Bank of America chairman and chief executive Kenneth Lewis said the bank's planned acquisition of Countrywide Financial Corp. "is a go" after Countrywide released earnings Tuesday morning. Speaking at a Citigroup investors conference, Mr. Lewis said Countrywide's fourth-quarter financial results, which revealed higher credit costs and a loss, were in line with Bank of America's due diligence and offering price. "At this point, everything is a go for completing this transaction," Mr. Lewis said. He also said Countrywide's year-end results showed improvement in its underlying mortgage business. BoA can be found on the Web at http://www.bankofamerica.com.
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The Senate passed a bipartisan housing package, which includes certain community bank provisions, in an 85-5 vote. The House is set to vote on the package Wednesday.
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Ralo uses artificial intelligence to automate the entire process, saving consumers money by cutting out commissioned loan officers, processors and underwriters.
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Part of the proposal affects the risk weighting for certain "investment properties and other cashflow-dependent" mortgages, according to a new Pennymac report.
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William Isaac led the Federal Deposit Insurance Corp. through the banking and thrift crises of the 1980s and was a frequent commentator on bank regulation after his time in public service.
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The longtime Federal Reserve chair served under four presidents and presided over the deregulatory and pro-market push of the 1990s and early 2000s that set the stage for the 2008 mortgage crisis.
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Life insurers have offloaded long-term policyholder liabilities into offshore reinsurance and captive subsidiaries, raising concerns over state oversight of opaque investment vehicles and whether insurers have adequately funded claims.
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