Credit-Concern News Archive

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.

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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.

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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.

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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.

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A large number of people are living from one paycheck to the next, with only a few short weeks between them and life on the streets many Americans are living beyond their income and finding out that living in one of the wealthiest countries in the world does not automatically make them rich.

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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.

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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.

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