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Judge dismisses Baltimore suit against Wells Fargo

BALTIMORE – (AP) A federal judge has dismissed the city of Baltimore’s first-of-its kind lawsuit against Wells Fargo Bank N.A. U.S. District Judge J. Frederick Motz explained Wednesday that the city’s claim that the mortgage giant triggered millions of dollars in damages wit

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SEC sues 3 former officers of Irvine subprime lender New Century Financial Corp.

Regulators accuse the three of manipulating numbers and concealing negative information from shareholders as the company collapsed into bankruptcy. Federal regulators today sued three former officers of New Century Financial Corp., accusing them of misleading investors of the Irvine subprime lender as the mortgage meltdown began in 2006. See …

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AIG profitable for second straight quarter

AIG reported its second profitable quarter in a row early Friday, as stabilization in the mortgage and credit markets helped boost results. Read more from the original source: AIG profitable for second straight quarter

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AIG profitable for second straight quarter

AIG reported its second profitable quarter in a row early Friday, as stabilization in the mortgage and credit markets helped boost results. Read more from the original source: AIG profitable for second straight quarter

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EU approves Northern Rock restructuring

BRUSSELS – (AP) The European Union on Wednesday approved the British government’s plan to split off a “bad bank” to take over shaky assets from bailed-out lender Northern Rock. It also approved the government rescue and nationalization of the mortgage lender, the first Br

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If banks act right, Obama’s watchdog shouldn’t scare them

Millions of consumers got burned in the meltdown of the mortgage market. Yet the financial services industry remains adamantly opposed to President Obama’s proposed Consumer Financial Protection Agency, intended to streamline and strengthen safeguards for the little guy. Continued here: If banks act right, Obama’s watchdog shouldn’t scare them

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Gov’t stepping up pressure on mortgage companies

WASHINGTON – (AP) A government official says the Obama administration is ramping up pressure on the mortgage industry to aid more homeowners on the verge of foreclosure. Herbert Allison, the Treasury Department’s assistant secretary for financial stability, says the administration i Visit link: Gov’t stepping up pressure on mortgage companies

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Gov’t stepping up pressure on mortgage companies

WASHINGTON – (AP) A government official says the Obama administration is ramping up pressure on the mortgage industry to aid more homeowners on the verge of foreclosure. Herbert Allison, the Treasury Department’s assistant secretary for financial stability, says the administration i

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Bank of America rebrands mortgage operations

NEW YORK – (AP) Bank of America Corp. has officially dropped the Countrywide Home Loans name as part of its integration of the mortgage lender, which was acquired last year

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Banks asking for credit card debt forgiveness

WASHINGTON – (AP) With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing billions more from unpaid credit card bills.   Big banks have formed an unusual alliance w

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