Illinois files bias suit against Wells Fargo (Reuters)

Reuters - Illinois Attorney General Lisa Madigan filed suit on Friday against Wells Fargo & Co , accusing the second-largest mortgage lender of steering blacks and Latinos into high-cost subprime loans.

Genworth shares fall as 2Q results miss estimates (AP)

AP - Genworth Financial Inc. shares slipped on Friday, a day after the insurer reported worse-than-expected second-quarter results as it was hit by losses in its U.S. mortgage insurance division and investment portfolio.

Federal authorities create mortgage fraud team (AP)

AP - Federal authorities are creating a mortgage fraud task force in Connecticut to investigate schemes that contributed to the economic crisis and emerging crime trends associated with the growing tide of foreclosures.

Financial Literacy: Reaching the College Crowd (BusinessWeek Online)

BusinessWeek Online - Cash-strapped families taking out large student loans to pay tuition. College students graduating with thousands of dollars in debts. Stressed-out seniors working double-shifts to pay off loans. These aren't new stories, but they're becoming increasingly common at universities as the financial crisis drags on. With experts blaming students' financial woes on risky loans and a lack of understanding of key money concepts, financial illiteracy in America is getting serious attention from universities around the country.

Bankrate 2Q profit cut in half (AP)

AP - Bankrate Inc. on Thursday reported its second-quarter profit was cut in half as the recession eroded advertising revenue at the consumer finance Web site operator.

China’s central bank reassures on monetary policy (Reuters)

Reuters - China's central bank pledged to maintain loose monetary policy to support the economy and said it would ensure sustainable credit growth without resorting to heavy-handed quotas to rein in a lending spree.

Senate probes Goldman, Deutsche: report (Reuters)

Reuters - Goldman Sachs Group Inc and Deutsche Bank AG (DBKGn.DE) were issued subpoenas by a U.S. Senate panel looking for evidence of fraud in the 2008 mortgage-market meltdown, the Wall Street Journal said, citing people familiar with the matter.

Unemployment spreads distress in U.S. home loans (Reuters)

Reuters - Cities in the U.S. Sun Belt states of California, Florida, Nevada and Arizona dominated the record foreclosure spree in the first half of the year, but distress in other regions emerged as joblessness spread, RealtyTrac said on Thursday.

New Federal Housing Administration loan assistance (AP)

AP - Loans backed by the Federal Housing Administration will be eligible for payment reductions similar to the Obama administration's loan modification program, the government will announce Thursday.

California legislature to take up tax changes (Reuters)

Reuters - California Govenor Arnold Schwarzenegger will call lawmakers into a special session to overhaul the state's tax system, which relies heavily on personal income taxes that are at the root of its budget crisis.

Next Page »