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Personal Finance • New York sues banks over electronic mortgage system
(Reuters)
Reuters - New York State Attorney General Eric Schneiderman on Friday sued three major U.S. banks, accusing them of fraud for using an electronic mortgage database that resulted in deceptive and illegal practices.
• NY's Schneiderman sues banks in foreclosure effort
(AP)
AP - New York's attorney general on Friday accused some of the nation's largest banks of deceit and fraud in using an electronic mortgage registry that he said puts homeowners at a disadvantage in foreclosures.
• Goldman to face mortgage debt class-action lawsuit
(Reuters)
Reuters - Goldman Sachs Group Inc was ordered by a federal judge to face a securities class-action lawsuit accusing it of defrauding investors about a 2006 offering of securities backed by risky mortgage loans from a now-defunct lender.
• If Japan Is Our Worst-Case Scenario, We're All Right
(The Motley Fool)
The Motley Fool - In 1991, former MIT dean Lester Thurow wrote that "If one looks at the last 20 years, Japan would have to be considered the betting favorite to win the economy honors of owning the 21st century."
• Analysis: Obstacles high for more mortgage prosecutions
(Reuters)
Reuters - Despite the determination of President Obama to take Wall Street to court for the financial crisis, prosecutors face an uphill struggle to win more convictions like the two they scored on Wednesday against former Credit Suisse Group AG mortgage traders.
• Rate on 30-year mortgage falls to record 3.87 pct.
(AP)
AP - The average rate on the 30-year fixed mortgage fell this week to a record low, the ninth time that has happened in the last year. Even with the cheapest rates in history, the housing market remains depressed.
• 3 investments for an era of low interest rates
(AP)
AP - The Federal Reserve is making it increasingly hard for investors to earn anything, unless they're willing to accept plenty of risk. Ben Bernanke and his Fed are playing the role of adviser, encouraging Americans to get a little more adventurous by shifting savings out of low-yielding bonds and putting it to work in stocks.
• Wynn's 4th-qtr profit up 67 pct as revenue climbs
(AP)
AP - Wynn Resorts Ltd. said Thursday that revenue growth in its Macau and Las Vegas casinos and a sizable income tax gain helped drive profit up 67 percent in the last three months of 2011.
• Sallie Mae will credit $50 fee to suspend payments
(AP)
AP - Private student lender Sallie Mae is changing how it handles a fee it charges struggling borrowers who seek to temporarily suspend payments.
• Summary Box: Sallie Mae changes policy on loan fee
(AP)
AP - THE NEWS: Private student lender Sallie Mae is changing how it handles a fee that struggling borrowers must pay to temporarily suspend payments.
• Mortgage rates for the past 52 weeks, at a glance
(AP)
AP - Mortgage rates for the past 52 weeks, at a glance
• Obama plan to lower mortgage payments could help, but how much?
(The Chr...
The Christian Science Monitor - President Obama fleshed out a new mortgage-relief plan Wednesday, saying the steps he outlines would "help millions of responsible homeowners" and the US economy.
• Did Freddie Mac Want You to Fail?
(ContributorNetwork)
ContributorNetwork - COMMENTARY | I have been telling my friends lately that I hate banks and insurance companies. It seems I now have a bit more ammunition. ProPublica and NPR News recently uncovered disturbing news. Freddie Mac, a mortgage company controlled by the government, has made investments that will be worth more if homeowners are unable to refinance their mortgages.
• Credit Suisse exec charged in NY mortgage probe
(AP)
AP - A Credit Suisse executive who was once slated to receive nearly $7 million in compensation in 2007 is among three of the company's former employees to be criminally charged.
• Exclusive: Mortgage deal would give states enforcement clout
(Reuters)
Reuters - A proposed settlement to resolve mortgage abuses by top U.S. banks will give states broad authority to punish firms that mistreat borrowers in the future, according to documents seen by Reuters on Wednesday.
• President Obama's Mortgage Refinance Plan Just a Bid for Votes
(Contribu...
ContributorNetwork - COMMENTARY | The Associated Press is reporting that President Barack Obama is planning to push for legislation that would allow millions of homeowners with government-backed mortgages to refinance their loans to take advantage of the historically low interest rate.
• Ex-Credit Suisse employee surrenders: FBI
(Reuters)
Reuters - A former Credit Suisse employee surrendered to the FBI on Wednesday on criminal charges, an FBI spokesman said, in a U.S. government probe on writedowns on subprime mortgage derivatives at the height of the financial crisis.
• U.S. regulator kicks off foreclosure sales plan
(Reuters)
<p>Reuters - The regulator for housing finance firms Fannie Mae and Freddie Mac said on Wednesday investors could now sign up to pre-qualify to bid on foreclosed properties held by the government-controlled firms.
• Mortgage applications dipped last week: MBA
(Reuters)
Reuters - Applications for U.S. home mortgages slipped last week, even as interest rates also eased, an industry group said on Wednesday.
• States to decide this week on mortgage deal
(Reuters)
Reuters - State and federal officials are close to a settlement with the largest U.S. banks over mortgage abuses, with states facing an end-of-the-week deadline to decide whether they will sign on, people close to the talks said.
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