Spanish banking giant Banco Santander has inked a deal to buy a 19.8% stake in Sovereign Bancorp, Rosemont, Pa., a top-50-ranked residential mortgage lender.Within two years, and subject to negotiations, Santander will be allowed to buy all of Sovereign, which also funds commercial mortgages. On the same day the Santander investment was disclosed, Sovereign announced that it would buy all of Independence Community Bank of Brooklyn for $3.6 billion. The 19.8% stake in Sovereign is valued at $2.4 billion. Sovereign is the nation's third-largest savings and loan.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11