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SIGNIFICANCE: "The size and scope of this multibillion-dollar agreement go far beyond the 'cost of doing business,'" says attorney general Eric Holder. Bank of America CEO Brian Moynihan says the deal "allows us to … focus on the future."
For Moynihan: Time to Look for Growth
Brian Moynihan is generally praised for taking the bank to this point, but now comes the hard part: getting B of A to grow again.

For the Industry: Brace for More FIRREA Claims
Bank of America's accord leaves questions about issues such as consumers' tax liability and other banks' legal exposure.
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The Securities and Exchange Commission is preparing to serve Ocwen Financial Corp. with its second subpoena in as many months, adding to the already mounting regulatory pressure facing the country's largest nonbank servicer.
CFPB Director Richard Cordray said
The Consumer Financial Protection Bureau said examiners are on the lookout for borrowers getting the "runaround" when their loans are serviced by a new company.
There was a time years ago when second liens were the toughest legacy home loan asset to find a buyer for in the secondary market.
The Federal Housing Finance Agency provided its first specifics Tuesday on how it intends to create a single security for mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac.
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U.S. non-governmental residential mortgage-backed securities infrastructure may help Canadian players diversify their funding sources. The U.S. might win more key investors back if it had Canada's credit strengths.
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