Wall Street Roundup: Hedge fund rules softened. JPMorgan’s future

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New-home sales fall. The sales of new homes fell twice as much as analysts expected in May, a month after a federal tax credit expired, the Commerce Department reported.

Hedge fund rule softened. Congressional negotiators are expected on Wednesday to strike a rule from financial reform legislation that would have forced banks out of certain hedge fund investments.

Lincoln’s aid to the Waltons. Arkansas Sen. Blanche Lincoln, who has led some of the negotiations on financial reform, appears to be pushing for a change that would help an Arkansas bank that is owned by the family that owns Wal-Mart, the Wall Street Journal reported.

JPMorgan’s future. After a shakeup in the top ranks of the nation’s second-largest bank, JPMorgan Chase, commentators are talking about what the bank’s future might look like, with an emphasis on international expansion.

-- Nathaniel Popper in New York