The pace of the mortgage industry's efforts to assist troubled borrowers declined in May, as critics questioned lenders' progress in aiding U.S. homeowners facing foreclosure.

The pace of the mortgage industry's efforts to assist troubled borrowers declined in May, as critics questioned lenders' progress in aiding U.S. homeowners facing foreclosure.

Fitch Ratings said Tuesday it maintained its ratings on Countrywide Financial Corp. after Bank of America Corp. completed its acquisition of the mortgage lender.

Credit ratings agency Standard & Poor's said Tuesday it raised its ratings on Countrywide Financial Corp. to match those of Bank of America Corp.

Florida sued mortgage lender Countrywide Financial Monday for predatory lending practices, alleging the company at the center of the U.S. mortgage crisis made subprime loans to people who could not repay them.

By Jim Loney

Florida will be taking legal action against Countrywide Financial Corp. for what Attorney General Bill McCollum calls misleading and unfair trade practices.

A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law.

Bank of America said Thursday it will cut about 7,500 jobs after it closes its acquisition of mortgage lender Countrywide Financial Corp.

Bank of America Thursday said it expects to eliminate about 7,500 jobs over the next two years after it completes its acquisition of Countrywide Financial, the largest U.S. mortgage lender.

BANGALORE (Reuters) - Bank of America Corp <BAC.N> on Thursday said it expects to eliminate about 7,500 jobs over the next two years after it completes its acquisition of Countrywide Financial Corp <CFC.N>, the largest U.S. mortgage lender.

Bank of America Corp <BAC.N> on Thursday said it expects to eliminate about 7,500 jobs over the next two years after it completes its acquisition of Countrywide Financial Corp <CFC.N>, the largest U.S. mortgage lender.

Bank of America Corp. completed its purchase of Countrywide Financial Corp. Tuesday, making the Charlotte-based bank the nation's leading mortgage originator and servicer.

Standard & Poor's CapitalIQ tracks deal spreads, or the difference between the offer price and the deal's current value. CapitalIQ reports that in June the following five buyouts had the highest spreads, as of June 4.

Continued concern about deterioration in the credit markets has shares of financial-services firms tumbling Thursday, with most slipping more than broader market indexes.