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Beige Book: Economy Expanded ‘Modestly’ in September


The nation's economy generally expanded modestly from mid-August until the end of September, the Federal Reserve said in its periodic Beige Book report issued Wednesday. The report, the last Beige Book to be issued prior to Election Day, painted a mixed regional picture, with a leveling off of economic activity in New York and a slowing in the pace of growth in Kansas City. Meanwhile, the remaining 10 federal reserve districts reported that "growth continued at a modest pace."

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Officials: 530 Indicted in Mortgage Fraud Schemes Since October 2011

Federal officials jointly announced Tuesday the results of the Distressed Homeowner Initiative, which is the first nationwide effort focusing on fraud schemes that targets struggling homeowners. Their efforts so far have led to 530 criminal defendants (including 172 executives) being charged in 285 federal criminal indictments. The cases involved more than 73,000 homeowner victims, and losses are estimated to be in excess of $1 billion.

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U.S. Sues Wells Fargo over Underwriting of FHA Loans

Wells Fargo faces federal charges for alleged misconduct and fraud related to its role as a direct endorsement lender for the Federal Housing Administration (FHA) over a span of more than 10 years. The civil lawsuit was filed Tuesday in a Manhattan federal court and alleges Wells Fargo falsely certified the credit and underwriting quality of thousands of FHA loans it originated which later defaulted, costing the federal agency hundreds of millions of dollars.

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Star Wars Actor Lists Studio City Estate for $2.65M

Hayden Christensen, most famous for his role in the modern interpretation of the Star Wars films, is selling his Los Angeles abode. The actor's posh pad, located in the Studio City area, sits on three-quarters of an acre and is listed for $2.65 million.

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New President and CEO Confirmed for Farmer Mac

The directorship of the Federal Agricultural Mortgage Corporation (Farmer Mac) has appointed a new leader for the company. Naming Timothy L. Buzby as as president and CEO, Farmer Mac's board announced that the industry veteran's term was effective immediately.

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