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The battle over the mass modifications of troubled mortgages has begun in earnest. On Dec. 1, William Frey, a private investor in mortgage-backed securities, filed a lawsuit in New York State Supreme Court alleging that the proposed modification of some 400,000 home loans originally underwritten by the defunct lender Countrywide Financial is illegal.
Bank of England policymakers have cut the cost of borrowing again - by a full 1%.
The decision to cut the cost of borrowing by a full 1%, taking it down to pre-war levels, has been given a warm welcome by business leaders.
