Mortgage lender Alliance Bancorp files Chapter 7
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Alliance Bancorp Inc. has filed for Chapter 7 bankruptcy protection and will liquidate, becoming the latest residential mortgage lender to collapse in the U.S. housing downturn.
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TALLAHASSEE, Florida  - Florida has subpoenaed Countrywide Financial Corp  as part of a widening investigation into subprime lending practices, the state's attorney general said on Thursday.
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An alliance of mortgage counselors, lenders and servicing companies on Friday said the industry helped 370,000 homeowners avert foreclosure in the second half of 2007.
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Complaints about potential mortgage fraud are up during the subprime mortgage crisis, and the FBI has opened criminal investigations of 14 companies related to sub-prime mortgage loans, the agency said Tuesday.
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Bank of America will pay in stock for Countrywide Financial, the lender that became a symbol of the excesses that led to the subprime mortgage crisis.
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Thornburg Mortgage Inc., the jumbo mortgage specialist sued by the Wachovia Corporation last week, said that it repaid the $5.1 million in collateral that was the basis of the bankâs litigation.
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An association of community bankers say they are &quot;concerned&quot; about Bank of America Corp.&#39;s decision to move FleetBoston Financial&#39;s small-business banking unit to Charlotte, NC, from Boston and lay off hundreds of branch workers.
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Mortgage lender New Century Financial Corp. , the subject of bankruptcy rumors on Thursday, said it had received $265 million in financing.
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Marion "Suge" Knight's seven-bedroom, 9 1/2-bath home has been placed on the market for $6.2 million, part of the rap music mogul's financial overhaul under Chapter 11 bankruptcy protection.
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Six former Enron Corp. and Merrill Lynch &amp; Co. executives were accused yesterday of disguising a $7 million loan as a sale of energy-producing barges to &quot;help Enron out of a jam&quot; and artificially increase its revenue.
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Lenders launched foreclosure actions against more than one in every 200 U.S. mortgage borrowers in the fourth quarter of 2006, the biggest share of homes at the start of the repossession process on record.
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The Mortgage Bankers Association reported today that mortgage holders starting the foreclosure process in the April-June quarter reached 0.65 percent.
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Bank of America Corp said on Friday it agreed to acquire Countrywide Financial Corp, the largest U.S. mortgage lender, in a $4 billion transaction that could help avert one of the biggest collapses in the U.S. housing crisis.
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National housing advocacy group Association of Community Organizations for Reform Now released a study showing the Boston metropolitan area had one foreclosure filing for every 177 households, ranking 75th out of 100 major US cities in 2006.
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Lenders launched foreclosure actions against more than one of every 200 U.S. mortgage borrowers in the fourth quarter of 2006, the biggest share of homes at the start of the repossession process on record.
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Auto parts maker Intermet Corp. (INMT.O: Quote, Profile, Research) said on Thursday it has filed for Chapter 11 bankruptcy reorganization, citing a record rise
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Countrywide Financial Corp, the largest U.S. mortgage lender, said on Friday foreclosures and late payments rose in January to the highest on record, reflecting the nation's deepening housing and credit crunch.