Radian-Backed U.S. Municipal Bonds Face Possible Cut in Ratings by Fitch

(Bloomberg) -- Fitch Ratings put 934 municipal bond
issues insured by a Radian Asset Assurance Inc. under review for
a possible ratings cut following losses by its parent on an
investment in a subprime mortgage lender.

Radian Group Inc. and MGIC Investment Corp., which
announced plans in February to merge, yesterday said their
combined stakes of more than $1 billion in Credit-Based Asset
Servicing and Securitization may be worthless. Radian Asset
Assurance is rated AA, while Radian Group is ranked A.


Read more at Bloomberg Bonds News

Wells Fargo sued for racial bias in mortgage loans

(Reuters) - In their complaint, Nancy and Johnny Jeffries accused Wells
Fargo of marking up interest rates or adding fees for black
borrowers seeking mortgages after agreeing to lend based on
more well-defined criteria such as credit histories and home
values. The southwest Chicago homeowners said this violates the
federal Fair Housing Act and Equal Credit Opportunity Act.




The lawsuit seeks class-action status, and was filed on
Monday against San Francisco-based Wells Fargo in the U.S.
District Court for the Northern District of California.


Read more at Reuters.com Bonds News

UPDATE 1-Inmet Mining profit rises on higher metal prices

(Reuters) - The mid-tier copper, zinc and gold miner earned C$138
million , or C$2.86 a share, in the quarter ended
June 30. That was up from C$132 million, or C$2.74 a share, in
the year-before period.




Analysts polled by Reuters had expected, on average, profit
of C$2.81 a share.


Read more at Reuters.com Market News

US STOCKS-U.S. stocks fall as credit worries return

(Reuters) - NEW YORK, July 31 - U.S. stock indexes fell on
Tuesday, giving up earlier earnings-driven gains as worries
about the deteriorating credit market resurfaced.




American Home Mortgage Investment Corp. was the
latest casualty of the housing slump. The mortgage lender said
it can't fund home loans and may have to liquidate.


Read more at Reuters.com Bonds News

GM beats second-quarter estimates

(Reuters) - GM posted a second-quarter profit of $891 million against a massive $3.4-billion loss a year ago, bolstered by gains in Europe, Latin America and Asia, sales of higher-margin vehicles and a one-time, tax-related gain.




The automaker also sharply narrowed its losses in its troubled home market, but vowed to keep the pressure on costs, the overriding issue in a crucial round of ongoing labor talks with its major union.


Read more at Reuters.com Business News

UPDATE 2-Coach fourth-quarter profit, outlook up; shares fall

(Reuters) - NEW YORK, July 31 - Coach Inc. said on
Tuesday that quarterly profit rose nearly 37 percent and raised
its 2008 outlook due in part to strong sales in Japan and the
introduction of its Ergo line of handbags.




But Coach shares were down 3.5 percent in afternoon trade as
some investors focused on a decline in quarterly gross margin and
others took profits a day after expectations had boosted shares 5
percent, according to one analyst.


Read more at Reuters.com Market News

Teck Cominco says still in hunt for acquisitions

(Reuters) - "There are a number of opportunities that we have been
looking at but unable to conclude a deal at this
point," Don Lindsay, Teck's president and CEO, told a
conference call.




"We don't want to telegraph any moves in advance ... but we
are committed to diversification."


Read more at Reuters.com Mergers News