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  • Wells Fargo fails fair lending test due to "discriminatory and illegal" credit practices

    Late last year, as the fallout from the fake account scandal at Wells Fargo was still in full force, rumors began to circulate that the bank could be facing another regulatory smackdown due to reportedly failing to meet its requirements under the Community Reinvestment Act. And Tuesday, the other shoe dropped, as the bank disclosed that it did indeed fail to meet its CRA requirements.

GOP presidential race heats up

HousingWire's Morning Radar provides a look at what's trending across media outlets nationwide. GOP presidential race heats up: With Rick Santorum's star rising after a strong showing in Iowa, the relatively unknown conservative will be guaranteed tons of media attention to fill out the week. The New York Times notes that he's playing catch-up to Mitt Romney's well-oiled political machine in New Hampshire while CNN notes that the road for Santorum may get tougher while analysts talk about where the fractured party goes from here. The Washington Post said the biggest question heading to New Hampshire is whether Newt Gingrich, obliterated by negative ads in Iowa, would go after Romney with fangs bared. Whether any of the candidates will get serious about talking about how to fix the ailing housing market going forward remains to be seen. Richard Cordray and the CFPB: Expect more follow-up from multiple media outlets on President Obama's recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau, a move that infuriated Republicans. The Wall Street Journal reports that Obama's decision could result in delays to Senate confirmations of two recently announced appointees to the Federal Reserve Board, two Senate Republican leadership aides said. Read Ezra Klein's Wonkblog in The Washington Post for a fuller view on just who Richard Cordray is. Ghost-hunting market news with a bit of politicking: Finally, we close this inaugural Morning Radar with Bill Gross, the manager of PIMCO, the world's largest bond fund, who sounds like a Wall Street ghost-hunter in his latest investment letter, according to Reuters. Calling the market environment "paranormal," Gross said 2012 will be characterized by "credit and zero-bound interest rate risk" and less incentives for lenders to extend credit. Now onto the politics: Gross said on CNN's Erin Burnett show Wednesday night that he favors Obama for president, but in terms of what Republican candidate most interests him, he named Ron Paul. That will certainly get people talking. --- Kerry Curry

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