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Lloyds to Sell $8.7 Billion U.S. Mortgage Portfolio

Lloyds Banking Group PLC is looking to auction about $8.7 billion of U.S. mortgage securities, a person with knowledge of the sale said Thursday.The assets are a mixture of risky non-government residential mortgage-backed securities issued by Wall Street banks before the financial crisis, according to Empirasign Strategies, a trade database. Demand for these bonds, known as nonagency RMBS, has soared since early 2012 as rising U.S. home prices lead investors to take bullish bets on the assets that were trading at distressed levels.At the end of 2012, Lloyds attributed a book value of $4.99 billion to the RMBS up for auction, according to its annual report, but since then market values of such assets have risen.Lloyds acquired the securities in 2008 when it bought failed U.K. lender HBOS PLC, which had loaded up on bonds backed by home loans and other assets in the lead up to the crisis.The proposed sell-off comes as Lloyds continues to shore up its balance sheet following its bailout a...

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  3. Household Debt Down, Margin Debt Up

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  4. U.S. Household Debt Dips 1% in First Quarter

    U.S. households cut their debt loads broadly during the first three months of 2013, a report from the Federal Reserve Bank of New York says.The bank reported Tuesday...

  5. N.Y. Fed: Foreclosures Declined in 1st Quarter

    U.S. households cut their debt loads broadly during the first three months of 2013, a report from the Federal Reserve Bank of New York says.The bank reported Tuesday...

  6. A Financial Services ETF Buffett Would Love

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    International companies trading in New York closed mixed Friday amid positive trade data in Germany and a weakening yen in Japan.The Bank of New York index of ADRs r...

  8. U.S. can pursue case against Bank of America over mortgages

    A federal judge ruled on Wednesday that the United States can pursue parts of a civil lawsuit against Bank of America Corp over its sale of toxic mortgages to Fannie...

  9. U.S. Can Pursue Lawsuit Against BofA

    A federal judge ruled on Wednesday that the United States can pursue parts of a civil lawsuit against Bank of America Corp (NYSE:BAC) over its sale of toxic mortgage...

  10. Chesapeake Wins Bond Dispute with Bank of NY Mellon

    A federal judge on Wednesday ruled in favor of Chesapeake Energy Corp in a dispute with Bank of New York Mellon Corp over the natural gas company's effort to buy bac...

  11. AIG may pursue fraud case versus BofA over Countrywide

    American International Group Inc may pursue a lawsuit accusing Bank of America Corp's Countrywide unit of causing billions of dollars of losses by fraudulently induc...

  12. Judge may set workout deadline in biggest U.S. muni bankruptcy

    Alabama's Jefferson County will brief a federal judge on Thursday on its progress toward exiting from bankruptcy, as the county appears likely to become the first bi...

  1. Goldman Adopts Business Practice Initiatives

    Goldman Sachs Group Inc. (GS) said it has adopted all 39 initiatives it proposed to strengthen its business practices in the wake of the financial crisis, a step des...

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    Popular Inc. (BPOP) Chairman and Chief Executive Richard Carrion wants to make his pastime a full-time job, declaring on Wednesday his candidacy to become president ...

  4. BNY Mellon to Bullk Up Wealth-Management Sales Force

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  5. Gold and Silver Edge Lower As QE Chatter Heats Up

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    International companies trading in New York closed mostly unchanged Tuesday ahead of testimony from Federal Reserve Chairman Ben Bernanke.The Bank of New York index ...

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    International companies trading in New York closed higher Monday amid rising solar stocks and positive comments out of Japan about its economy.The Bank of New York i...

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