Earnings at Flagstar Bancorp (FBC) in Troy, Mich., fell 7% from a quarter earlier as credit and litigation costs offset a large gain from loan sales.

Flagstar earned $79.7 million in the third quarter, marking the first time that the $14.9 billion-asset company has reported back-to-back profits since mid-2007. The third-quarter results compare to a loss of $14.2 million a year earlier.

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