PRESS DIGEST-Wall Street Journal - Aug 29

Thu Aug 29, 2013 12:35am EDT
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Aug 29 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

* White House deliberations over a successor to Fed Chairman Ben Bernanke are entering their final stages, and the Fed's No. 2, Janet Yellen, is playing down her chances of getting the job. Yellen has indicated to some associates that she sees herself as the underdog and is uncomfortable with the contentious public spectacle that the succession has become. President Barack Obama is expected to announce his choice for the job sometime after Congress returns from recess on Sept. 9. ()

* Federal regulators retreated from a proposal that would have toughened rules for the mortgage securities market, a defeat for advocates of tighter standards and a victory for the housing lobby. Six regulators on Wednesday issued new proposed rules that would require banks and other issuers of mortgage-backed securities to retain 5 percent of the credit risk of the bonds on their books, as mandated by the 2010 Dodd-Frank financial-overhaul law. ()

* Ally Financial Inc plans to submit a revised capital plan to the Federal Reserve next week as the government-owned auto lender moves ahead with efforts to repay its crisis-era $17.2 billion bailout. ()

* Wal-Mart is planning to respond to questions from investors over its sourcing practices in Bangladesh during a briefing on Thursday, indicating that its shareholders have some concerns about a series of deadly disasters at overseas garment factories that make clothes for Wal-Mart and other retailers. ()   Continued...