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JUL 20, 2009 3:37pm ET

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BB&T Declines While M&I, First Horizon Both Record Losses

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BB&T CEO Kelly King has had two priorities as the economy worsened: repaying all of the company's federal aid and restoring its dividend to prerecession levels.

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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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