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GRE Business Report: January 31st

A look at the top business headlines.
Toyota has told dealers to stop selling six popular models with heated seats because the fabric does not comply with U.S. safety codes and could potentially catch fire. Dealers can no longer sell certain Camry, Avalon, Sienna and Tacoma models from the 2013 and 2014 model years, as well as Corollas and Tundras from 2014. No fires or injuries have been reported, but Toyota says thousands of cars will need to have the fabric replaced.

The Justice Department wants Bank of America to pay $2.1 billion in fines. The whopping amount stems from mortgage fraud by Countrywide Financial, a firm Bank of America bought in 2008. The government says mortgages Countrywide sold to Fannie Mae and Freddie Mac earned the bank about $5 billion. But experts later found about 43 percent of those loans were "defective and sold with misrepresentations." A jury found Bank of America guilty of fraud last October in a civil case involving Countrywide's actions. 

Facebook is coming out with a new app called Paper, a news-consumption app that will be released in the U.S. on February 3rd. The idea is to present longer-form Facebook content in a more attractive, magazine style that will encourage users to linger over posts, stories and images. There will be no buttons to push. Instead, users will be able to flip through stories and other posts by tilting the phone in various ways and swiping with their fingers. 
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