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BUSINESS
January 3, 2007 | E. Scott Reckard, Times Staff Writer
Tamika Williams worked in Phoenix for a mortgage company based in Agoura Hills. But her fate was tied to Wall Street, as she found out when she lost her job a few weeks before Christmas. Williams, 29, was among 800 employees nationwide who were laid off when Ownit Mortgage Solutions Inc. announced that it was closing its doors immediately -- and had no money to pay its employees.
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BUSINESS
March 14, 2006 | From Reuters
Capital One Financial Corp., in its second bank purchase in a year, said Monday that it would buy North Fork Bancorp Inc. for $14.6 billion, reducing its dependence on credit cards. The combined company would be the No. 8 U.S. bank, behind Atlanta's SunTrust Banks Inc. and ahead of Cleveland's National City Corp. Capital One, the fourth-largest U.S. Visa and MasterCard issuer, is still integrating New Orleans' Hibernia Corp., which it bought in November for about $5 billion.
BUSINESS
September 14, 1991 | From Associated Press
After fielding competing bids for six months, Ameritrust Corp. agreed Friday to a $1.2-billion merger with rival Cleveland bank Society Corp. The merger will create the nation's 24th-largest commercial bank, with $26 billion in assets and 500 offices in Ohio, Indiana, Michigan, Connecticut and Texas. The hookup is the latest in a series of mergers that have united some of the country's most powerful banks. Ameritrust, the nation's 56th-largest bank with $10.
BUSINESS
July 14, 2004 | From Associated Press
Bank of America Corp. said Tuesday it agreed to buy bank card transactions processor National Processing Inc. for $1.4 billion in cash, a combination that would create the nation's second-largest such company with nearly $250 billion in annual transaction volume. Charlotte-based Bank of America said it would merge its merchant-services unit into National Processing. The combined business would be based in Louisville, Ky., where National Processing is located.
BUSINESS
December 10, 2005 | From Times Staff and Wire Reports
There were fewer overvalued U.S. housing markets in the third quarter, but 38% of the top 299 metropolitan markets remained at risk of a sharp drop in prices, including 25 in California, a study released Friday indicated. The report from financial holding company National City Corp. and economic analysis firm Global Insight said the number of "extremely overvalued" markets declined to 65 in the third quarter from 67 in the second quarter.
BUSINESS
March 19, 2005 | From Reuters
The cost of goods imported into the United States rose in February as oil prices soared, and higher prices at the gas pump in recent weeks put a damper on consumer confidence, according to economic data released Friday. Import prices were 0.8% higher in February compared with January, and 6.1% above February 2004 levels, the Labor Department said. Export prices were unchanged in February from the previous month and up 3.4% from a year earlier. Petroleum prices jumped 3.
BUSINESS
March 1, 2005 | From Bloomberg News
Americans bought fewer cars and new homes in January, suggesting the U.S. economy will get less of a boost from consumers in the first quarter. Consumer spending was unchanged after December's 0.8% rise, the Commerce Department said Monday. Separately, the department reported new-home sales unexpectedly declined 9.2% to a 1.11 million annual rate in January. Corporate spending may help pick up the slack.
BUSINESS
August 16, 2006 | From Bloomberg News
Prices paid to U.S. producers excluding food and energy unexpectedly fell in July, the government said Tuesday, the first piece of evidence backing the Federal Reserve's forecast that inflation will slow. The so-called core rate dropped 0.3%, the first decrease since October, the Labor Department said. None of the 60 economists surveyed by Bloomberg News had forecast a decline. Overall prices in July gained 0.1%.
BUSINESS
April 30, 2008 | From Reuters
Citigroup Inc. said Tuesday that it planned to sell $3 billion of common stock to bolster its capital levels, sending its shares down in after-hours trading. The largest U.S. bank is raising capital after suffering a $15-billion net loss over the last two quarters and reporting more than $45 billion in write-downs and credit losses since June 30. Chief Financial Officer Gary Crittenden said Citigroup had received "strong" interest in the public offering. The company said the issue might grow in size.
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