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Bank of America to spend up to 8.4 billion on Countrywide (AFP) -

AFP - Bank of America said Monday it was ready to spend up to 8.4 billion dollars to restructure the loan portfolio of mortgage giant Countrywide following settlement of a lawsuit targeting the firm's "predatory" lending practices.

Bank of America settles suits over bad mortgages (AP) -

AP - Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify hundreds of thousands of loans to keep people from losing their homes.

BofA in $8.6 billion settlement over Countrywide loans (Reuters) -

Reuters - As part of a settlement with state attorneys general that could be worth as much as $8.6 billion, Bank of America Corp said on Monday it would cut interest rates and principal on some troubled mortgages originated by Countrywide Financial Corp.

Regulator says Fannie, Freddie might sell bad assets (Reuters) - Reuters - Fannie Mae and Freddie Mac may sell some bad assets to the Treasury Department but a decision has not yet been made, the regulator of the two mortgage finance companies said on Sunday.

Mortgage forgiven for woman, 90, who shot herself (AP) - AP - Mortgage finance company Fannie Mae said it is forgiving the mortgage debt of a 90-year-old woman who shot herself in the chest as sheriff's deputies attempted to evict her.

For bailout to work, housing market needs to mend (AP) -

AP - Washington's financial bailout plan is now law. So the credit spigot will start flowing again, banks will resume lending, and an economic recovery can begin, right?

The Cabinet: Veterans Affairs Secretary (CQPolitics.com) - CQPolitics.com - The VA oversees the nation's network of health care hospitals, benefits programs, and national cemeteries for America's veterans and their dependents. Much of its $90 billion budget goes toward health care through the Veterans Health Administration. The VA operates pension, education, rehabilitation, and home loan guaranty programs.

Issues: The Economy: More Trouble Ahead (CQPolitics.com) - CQPolitics.com - It's going to take a long time to dig out from the damage of the economic storms now buffeting the country. Every aspect of the next president's agenda will be affected by the banking crisis, the credit squeeze, the housing market meltdown -- and the fallout for ordinary Americans who are losing their jobs and homes.

2 firms selected for mortgage securities program (AP) -

AP - The Treasury Department has picked two financial institutions to manage a program it unveiled last month to provide support for beleaguered mortgage-backed securities.

Mother and son plead guilty in NY mortgage fraud (Reuters) - Reuters - The mother and son operators of a New York mortgage brokerage firm and one of their employees pleaded guilty on Friday to taking part in a multimillion dollar subprime mortgage scheme.

US hires Barclays, State Street to manage mortgage debt (AFP) -

AFP - The US Treasury said Friday it had taken on Barclays Global Investors and State Street Corp. to manage the mortgage debt purchased in its takeover of Fannie Mae and Freddie Mac.

Ohio woman, 90, attempts suicide after foreclosure (Reuters) - Reuters - A 90-year-old Ohio woman, facing eviction from the home she has lived in for 38 years, shot and wounded herself this week, becoming a grim symbol of the U.S. home mortgage crisis.

UBS to cut 2,000 jobs (AFP) -

AFP - Switzerland's biggest bank UBS on Friday said it would axe another 2,000 jobs as it moved to shrink its investment bank which had been battered by the US subprime loan crisis.

UBS to cut 2,000 jobs in investment bank unit (AFP) -

AFP - Switzerland's biggest bank UBS said it would cut 2,000 more jobs as it revamps its investment bank which had been battered by the US subprime crisis.

New York's real estate hothouse feels a draft (Reuters) -

Reuters - New York City's famously overheated real estate market is shivering as the number of homes on the market reaches an eight-year peak and sales activity falls to its lowest level in five years.