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A police officer is free on bond after being arrested following a rash of road-sign thefts in southeast Alabama.  Brantley Police Chief Titus Averett says officer Jeremy Ray Walker of Glenwood is on paid leave following his arrest in Pike County.  The 30-year-old Walker is charged with receiving stolen property.  Lt. Troy Johnson of the Pike County Sheriff's Office says an investigation began after someone reported that Walker was selling road signs from Crenshaw County.  Investigators contacted the county engineer and learned signs had been reported stolen from several roads.

NPR Politics presents the Lunchbox List: our favorite campaign news and stories curated from NPR and around the Web in digestible bites (100 words or less!). Look for it every weekday afternoon from now until the conventions.

Convention Countdown

The Republican National Convention is in 4 days in Cleveland.

The Democratic National Convention is in 11 days in Philadelphia.

NASA has released the first picture of Jupiter taken since the Juno spacecraft went into orbit around the planet on July 4.

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My husband and I once took great pleasure in preparing meals from scratch. We made pizza dough and sauce. We baked bread. We churned ice cream.

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Police in Baton Rouge say they have arrested three people who stole guns with the goal of killing police officers. They are still looking for a fourth suspect in the alleged plot, NPR's Greg Allen reports.

"Police say the thefts were at a Baton Rouge pawn shop early Saturday morning," Greg says. "One person was arrested at the scene. Since then, two others have been arrested and six of the eight stolen handguns have been recovered. Police are still looking for one other man."

A 13-year-old boy is among those arrested, Greg says.

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Wells Fargo Sued Over Bad Mortgage Investements

Oct 10, 2012
Originally published on October 11, 2012 7:06 am

Transcript

STEVE INSKEEP, HOST:

NPR's business news starts with another bank sued.

Wells Fargo has become the second major American bank to be sued over its conduct during the housing boom. The U.S. Attorney's office in New York alleges that Wells Fargo approved hundreds of millions of dollars in bad housing loans during the 10-year period leading up to the financial crisis.

NPR's Jim Zarroli reports.

JIM ZARROLI, BYLINE: U.S. officials said that Wells Fargo approved 100,000 federally guaranteed mortgages. The suit says that bank was supposed to make sure the borrowers could pay the loans it issued. But it says as many as half of the mortgages in some months allegedly had not been underwritten properly. Part of the problem, the suit says, is that the bank hired temporary workers to process the loans and the compensation was tied to the number of loans the employees processed.

The bank was supposed to have a quality control program to oversee lending. But the suit says even when concerns were raised, internally, Wells Fargo did nothing to address them until it was too late. The suit seeks hundreds of millions of dollars in damages on behalf of the federal agency that guaranteed the mortgages.

This is the second major U.S. bank to be sued this month over bad mortgage investments. Last week, the New York attorney general sued JPMorgan Chase over bad mortgage securities packaged and sold by Bear Sterns, which the bank bought in 2008.

Wells Fargo insisted, yesterday, it had complied with all federal regulations and it said it would vigorously contest the charges.

Jim Zarroli, NPR News, New York. Transcript provided by NPR, Copyright National Public Radio.