PRESS DIGEST - Wall Street Journal - May 7

Tue May 7, 2013 2:18am EDT

May 7 (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.

* The SEC has put local government officials on notice that it is closely monitoring the way they describe their cities' fiscal health, charging Harrisburg, Pennsylvania, with securities fraud for allegedly failing to disclose information on its financial troubles. ()

* Deep in the president's new budget is a plan that could transform public housing in the nation by allowing housing authorities to increasingly set time limits or work requirements for participants. ()

* Bank of America agreed to pay MBIA $1.7 billion to settle a dispute over soured mortgage securities, in the second-largest U.S. bank's latest bid to reduce legal risks tied to its home lending business. ()

* Adobe Systems, publisher of graphics software such as Photoshop, is pulling back from the packaged software business and doubling down on delivering its design tools through an online service. ()

* A fledgling mobile-payments system in Rwanda is both an important pilot project for Visa and a key part of the government's plan to make the country into the "Singapore of Africa." ()

* Americans are finding it slightly easier to get a mortgage, yet banks remain wary of lending to would-be home buyers with weaker credit histories, a potential stumbling block for the housing recovery. ()

* TPG is beginning the sales process for China's UniTrust Finance & Leasing Corp this week. UniTrust provides leasing services to clients in a number of industries. ()

* The private-equity firms buying BMC Software Inc have also discussed buying Compuware Corp and combining the two software companies, according to people familiar with the matter. ()

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