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China's premier pledged $10 billion in concessional loans to African nations and said Beijing would cancel the government debts of some of the poorest of those countries.

U.S. home loans failed at a record pace in July despite ongoing federal and state programs to avoid foreclosures, which have severely strained housing and the economy.

Many mortgage companies are reluctant to give strapped homeowners a break because the companies collect lucrative fees on delinquent loans.