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.
To contact the writer of this article, click here: Laurie Kulikowski. To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV