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Latest Finance News From Around The World

Obama's proposed student loan overhaul gets boost (Reuters)

Reuters - President Barack Obama's stalled bid to overhaul the federal student loan program by cutting subsidies to private lenders and increasing aid to students received a boost on Friday.

Wells Fargo, Baltimore in talks after mortgage suit (Reuters)

Reuters - Wells Fargo & Co said on Friday it is in talks with Baltimore officials that could avert further litigation by that city over the bank's mortgage lending practices.

"Cash for keys" aids home borrowers, investors (Reuters)

Reuters - Jon Daurio, chief executive officer of mortgage investor Kondaur Capital Corp., recently offered a $4,000 check to Barry Culver for the deed to his Bryan, Ohio house.



BofA mortgage modifications jump in March (Reuters)

Reuters - Bank of America Corp completed 20,666 mortgage modifications in March under a U.S. government-backed program, up 61 percent from February, the bank said on Friday.

We Bought A Toxic Asset; You Can Watch It Die

Remember those complicated bonds full of home mortgages? The ones that almost brought down the economy? A team of reporters with NPR's Planet Money used $1,000 of their own cash to buy a tiny piece of one — and plan to track it until it dies.

Obama Postpones Trip To Indonesia

President Obama is delaying his trip to Asia next week to focus on his big push on health care. The White House tweeted the announcement. His family was going to go with him but they will not now. The White House wanted Congress to act on the health care bill by March 18, Obama's original departure date.

Obama Considers Janet Yellen For No. 2 Fed Post

President Obama intends to nominate Janet Yellen, the president of the Federal Reserve Bank of San Francisco, to take over as vice chairman of the Federal Reserve, an administration official says. She served as a top economic adviser to President Clinton.

Christian Groups Find Way Around High Health Costs

The nonprofit Samaritan Ministries transfers money among its members to pay each household's health care costs. Benefits to members include lower monthly payments and faith-based policies, but there's no guarantee their bills will be covered. Several evangelical Christian groups are using similar approaches.

UK home loans fall by half in January (AP)

AP - The value of home mortgage advances in January fell by half from December, when there was a late rush to complete deals before a tax break ended at the New Year, the Council of Mortgage Lenders said Friday.

Administration Turns Eye Toward Big Agribusiness

Top Obama administration officials launch a series of workshops Friday delving into agriculture antitrust issues. Some big agribusiness firms say the forums will showcase a well-functioning, free market, but some producers think the probe will expose a system increasingly hostile to traditional family farms.

Most States Have No Laws Against Freelance 'Repos'

The auto repossession industry is big business. Two million cars were repossessed last year. A report from the National Consumer Law Center says most of those are done without the involvement of courts or police. These so-called self-help repos have caused at least six deaths in recent years.

Summary Box: Citi CEO sees return to profitability (AP)

AP - BULLISH OUTLOOK: Citigroup Inc. says its returning to "sustained profitability" after losing billions on bad loans and taking a federal bailout. CEO Vikram Pandit says the bank is shedding risky mortgage assets and shifting focus to emerging markets like Latin America and Asia.

Gov't official warns on home down payment hikes (AP)

AP - The head of the Federal Housing Administration is warning that boosting the minimum down payment borrowers must provide to qualify for home loans backed by the agency could threaten the housing market.

Stocks Are Quiet While Currencies Scream (The Motley Fool)

The Motley Fool - After a down January, the stock market is again positive for the year. The much-fabled January effect barometer didn't work in 2009, and it remains to be seen if it will work in 2010. Economic data has continued its slow improvement, keeping stocks fairly calm. The wild action so far this year has been in the currency markets.

Mortgage rates remain below 5 percent (AP)

AP - Mortgage rates held below the 5 percent threshold for the second straight week, a report said Thursday, weeks before a government program that has been keeping rates low is scheduled to expire.



Foreclosures drop for 2nd month in February: RealtyTrac (Reuters)

Reuters - U.S. mortgage foreclosure filings dropped for a second straight month in February, and notched the smallest annual increase in four years as housing-rescue efforts contained activity, a report released on Thursday showed.



Quinn seeks income tax hike for schools (AP)

AP - Calling himself a realist, Gov. Pat Quinn on Wednesday scaled back his proposal to raise income taxes, shifting to a call for an increase of just one percentage point to be used solely for preventing deep cuts to education.



Home loan demand nudges higher in latest week (Reuters)

Reuters - U.S. mortgage applications nudged higher last week, reflecting increased demand for home purchase loans even as interest rates trekked higher, data from an industry group showed on Wednesday.



Nationalized UK bank Northern Rock back in profit (AP)

AP - Nationalized mortgage lender Northern Rock said Wednesday that it returned to profit in the second half of 2009 as interest income rose and losses on loans fell.

Commercial delinquency lower than other mortgages (AP)

AP - Commercial mortgages were among the best-performing loans and leases held by banks and thrifts in the fourth quarter of last year, the Mortgage Bankers Association said Tuesday.