Bank of America to pay $335 million for violation fair lending rules

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Source: Bloomberg

Bank of America Corp. will be forced to pay $335 million to reimburse borrowers of Countrywide Financial Corp as they were required to pay higher interest rates and fees for mortgages. Countrywide which was acquired by BOA in 2008 charged higher interest rates and fares to around 200 000 Hispanic and black borrowers, said US Department of Justice.

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Thu, 22 Dec 2011 09:58:51 GMT

Putin must compete with economic records made by himself

Vladimir Putin, Russian PM faces a challenge to convince voters he can surpass economic performance records of his previous presidential terms. Economy expanded at average rate of 7.1% during period 2000-2008. Economic growth for current year is likely to be only 4.5%. Putin's inability to boost growth while being a premier may deter voters. 

Thu, 22 Dec 2011 09:56:36 GMT

US stocks swing between gains and losses on Wednesday

US shares fluctuated on Wednesday experiencing sharp drop in midday and recovering afterwards. Dow Jones Industrial Average closed 0.03% or 4.16 points higher at 12,107.74, while S&P 500 finished 0.2% or 2.42 points up at 1,243.72. Only Nasdaq Composite did not manage to recover and closed 0.99% or 25.76 points down, led by Oracle Corp sell-off.

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