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Sandy Cuts Jobless Claims

First-time claims for unemployment insurance fell 8,000 to 363,000 for the week ended November 3, the Labor Department reported Thursday. Economists expected 370,000 initial claims filing. It was the third straight weekly decline and the fifth drop in the last seven weeks.

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High-Profile Winter Retreat in Florida Lists for $22.9M

In sunny Naples, Florida, the winter retreat belonging to high-profile Boston, Massachusetts, resident Jack Connors has hit the market for $22.9 million. Connors, who the Boston Globe calls a legendary Boston power broker, is believed to have purchased the home for an estimated $16 million in 2006, according to Curbed.

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Wells Fargo Facing Investigation for Wachovia Mortgage Practices

Government agencies are continuing their regulatory investigation of mortgage activities at Wells Fargo and Wachovia, according to a report filed with the Securities and Exchange Commission (SEC). Wells Fargo absorbed Wachovia in 2008 when Wachovia's shaky mortgage portfolio threatened the bank's soundness. The government is looking into activities regarding mortgage origination and securitization, including risk disclosures at Wachovia.

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MISMO Appoints Leadership for Newly Formed Committee

The Mortgage Industry Standards Maintenance Organization (MISMO) has appointed a leader for its newly-formed strategic planning committee. The group recently announced that Randy Gillis, VP of enterprise information management for the servicing solutions and technology unit of Lender Processing Services, Inc., will join MISMO as chair for the committee.

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JPMorgan Chase Fails in Bid to Dismiss FHFA Suit

A U.S. district judge squashed an attempt by JPMorgan Chase to fully dismiss a lawsuit from the Federal Housing Finance Agency over alleged securities fraud. In its motion to dismiss, JPMorgan argues that FHFA's complaint does not contain enough factual support that loans were not underwritten properly. Judge Denise Cote disagreed, saying the allegations "amply support FHFA's assertion that the Offering Documents for the Securitizations contained false statements regarding originators' compliance with underwriting standards."

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