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OCC Reports on Risks Banks Are Facing

In a report released by the OCC Thursday, the banking industry's levels of capital and allowance for loan losses were described as robust and of higher quality, but banks of all sizes are still facing specific risks as they adjust to aftershocks following the financial crises. The main risks the OCC said banks are facing include the effects of a weak housing market, revenue challenges related to slow economic growth and market volatility, and the potential that banks may take excessive risks to improve profitability.

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Report: Countrywide Used ‘VIP’ Loan Deals to Influence Lawmakers

Lawmakers released a damning report Thursday that found Countrywide Mortgage deployed 17,979 loans to peddle influence with elected officials, stall GSE reform, and solicit exclusive access for Fannie Mae and the ultimately doomed mortgage unit over the course of more than a decade. The 136-page report ties off an investigation into the so-called ""Friends of Angelo"" circle that in some cases allegedly supplied mortgages free of upfront fees, origination points, and default penalties to influential insiders and power-brokers.

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Rhode Island Decisions Uphold MERS’ Role

The Rhode Island Superior Court rejected challenges to Mortgage Electronic Registrations Systems, Inc. and other defendants' authority to hold, assign, or foreclose. Justice Allen P. Rubine issued eight decisions from April to June that dismissed wrongful foreclosure and other claims against the corporation.

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The Aftermath of the Barclays Scandal

Barclays was rocked when it was found that the bank's agents had manipulated the London Interbank Offered Rate (LIBOR) starting as early as 2007. The bank was fined hundreds of millions by British and U.S. authorities. As a result, a number of key figures have stepped down while Barclays prepares to launch a third party-led investigation into its practices. The news gets worse for the bank, however.

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Gains in Asking Prices Threatened by Foreclosures, Rent Up Again: Trulia

After falling flat in May, asking prices went up in June, and rent prices continued to see significant increases, according to Trulia reports released Tuesday. Asking prices on listed homes made a 0.3 percent month-over-month and year-over-year increase in June, according to Trulia's price monitor. Phoenix and two Florida metros posted double digit gains, but Trulia warned that some of the top performing metros are facing another wave of foreclosures.

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