MORTGAGE

Foreclosure relief fraud accused Jeff McGrue was found guilty and sentenced to 25 years in federal prison. McGrue was accused of executing a scheme by which property owners facing foreclosure were promised mortgage relief and lenders were sent fake notes totaling $55 million.

The Gang of Six group of U.S. senators was finally able to agree to a deficit-reduction plan on Tuesday, but House Majority Leader Eric Cantor, R-Va., only give it a mixed review, citing his concern about the plan's revenue target while saying it proposes some constructive ideas.

Wells Fargo will pay an $85 million fine for mortgage abuses, but the company is not admitting wrong doing.

House Speaker John Boehner, R-Ohio, has his hands full regarding the 'Gang of Six' debt plan. Most Tea Party members of his caucus are likely to oppose it, but if Boehner can recruit enough moderate Democrats to offset Tea Party opposers, the plan should pass the U.S. House -- its likely final hurdler before the bill heads to President Obama.

The Gang of Six' debt plan, and President Obama's approval of its outline, has created momentum in Washington for a landmark deficit reduction package that would also avert a U.S. Government default, but two words could sap that momentum in a hurry: Tea Party.

President Obama Tuesday indicated his support for a new deficit-reduction plan that is gaining momentum in the U.S. Senate, calling it a very significant step and one that is broadly consistent with the significant reduction he seeks in the nation's budget deficit. If approved by Congress, the deal would avert a U.S. Government default.

The Gang of Six senators have decided to band together once more, saying Tuesday that the bipartisan group has reached an agreement to trim more than $4 trillion off the deficit over the coming decade.

The credit ratings agencies are again angering governments, but this time they are taking on the big fish of the world economy. From Washington to Brussels, Moody's, Standard & Poor's and Fitch have added to the intense pressure on governments trying to deal with crushing sovereign debt.

Debt deal talks, Day 6: Unless the Tea Party compromises, a U.S. Government default is likely. For many voters, the Tea Party stance appears extreme, irresponsible, even irrational. But for Tea Party supporters, it’s a logical and necessary stance, when any compromise with a Democratic president is viewed as a defeat.

Bank of America (BOA) shares dropped below $10 for the first time in two years on Friday.

Credit ratings agency S&P Friday, like Moody's Thursday, warned that the U.S.'s credit rating could be downgraded, if an agreement on raising the debt ceiling is not reached soon. Meanwhile, the Reid/McConnell 'last chance' debt deal plan appeared to gain momentum Thursday, raising hope that a debt deal agreement will be reached soon.

JPMorgan & Chase bank reported second quarter earnings Thursday. The bank's net income beat analysts' expectations.

Bank of America is donating up to 150 vacant and abandoned properties in Chicago for demolition and rehabilitation to tackle neighborhood blight.

Greece, tiny Mediterranean nation plagued by debt problems, still bears watching by U.S. investors/readers. The reason? Bond vigilantes who have driven up Greece's interest rates could do the same in the United States, if Washington doesn't eliminate its budget deficit.

The couple raised the asking price by $8 million

It's a small world, after all. For U.S. readers and investors, Greece may seem like some small, exotic European country, but that could not be further from the truth. From an interest rate standpoint, if Greece defaults on its debt, U.S. interest rates, including home mortgage rates, are likely to rise.

Congressional lawmakers looking for ways to reduce spending could look to the tax code, economists say.

The companies whose shares are moving in pre-market trade on Wednesday are: Bank of America, AK Steel Holding, Archer Daniels Midland, Analog Devices, Legg Mason, Monsanto, United States Steel, KB Home, General Mills and Family Dollar Stores.

Time was, you could 'bank on' certain trends in the United States: ample career positions for new college graduates, rising incomes, and rising home prices. Times have changed, and regarding the latter, today's unforgiving U.S. housing sector makes due diligence all-the-more important for prospective home buyers.

China faces a housing bubble crisis and $1.6 trillion in debt owed by local governments that threatens global economic powers, including the U.S.

FBR Capital Markets remains positive on the Marcellus Shale as a catalyst for banks in Western Pennsylvania, following a recent investor field trip. Meanwhile, the brokerage upgraded its rating on shares of First Commonwealth Financial Corp. (FCF) to "outperform" from "market perform".