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Mississippi's Peoples Sees $3 Million of Hits in 3Q

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Peoples Financial in Biloxi, Miss., said it expects to take hits totaling $3 million in the third quarter to reflect the declining the value of its investment in Freddie Mac ...

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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