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New Century exec won't testify at Senate hearing
Reuters - Executives from New Century Mortgage
Corp. refused to testify at a Senate Banking Committee hearing
on the widening crisis in the subprime mortgage market, the
panel said on Wednesday.
Mixed blessings for back pockets
FT.com - A surprise cut in the basic rate of income tax from 22 per cent to 20 per cent was the highlight of a cocktail of complicated changes to income tax and National Insurance announced by the chancellor on Wednesday.
Home loan demand drops for 1st time in 4 weeks
Reuters - U.S. mortgage applications fell last
week for the first time in four weeks, reflecting a drop in
demand for home refinancing even as interest rates hovered near
recent lows, an industry trade group said on Wednesday.
Fremont to sell $4 bln subprime loans
Reuters - Fremont General Corp. , which
is seeking a buyer for its subprime mortgage unit after federal
regulators ordered it to stop risky lending, said on Wednesday
that it was selling $4 billion of subprime mortgages, resulting
in a $140 million pretax loss.
Senator faults Fed on subprime mortgage crisis
Reuters - Connecticut Democratic Sen.
Christopher Dodd on Wednesday laid blame for the subprime
mortgage market crisis at the feet of federal regulators.
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