CORPORATE NEWS

Jonathan Sobel Named Chairman of HilltopSecurities

Jonathan S. Sobel has been elected to the Hilltop Holdings board of directors and named non-executive chairman of its broker-dealer subsidiary, Hilltop Securities Inc., succeeding Hill A. Feinberg who will continue to serve the firm as chairman emeritus.

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MUNICIPAL COMMENTARY

It is News, Not Just Noise: Recent Events Reinforce Questions of Willingness and Ability to Pay

Municipal bond market observers and participants may be underreacting to recent, important credit-related municipal bond market news.

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