WALL STREET - (09/27/04) -- Class action lawyers rushed to courtlast week to see who could be first to sue Fannie Mae over allegedaccounting improprieties. At least four purported class actionsuits were filed in federal court last week claiming that themanagement of the secondary mortgage market giant duped investorsby filing false financial reports. Among the first to file wasMilber Weiss Bershad & Shulman LLP, known as the kinds of classaction. Under court rules, the first to file a suit get to be thelead attorneys in the case, and first in line for large legal fees.The same firms are also suing Freddie Mac, claiming the companycost investors millions of dollars by cooking its books.
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A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
July 1 - Yahoo Finance Feed
Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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The Senate passed President Trump's tax and spending bill Tuesday, but questions around Consumer Financial Protection Bureau funding, 1071 delay and remittance taxes remain as GOP leaders scramble to pass the bill out of the House before Trump's July 4 deadline.
July 1