Municipal Bonds News
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The biggest wave of tax-exempt borrowing in 2011 is widening the gap between municipal yields and Treasury rates to the most in more than two years as investors extract concessions after a 10-month sales slump.
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The receiver for Central Falls, the Rhode Island city that declared bankruptcy last month, proposed a five-year plan for fiscal recovery that shields bondholders from losses while cutting benefits to retirees, imposing givebacks on unions and raising property taxes.
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Congress’s deficit-cutting supercommittee may cap or end a tax exemption that helps set state and local debt prices, raising borrowing costs and disrupting the $2.9 trillion municipal-bond market.
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Bank of America Corp. is among a group of lenders that may face a wave of new lawsuits claiming cash-strapped counties were cheated out of millions of dollars by a system used for more than a decade to register mortgages.