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Magnetar and Chorus Capital lose experienced pros
Vida Bank is also building up its funding team
Bank’s relationship with SpringCash is ‘commercial’
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Ally Financial said it will significantly limit its purchase of loans from the U.S. Federal Housing Administration, Department of Veterans Affairs and Department of Agriculture as a further move away from mortgage-related activities.
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Ambac Assurance has filed a lawsuit against Bank of America alleging breach of contract related to mortgage-backed securities issued by its Merrill Lynch unit.
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Credit Suisse and Goldman Sachs paid $10.3 billion for the remaining residential mortgage-backed securities taken on from American International Group that the Federal Reserve sold in the first quarter.
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Israel’s Bank Hapoalim has filed a lawsuit against Bank of America Merrill Lynch and its Countrywide Financial unit over $750 million losses from a $3.65 billion million investment in mortgage-backed securities.
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Credit Suisse is said to be preparing to announce it will cut 5,000 investment-banking jobs when it releases its first-quarter results April 25.
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Low risk weights assigned to mortgage backed securities and other regulations contributed to the recent crisis by prompting banks to hold similar baskets of assets, thus magnifying the crisis, according to Esther George, president of the Federal Reserve Bank of Kansas City.
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Lehman Brothers Holdings said it will make a first payout of roughly $22.5 billion to creditors April 17, more than twice the expected minimum.
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NBNK has revised its bid for Lloyds Banking Group’s 632 branches after Co-operative Group, which had the winning offer, has yet to close the deal.
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The Paragon Group has acquired additional unsecured consumer loans from the Royal Bank of Scotland as part of its agreement announced last October to acquire such loans for consideration of £43.2 million ($68.9 million) and more modest acquisitions from time to time.