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Initial Jobless Claims Continue Steady Climb

First time claims for unemployment insurance increased 4,000 for the week ended Aug. 18 to 372,000, the highest level in a month, the Labor Department reported Thursday. Economists surveyed by Bloomberg had expected 365,000 initial claims. The prior week├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós total was revised up to 368,000 from the originally reported 366,000. Continuing claims ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô reported on a one-week lag ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô increased 4,000 to 3,317,000 from the prior week's 3,313,000, revised from the originally reported 3,305,000.

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Obama: Road to Recovery Is Paved with Refis

As the housing market and the overall economy crawl languidly toward an elusive recovery many believe will still take years to achieve, President Barack Obama suggests the key to progress is a broad housing refinance plan. Obama endorses a bill that would allow underwater homeowners to refinance at current interest rates, which continue to wallow near historic lows. A few senators have proposed bills recently to allow more homeowners to refinance their mortgages.

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FICO and Savvis Launch New Cloud-Based Service

FICO and Savvis are teaming up to provide a new could-based technology service for lenders. The companies have joined forces to launch FICO Debt Manager, a platform that will give users game-changing adaptive control capabilities for collection and recovery processes related to mortgages, secured and unsecured loans, and many different types of accounts.

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Inc. Magazine Honors radius financial group

Massachusetts-based radius financial group inc. has been honored with a national accolade. Inc. Magazine named the mortgage bank among the country's fastest growing companies for the fourth consecutive year, ranking radius at 1,222 on the publication's annual roster of 5,000 thriving organizations to watch.

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Al Capone’s Former Florida Estate Lists for $9.95M

Want to live like a kingpin? You're in luck, because according to Zillow, the Florida estate once belonging to Al Capone is on the market for $9.95 million. The legendary gangster moved into the stunning and storied house on Miami Beach's Palm Island in 1928, and he called the seaside property home before and after his imprisonment for tax evasion, living in the luxurious pad until his death in 1947.

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FGMC to Expand Wholesale Lending Division

Expanding its wholesale unit, First Guaranty Mortgage Corp. (FGMC) has appointed a new national wholesale sales manager. The company recently announced that Industry veteran Patricia Trimble has been hired to fill the leadership position.

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Wells Fargo Faces Discrimination Suit Over Commercial Loans

Wells Fargo faces litigation from Best Medical, Inc., part of Virginia-based TeamBest, which creates and distributes medical products and technology. The litigation, which originated in spring 2010, was elevated to the U.S. federal court in Alexandria, Virginia, about two weeks ago. Best Medical alleges Wells Fargo discriminated against the company when calling commercial mortgage loans. The company claims its commercial mortgage loans were fully performing, and submitted payments upfront.

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Ellie Mae Releases Study on Community Banks’ Mortgage Operations

Ellie Mae has released the results from its commissioned study on community banks, and the findings reveal that smaller financial institutions fear the effect that new housing finance regulations could have on their mortgage businesses. The survey, which was conducted by T. Aloise & Company, showed that 51 percent of community bank executives listed changing compliance standards as their most significant challenge.

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CFPB Proposes Doing Away With Points, Fees for Consumers

The Consumer Financial Protection Bureau is on a roll lately. On Friday, the agency offered up rules to reduce interest rates, do away with points and fees, and screen mortgage loan officers. In the first of a slew of new rulemaking proposals, the CFPB would require lenders to strip loans of their origination points and discount fees for certain consumers. The proposals would also require background checks for loan officers and bar arbitration clauses for credit insurance practices.

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