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Morgan Stanley Will Pay $275 Million Over Subprime Mortgage Securities

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On Thursday, Morgan Stanley and securities regulators finalized a $275 million settlement that stems from the bank’s role in the sale of subprime mortgage-backed securities. The settlement Morgan Stanley will pay includes a $96.4 million penalty and $160.6 million in restitution of profits from the sale of the mortgage-backed securities, along with $18 million in interest. The bank said the ... Read More »

New Home Sales Tumble 8.1% in June

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Sales of new single-family homes fell 8.1% in June, losing momentum after two months of improving sales figures. Revised figures for March, April and May also show the spring performance was less stellar than previously estimated, the Census Bureau reported on Thursday. Sales in June hit a seasonally adjusted annual rate of 406,000, down 8.1% from May. Compared to June ... Read More »

Immigrant Fraud Vicitims to Receive $2.2 Million in Compensation

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Immigrants scammed by two organizations under the promise that they were qualified to receive¬†U.S. citizenship will receive $2.2 million of a restitution fund, according to New York attorney general, Eric T. Schneiderman. Specifically it‚Äôs the victims of fraudulent services of the International Immigrants Foundation (IIF) and the International Professional Association (IPA), all of which have until October 13 of this ... Read More »

First Half Profits for Coca-Cola Fell

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When announcing the second quarter results and semiannual cumulative, Coca-Cola Inc. said that between January and June, net revenues were $23.150 billion, a decrease of 3%. Earnings per share in the first six months of this year was 95 cents, below the 98 cents that were scored in the first half of last year. In the second quarter of this ... Read More »

Mortgage Applications Increase to 4-Month High on Strong Refinancing Demand

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U.S. Mortgage applications increased last week as more homeowners showed renewed demand for refinance loans. According to the Mortgage Bankers Association, its seasonally adjusted index of mortgage application activity, which includes purchase and refinance demand, increased 2.4% in the week ending on July 18 after dropping 3.6% the previous week. The refinance gauge climbed 4.1%, and the share of refinance ... Read More »

Dodd-Frank Turns 4, Remains Halfway Implemented and Controversial

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This week marks the fourth anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, a financial regulation law designed to prevent another major financial crisis and prevent the government from bailing out large institutions again in the future. Among the reforms implemented by the act was the creation of the Consumer Financial Protection ... Read More »

Black Knight: Foreclosures Down 36% for the Year to 6-Year Low

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The U.S. inventory of home loans in foreclosure fell again in June and is down 1.5% for the month and nearly 36% for the year. This marks the 26th consecutive month of declining foreclosures, according to Black Knight Financial Services’ “first look” at the June 2014 mortgage data. Foreclosure inventory has now reached its lowest level since May 2008. Black ... Read More »

JPMorgan Begins Homeowner Mortgage Relief Under $13 Billion Settlement

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JPMorgan Chase has started to offer debt forgiveness and other assistance to struggling homeowners under 2013′s $13 billion settlement with state and federal authorities, although few details have been provided, according to a monitor of the deal on Thursday. Joseph Smith, a former North Carolina banking regulator who was appointed by the government and the bank to monitor the mortgage ... Read More »

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