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Thursday's Bank Stock Wrap

Late Rally Fails to Prevent Losing Session

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It was a bearish day for bank stocks, with the KBW Bank Index falling 0.97%. Its losses at midday were more than twice that, though, before it recovered late in the afternoon ...

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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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