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HSBC mortgages to lay off 48 in Chesepeake (AP)
AP - Forty-eight workers at HSBC mortgage Services’ Chesapeake facility are losing their jobs.
Ill. AG to sue Countrywide over lending practices (AP)
AP - The nation’s biggest mortgage lender engaged in “unfair and deceptive” practices to get homeowners to apply for risky mortgages far beyond their means, according to a civil lawsuit Illinois’ attorney general planned to file Wednesday.
Countrywide shareholders approve takeover by BofA (AP)
AP - Countrywide Financial Corp.’s shareholders cleared the way Wednesday for the company to be taken over by Bank of America Corp., even as officials in two states filed lawsuits claiming the distressed mortgage lender misled borrowers into taking on risky home loans.
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Kodak to buy back $1 billion in shares (AP)
AP - Eastman Kodak Co. said Tuesday it is buying back up to $1 billion, or about a quarter, of its outstanding stock, by tapping a $581 million tax refund and a cash surplus the picture-taking pioneer has amassed since selling its health-imaging business early last year.
Rates on 30-year mortgages rise to 6.45 percent (AP)
AP - Rates on 30-year mortgages rose again this week, climbing to the highest level in more than nine months, reflecting more concerns about how the Federal Reserve will respond to higher inflation pressures.
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Bank of America to cut 7,500 jobs post-merger (Reuters)
Reuters - Bank of America Corp on Thursday said it expects to eliminate about 7,500 jobs over the next two years after it completes its acquisition of Countrywide Financial Corp , the largest U.S. mortgage lender.