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BofA, Fannie Mae Reach Mortgage Settlement

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    FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.

  • Duration 4:49
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This is this Imus in the morning from.

On the farm -- Good morning everyone BankAmerica freezes settlement with Fannie Mae to resolve claims related to residential mortgage loans.

Originated and sold through December 30 -- the 2008.

Bank of America as part of the agreement will make a cash payment to Fannie Mae of three point six billion dollars in thankful also.

Repurchased for six point 75 billion dollars certain residential mortgage loans sold to Fannie Mae.

Speaking of banks the world's top banking regulators have agreed on rules aimed at ensuring that banks can weather future market crises but.

They delayed their full implementation until -- -- -- nineteen.

The -- committee on banking supervision said banks must have enough cash and easily sold assets on hand to hold them over during a thirty day crisis.

The banks will have to hold 60% of that amount when the rules start being phased in 2015.

And the amount will -- be increased by 10% every year until 2019.

At the end its -- eleven the committee headed by Bank of England Governor Mervyn King estimated that fewer than half of the world's top -- 200 banks.

We're in -- to comply with the rule on that they would be to come up with a total of about 2.3 five trillion dollars to do so.

Let's take a look at the markets now in Europe overall -- lower bank stocks are up on the back of that regulatory decision but we have London down -- -- -- five Paris is down.

Pretty close to that in Frankfurt's down 41 here in the US features and and also searching for direction but mostly to the downside we have Dow futures now down thirteen.

The S&P is down one and a half and the nasdaq's down about three.

But while the markets are down there doesn't seem to be much of a slowdown when it comes to consumer spending airfare and even Super Bowl ads.

Florence and the that he has more on that from our newsroom good morning aren't.

Okay -- happy Monday and even spending on electronics is gone up the Consumer Electronics Association says this year global spending on gadgets will rise by 4%.

To one point one trillion dollars now the lion's share of that is going to be on tablets Smartphones.

And -- lot by the end of the year US households 44%.

Of them.

Will -- at least.

One tablet.

Computers so we've certainly come a long way.

Emerging markets are.

Our another big reason fueling that growth in.

In total global -- spending another thing going up is airfare I mean this is -- repetitive story we told this all the time last year seven an official airfare hikes in 2012.

And now we have the start of one in the new year and it's only January the seventh United Airlines increasing airfare between two and five dollars each way.

Delta matching that increase it remains to be seen who wells but.

If it is -- we could have the first official industrywide airfare hike of the new year.

With many more likely to come unfortunately.

I hate giving people that story.

And finally there is absolutely no economic slowdown when it comes to Super -- -- spending.

CBS is expected to announce later this week.

That they are nearly ninety plus percent sold out on those 32 spots that are don't forget this between.

Three point seven and three point eight million dollars for thirty seconds of commercial time.

Receivable 47.

-- 47 on February 3.

-- a lot of money that's gonna bring in more than a quarter billion dollars in revenue.

For CBS so who can we expect to hear found in those famous commercials while Pepsi's -- the halftime show.

Coke is going to be advertising lots and auto makers -- back for the fourth year in a row.

No GM and go GoDaddy is toning it down a little bit and they also have Barbara fail this year -- and.

Our eyes that Lawrence and that -- -- the -- through thank learns her.

And earnings season kicks off tomorrow when -- -- reports fourth quarter results after the closing bell.

The aluminum giant is expected to report a profit of six cents a share on revenue of five point six billion dollars.

Investors -- also look at Alcoa's numbers for hints about the health and direction of the overall economy.

-- -- will allow it also report its results tomorrow followed by Ruby Tuesday and Constellation Brands on Wednesday.

-- -- relevant wrap up the week with its results on Friday.

Goldman Sachs chief US economist says parts of the fiscal cliff -- have -- effects on the economy in the coming months.

In a note to clients yesterday Yonhap -- -- said the expiration of the payroll tax cut.

And tax -- cent higher earners will likely weigh heavily on disposable income which he says we'll -- consumer spending.

Here's a look at commodities now we have oil and gold have been mix for our most of the morning boiled that down about fifty cents trading around 93 dollars a barrel.

Both -- a little more than seven dollars at 1656.

Announced.

Coming -- this hour -- -- guests will be Jake Tapper -- CNN and now here's the -- live on Fox Business.

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