.-based medical device company focused on therapeutic Hypothermia, has raised $10.2 million in Series B financing. In conjunction with the financing, the company also named Jeffrey Gold as chief executive officer and Michael Moore as the vice-president of operations. Details of the financing were not released.
Read more »TruTouch Technologies, a developer of biometric intoxication detection systems, has raised $3 million in fresh capital. iTulip Inc., a Lexington, Mass.-based online economics and financial markets community, led the round. Other investors were not disclosed.
PRESS RELEASE
TruTouch Technologies, a pioneer in non-invasive biometric intoxication detection systems, today announced that it has secured $3M which will enable the company to build sales revenues through direct sales and secure additional licensing partners.
Praesidian Capital, a provider of mezzanine capital for small and mid-sized businesses, has led a $24.25 million senior debt and equity investment in DisplayWorks. DisplayWorks is an exhibit company based in Irvine, California and a JPB Growth Capital Partners’ portfolio company.
PRESS RELEASE
Read more »Goldman Sachs has raised brows by throwing its support behind the Human Rights Campaign's effort to legalize same-sex marriages.
For the movement, this is a big deal, as the firm ranks as one of the most powerful businesses in the world. The Human Rights Campaign produced a video of CEO Lloyd Blankfein, who asks viewers to join a "majority of Americans who support marriage equality."
Read more »DealBook notes the rise of a one-man boutique, a highly specialized shop built on the enviable contacts of Michael Klein, the former Citigroup vice chairman.
In 2008, he left the bank at the ripe age of 44. He was once seen as a candidate to lead the bank someday, but was sidelined after the arrival of CEO Vikram Pandit, who assigned the key position managing the combined investment bank and asset management business to someone else.
Read more »The DealProfessor takes a look at Goldman Sachs’ multi-sided role in Kinder Morgan’s proposed acquisition of the El Paso Corporation.
At the time the deal talks got underway, Goldman Sachs was representing both companies.
“Goldman’s own internal conflicts committee reviewed the situation and informed El Paso that Goldman could still advise El Paso, but that another investment bank should be retained. The lucky bank turned out to be Morgan Stanley, which was hired to be El Paso’s main adviser on a potential sale.”
Read more »GigaOM has acquired paidContent from Guardian News & Media Ltd. Financial terms weren’t announced. GigaOm said it bought all the assets of ContentNext Media, including paidContent.org, mocoNews.net, contentSutra.com and paidContent:UK. It will retain editorial and business staff, according to the statement.
PRESS RELEASE
Read more »TastemakerX has raised $1.8 million in funding. Investors include Guggenheim Partners, Baseline Ventures, True Ventures, AOL Ventures and Tekton Ventures. The company has also attracted Internet and music industry advisors John Battelle, Marc Geiger, Ian Rogers, Paul Bricault and Ted Rheingold and angel investors Andrew Anker, Mich Mathews, Michael Kassan and Mike McGinley. TastemakerX is a social gaming platform.
PRESS RELEASE
Read more »Data storage company Pivot3 has announced a new, $23 million round of funding to fund its expansion and development. The round was led by Samsung Ventures, and included participation from all existing Pivot3 investors: Focus Ventures, InterWest Partners, Lightspeed Venture Partners, Mesirow Financial, Northleaf Capital Partners and Silver Creek Ventures.
Read more »iStreamPlanet, a provider of live Internet managed broadcast services has attracted Interxion Holding to its Series A round of funding being led by Intel Capital. Founded in 2000, the privately held company is headquartered in Las Vegas with offices in Scottsdale, Arizona and London, UK.
PRESS RELEASE
Read more »Virtacore Systems, a Sterling, Va.-based provider of hybrid clouds backed by Insight Venture Partners, has brought aboard Phill Lawson-Shanks as CTO. Lawson-Shanks previously served as the chief strategy officer of Nimbus Exchange and as chief strategy officer at Alcatel-Lucent. . He also spent many years with Compaq Computer in both Europe and the U.S.
PRESS RELEASE:
Read more »
