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INDUSTRY UPDATE
Citigroup announced November 25th that it will acquire Washington Mutual Finance Corporation for $1.25 billion. Headquartered in Tampa, Florida, WMF is the consumer finance subsidiary of Washington Mutual, Inc. (NYSE: WM).
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New Century Financial Corporation announced November 19 that it expects to make 60 percent fewer loans upon the November 27 enactment of a New Jersey law.
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Fiscal Year 2003 saw the number of personal or non-business bankruptcies filed in federal court continue to increase, while business filings declined. Total bankruptcy filings remain at historic highs.
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Countrywide Home Loans, Inc. announced the creation of Paramount Mortgage, an operating division of Countrywide Mortgage Ventures, LLC on November 17. The joint venture between Countrywide and Prudential Residenz Realtors will enable home buyers and sellers to access a wide array of home financing programs, while simplifying the entire process of buying or selling a home.
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