Banking

Bank Watch roundup: Wells Fargo must defend foreclosure manual

WELLS WILL HAVE TO DEFEND FORECLOSURE MANUAL: A judge admitted a Wells Fargo guide on how to proceed with a foreclosure without all the proper paperwork into evidence, and the bank will have to put somebody on the stand to testify about it, the New York Post reports.

BANK OF AMERICA SUED OVER HIGH FREQUENCY TRADING: Less than a month after Michael Lewis published "Flash Boys," the city of Providence, R.I., has sued Bank of America, the NYSE and a bunch of other exchanges claiming they allowed some traders (high frequency ones) to get information about other investors trades, or electronic front-running, Bloomberg reports.

MEET TWO NEW WELLS FARGO REGIONAL PRESIDENTS: The Des Moines Register talked with the new Great Plans president, and the South Florida Sun Sentinel says their region's new president wants to focus on small business loans.

DURHAM COMPANY SCHEDULED FOR IPO: The biotech company SCYNEXIS is scheduled to raise $55 million this week in a deal led by RBC Capital Markets, according to Renaissance Capital.

MORTGAGES GETTING EASIER TO COME BY: Yes, lending standards have been really tight, but they're starting to ease up, the Wall Street Journal says. It's not just the FHA that's offering down payments below 5 percent anymore. "Everybody is fighting for a smaller portion of the originations pie," says an executive at TD Bank.

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