Former Fannie Mae CEO Franklin Raines (right) testifies on Capitol Hill in December 2008. Former Freddie Mac CEO Leland Brendsel (center) and former Fannie Mae chief Daniel Mudd (left) listen.
JPMorgan Chase admitted to overcharging more than 4,000 active-duty military personnel on their home loans and said it foreclosed in error on 14 of them. The company will send out $2 million worth of refunds to 4,000 active-duty customers who were affected.
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A bank-owned home in Miami, Fla., where foreclosure sales made up 39.7 percent in the most recent quarter, according to RealtyTrac. Analysts expect more foreclosures in early 2011.
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Oysterman Mitch Jurisich steers a small boat around his family's oyster beds off the coast of Empire, La. He hasn't harvested many oysters since oil from the BP spill drifted into the area in June.
Homeowners can deduct the mortgage interest they pay each year while submitting their taxes, but a new proposal by President Obama's bipartisan deficit commission would eliminate that deduction. Past attempts to cut the incentive have made little headway in Congress.
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Community leaders and homeowners who have lost their homes to foreclosure protest at a rally in Los Angeles last month. Bank of America has acknowledged finding some mistakes in its foreclosure files.
Fed policymakers meeting Tuesday are expected to launch a new course of economic stimulus. Their likely course of action: quantitative easing. A decision is expected Wednesday.
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