Bank of America will defend itself saying disclosures over mortgage bonds issued by Countrywide were sufficient for big investors like AIG, but the problem is Bank of America has become a prime target for large institutions seeking to limit the damage of the credit crisis.

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Older people tend to have more money in bonds and bank deposits, so the strategy of repaying a mortgage instead of keeping it in bonds is especially good for them.

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The central bank said it plans to extend its program of buying government-backed mortgage bonds, which should have the effect of reducing mortgage rates.

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The investment bank, in fact, also still existed, albeit with billion of dollars in mortgage bonds that had gone bad as the subprime crisis worsened.

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Worry in the mortgage market was so palpable Wednesday following Bear's news that Lehman Brothers was forced to publicly refute rumors that circulated through Wall Street trading desks suggesting the bank was also preparing to announce steep losses in one of its funds tied to mortgage bonds.

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Worry in the mortgage market was so palpable Wednesday following Bear's news that Lehman Brothers (nyse: LEH - news - people ) was forced to publicly refute rumors that circulated through Wall Street trading desks suggesting the bank was also preparing to announce steep losses in one of its funds tied to mortgage bonds.

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And he welcomes the recent move by the Bank of England to allow banks and building societies to swap potentially risky mortgage debts for secure government bonds to help them operate during the credit squeeze.

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The package allows Norwegian banks to swap toxic debt products like mortgage-backed securities for new government bonds, which can then be used as collateral for borrowing from the central bank.

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