U.S. housing starts up but miss forecasts; permits fall

Reuters: U.S. housing starts rose but were below market expectations and building permits fell in March, pointing to underlying weakness in the housing market that could persist despite improving weather. The Commerce Department said Wednesday that groundbreaking increased 2.8 percent to a seasonally adjusted annual rate of 946,000.

 

Bank of America swings to quarterly loss on legal costs
The New York Times: Bank of America Corp. swung to a first-quarter loss of $276 million, as legal expenses related to the financial crisis mounted. The bank said Wednesday that its litigation expenses increased to $6 billion in the quarter, showing how Bank of America is still paying for its mortgage missteps nearly six years after the financial crisis. 

 

GM to seek court protection against faulty-ignition lawsuits
Reuters: General Motors Co. said it will ask a U.S. bankruptcy court to bar plaintiffs from proceeding with lawsuits against the automaker for claims related to any actions before it filed for bankruptcy in 2009. The plaintiffs have alleged that they bought or leased vehicles that contained an ignition switch defect. The defect has been linked to the deaths of at least 13 people and resulted in the recall of 2.6 million GM vehicles.