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All saw their federal sentences commuted by President Joe Biden on Thursday in the largest single-day act of clemency in modern history. Many of those who received pardons had long ago completed their sentences but the crime will now be wiped from their record. He was sentenced to 15 years in prison in 2014 before Biden commuted his sentence. The $26 million scheme involved billing Medicare for services that were never provided and efforts to bypass the government’s probe. Lovett was given a ten-year prison sentence and ordered by the U.S. District judge in the case to pay more than $9 million in restitution.

Persons: WASHINGTON, Joe Biden, Biden, Janell Harris, Jimmy Dimora, Dimora, Frank Russo, Anthony Le, Malcolm Hartzog, Barack Obama, Hartzog, Paul Daugerdas, Elaine Lovett, Lovett, Shaquan Hemingway, Hemingway Organizations: Biden, Prosecutors, Forbes, U.S, District, Jalisco New Locations: Detroit, Connecticut, Ohio, Cuyahoga County, Las Vegas, Canada, Alabama, Illinois, United States, Wayne County , Michigan, Carolina, Jalisco, Mexico

The housing market has totemic importance in Britain's consumption-driven economy and is closely linked to consumer confidence. The average mortgage rate on new two-year mortgage deals rose on Wednesday to 5.90%, according to property data provider Moneyfacts - the highest since December last year, in the aftermath of the mini-budget. "It takes a far lower mortgage rate to create the same amount of financial stress in terms of repayments as a double-digit mortgage rate did back in previous periods," Hudson said. Reuters GraphicsSTRESSThe question now is how mortgage market stress will feed through into the real economy. Jamie Lennox, director at broker Dimora Mortgages, said there was "no end in sight" for the trouble in the mortgage market.

Persons: Hannah McKay, Liz Truss, We're, Neal Hudson, Hudson, Jamie Lennox, shivers, BoE, Philip Shaw, Lucy Raitano, Iain Withers, Kirsten Donovan Organizations: REUTERS, Bank of England, Investors, HSBC, Reuters, Financial, Thomson Locations: London, Britain, BoE's

☆ Market chaos forces UK lenders to pull mortgage products
▼ + stars: | 2022-09-26 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

Brokers said the moves were likely just the start of a big shift in Britain's mortgage market. The country's largest mortgage lender Halifax said it was withdrawing its fee-paying mortgage products - where borrowers could pay an arrangement fee in exchange for a lower interest rate - and moving to a full fee-free range. "In response, we will be temporarily withdrawing our New Business Product Range with immediate effect." Virgin Money said its withdrawal of mortgage products for new customers would take place at 8 p.m. (1900 GMT). "That will feed into higher mortgage rates and, as always, it'll be the taxpayer left carrying the can," said Lewis Shaw, founder of broker Shaw Financial Services.

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