NEW YORK ( TheStreet) -- Financial stocks struggled this week as investors scurried away from the sector over continued fears of mortgage loss and put-back exposure at the banks as well as global economic concerns.
The Financial Select Sector SPDR (XLF)ended the week down 4% to $14.94.
Regulators, bank executives, political consultants and other industry observers gathered at the Securities Industry and Financial Markets Association's (SIFMA) annual meeting in New York City on Monday.
Among the speakers, Securities and Exchange Commission Chairwoman Mary Shapiro said during a presentation that she is working to correct "light of touch" regulatory tendencies that existed at her agency before the crisis erupted. Shapiro also said that, among other things, Wall Street compensation is at the top of the regulator's list going forward.> > Bull or Bear? Vote in Our Poll Monoline and mortgage insurers were in the spotlight this week. Ambac Financial Group (ABK) filed for Chapter 11 bankruptcy on Monday, one week after announcing it would miss an interest payment on a portion of its outstanding debt. Also, Assurant (AIZ) shares plummeted this week after questions were raised concerning the ethics of the forced-placed insurance business.
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