Deutsche Bank AG and subsidiary MortgageIT “repeatedly lied” on Federal Housing Administration originations, according to a civil lawsuit filed by the U.S. Department of Justice. MortgageIT “recklessly selected mortgages that violated program rules in blatant disregard of whether borrowers could make mortgage payments,” the suit alleges. Deutsche Bank said it is still reviewing the complaint.
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China’s central bank said taming inflation is its top priority, signaling that more tightening is possible even after a manufacturing survey showed that growth may be moderating in Asia’s biggest economy.
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French President Nicolas Sarkozy’s endorsement of Mario Draghi as the next European Central Bank chief pressures German Chancellor Angela Merkel to follow suit or risk rankling her biggest European partners, analysts say.
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European Central Bank Governing Council Member Nout Wellink said the central bank’s April 7 interest rate increase sent to investors an “extremely important” signal aimed at preventing expectations of higher inflation.
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Deutsche Bank AG, which won 2011′s biggest Scandinavian corporate-finance deal when it led DuPont Co.’s bid for Danisco A/S, is boosting its Nordic unit as the pace of mergers in the region tops that of Europe and the U.S.
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Industrial & Commercial Bank of China Ltd., the world’s largest lender by market value, said credit may grow at the slowest pace in three years as Chinese banks heed a government call to restrain loans.
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Bank of China Ltd., the nation’s third-largest lender by market value, rose the most in almost five months in Hong Kong trading after reporting full-year profit that beat analysts’ estimates on wider loan margins.
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Citigroup Inc., Deutsche Bank AG, Bank of America Corp. and JPMorgan Chase & Co. have been asked by U.S. regulators to make employees available to testify as witnesses in a probe of potential interest-rate manipulation, two people briefed on the plans said.
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The Office of the Comptroller of the Currency seized and shut down The First National Bank of Davis. The Wisconsin Department of Financial Institutions stepped in to take control of Legacy Bank. In all, the failure of 25 federally insured banks have been recorded for 2011.
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The Bank of Japan poured a record 12 trillion yen ($146 billion) into the financial system today to help steer the world’s third-biggest economy through the recovery from the nation’s strongest earthquake.
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