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Bank of America Corp. has agreed to pay $315 million to settle claims that its Merrill Lynch unit made false and misleading statements about the quality of subprime mortgage-backed securities it sold to investors.

PNC Bank is searching for a divisional manager to oversee mortgage operations in parts of the Mid-Atlantic, South and West, according to a job notice provided to National Mortgage News.

To break a Congressional deadlock and fund the payroll tax break, Sen. Bob Casey, D-Penn., is proposing an increase in the guarantee fees charged by Fannie Mae and Freddie Mac.

To those who agree that traditional approaches to financial education have generally failed, the newly created Consumer Credit Research Institute is a timely endeavor. Encore Capital Group of San Diego said it established the customer study center in an effort to promote financial literacy through a better understanding of distressed customers and the way they make financial decisions.

It may seem like a stretch, but insights from Zacks Investment Research indicate voluntary compliance to a set of rules could be even more effective than mandatory foreclosure laws.

California attorney general Kamala Harris arrested three officers last week who were allegedly operating an illegal foreclosure rescue company.

The Government National Mortgage Association warned seven of its MBS issuers during the first nine months of 2011 that they are in violation of agency's rules, according to an audit by the General Accountability Office.

Encore Capital Group of San Diego has established the Consumer Credit Research Institute in an effort to promote financial literacy through a better understanding of distressed customers and the way they make financial decisions.

Mike Hartman, the sales director of Allonhill for the past two years, has left the due diligence firm to "pursue other opportunities," the company said.

Mortgage insurance concerns and the possibility of a "disorderly" European recession are among the market risks that should be watched going forward, Credit Suisse strategists said in a global outlook conference call Monday morning.