ING First Quarter Results

ING DIRECT Adds Record Number of Customers

Quarterly highlights for ING DIRECT Bancorp:

ING DIRECT added a record 404,000 new customers in the first quarter
Deposits for the quarter grew by $7 billion
Net income grew to $46.1 million


ING DIRECT Bancorp (Bancorp) today announced unaudited results for its first quarter ended March 31, 2006. Bancorp consists primarily of ING Bank, fsb (ING DIRECT), the nation’s fourth-largest thrift by assets. Net income for Bancorp rose 8% in the first quarter to $46.1 million, compared to $42.5 million for the fourth quarter of 2005.


Bancorp continued to see growth in net interest income, which increased 4% from the fourth quarter of 2005 to $141.4 million. ING DIRECT added 1.2 million customers year over year, to bring its total customer base to 3.8 million, an increase of 48%. Total assets ended the quarter at $59.5 billion, a 36% increase year over year and a 12% increase from the prior quarter.


Total deposits surged $7.0 billion in the first quarter, an 18% increase compared to the prior quarter end. Included in this growth was an increase in deposits in the signature product Orange Savings Account, from $34.7 billion in the fourth quarter to $41.1 billion in the first quarter. “As we began our sixth year in operation, we were pleased with the positive results achieved in the first quarter,” said Arkadi Kuhlmann, President and CEO, ING DIRECT. “We are encouraged by the addition of a record number of customers and see that despite a negative national personal savings rate, many Americans are aware of the importance of saving.” Bancorp’s positive results were achieved despite an increase in cost of funds, spurred on by the Federal Reserve raising interest rates two times within the quarter,” Kuhlmann noted. “Regardless of rate environment, we will continue to focus on providing value to our customers in the form of competitive rates to help them maximize their savings while growing the business.”


In the first quarter 2006, ING DIRECT originated 2,581 single family adjustable rate Orange Mortgages totaling $677.4 million. This represented a 45% increase in fundings from the same quarter in 2005. Additionally, the bank’s fundings for the first quarter 2006 consisted of 33% purchases (as opposed to refinances) versus 45% for the same quarter in 2005. “The cross-selling of products among our customers continues to improve in line with our expectations,” Kuhlmann continued. “Our ability to continually increase our originated loan volume speaks to the value proposition of our mortgage product. We will continue to focus on improving the borrowing experience and adding value for our customers.”

New Retail Business Model From Ameriquest

AMERIQUEST ANNOUNCES NEW RETAIL BUSINESS MODEL

Company to centralize retail mortgage operations


ORANGE, CA – May 2, 2006 – ACC Capital Holdings (ACH) today announced the launching of a new business model for its Ameriquest Mortgage Company and Town and Country Credit retail mortgage subsidiaries, including the centralization of the branch networks into its existing regional production centers and the consolidation of corporate functions.


The new centralized operations will improve efficiency and leverage the strengths of the company's retail mortgage origination business. The changes will result in the closure of local branches and a reduction in the company's work force. "We are launching a new strategy for our retail mortgage business – one that will enable us to offer a broader array of competitively priced products and higher-quality customer service," said Aseem Mital, chief executive officer of ACC Capital Holdings. "We are moving strategically and decisively to remain a leader in an industry that is undergoing fundamental changes."


Under the new retail business model, ACH will centralize its retail branch network into existing regional mortgage production centers in California, Arizona, Illinois and Connecticut. In addition, the company will consolidate many corporate functions at its Orange, CA headquarters.


These changes will result in the total workforce reduction of approximately 3,800 associates and the closing of 229 retail branch offices. The branch closures are effective immediately. Through its existing regional production centers, Ameriquest will continue to lend nationwide. "Although difficult, the decisions announced today are the best strategy for improving our cost structure and increasing our ability to price loans competitively – changes that are critical to our long-term success," said Adam Bass, vice chairman. "We greatly appreciate the contributions of our associates affected by today's announcement and have taken care to assist them in their transition."


The new business model fully adheres to the company's previously announced agreement with the states. "The strategy and business practices of our new retail model are well aligned with our commitment to consumer friendly lending policies and with the business enhancements included in our Multi-State Agreement," said Bass. Ameriquest's regional production centers will assume the current loan pipeline and use existing capacity to begin originating new loans immediately. The centralization allows Ameriquest to retain and maximize its primary sources of new loans, reduce infrastructure costs and eliminate redundant functions. "Our new centralized approach creates an extremely efficient and scalable lending platform, which will increase our long-term competitiveness in a very cyclical industry," said Mital.


About ACC Capital HoldingsACC Capital Holdings (ACH) is a national financial services company based in Orange, CA. The ACH family of companies originate, service and securitize a range of mortgage products. With operations nationwide, the ACH companies and their associates share a common mission of helping Americans reach their financial goals and achieve their home ownership dreams. The companies also demonstrate their commitment to communities through a wide array of partnerships, outreach programs and community investments.


ACH subsidiaries include Ameriquest Mortgage Company (retail mortgage loan origination), Argent Mortgage Company (wholesale mortgage loan origination) and AMC Mortgage Services (loan servicing and capital markets).

Countrywide Commercial Penetrates Retail Sector

$320 Million Loan to Regional Mall Portfolio in Southeast U.S. Highlights Countrywide Commercial's Penetration of Retail Sector

CALABASAS, Calif., May 3 /PRNewswire/ -- Countrywide Commercial Real Estate Finance further established its presence in the commercial real estate retail sector by announcing today the closing of a $320 million dollar loan to finance the acquisition of a pool of six regional malls in the Southeast United States.

Countrywide Commercial provided six loans to a newly formed joint venture of General Properties Trust, Babcock & Brown and Colonial Properties Trust, including four fixed-rate loans and two floating-rate loans. "Countrywide Commercial established a national presence in its first year of operation due to a deep understanding of the markets it serves and the power of Countrywide's brand," said Boyd Fellows, Managing Director, Countrywide Commercial. "This retail transaction is another example of how we can deliver custom-designed solutions with speed and certainty of closure -- no matter how complex the deal." Bill Lafferty, Senior Vice President of Countrywide Commercial, led the team in the closing of the transaction.

Malls in the deal included:

Colonial Mall Bel-Air (Mobile, Alabama)
Built in 1966, Colonial Mall Bel-Air is a 1,333,739 square foot super-mall with 130 stores that dominates the Mobile, Alabama market and offers one of the widest selections of retail shopping in the region. The primary market of the mall covers a 20-mile radius consisting of more than 400,000 people.

Colonial Mall Greenville (Greenville, North Carolina)
Built in 1965, Colonial Mall Greenville is a 450,000 square foot mall with more than 65 local and national stores and is a major shopping center in the area. In addition to being located in the retail hub for Eastern North Carolina, it is adjacent to East Carolina State University and its 23,000 full-time students.

Colonial Mall Glynn Place (Brunswick, Georgia)
Built in 1985 and expanded in 1990, Colonial Mall Glynn Place is a 507,000 square foot mall with more than 60 stores in an area that is experiencing tremendous growth in residential development. It is located a mile and a half away from major interstate highway I-95, exclusive beach and golf resorts, and Coastal Georgia Community College.

Colonial Mall Valdosta (Valdosta, Georgia)
Built in 1983 and renovated in 1999, Colonial Mall Valdosta is a 400,000 square foot mall with more than 65 stores with a 112,000 square foot expansion including 4 "Big Box" anchors opening summer 2006. It is a primary shopping destination in the market and located near Moody Air Force Base and Valdosta State University.

Colonial Mall Myrtle Beach (Myrtle Beach, South Carolina)
Built in 1986 and last renovated in 2004, Colonial Mall Myrtle Beach is a 525,000 square foot mall with more than 62 stores. It is located in The Grand Strand area-a premier beach and golf vacation destination that attracts 14 million visitors annually and is part of a surrounding area with a population of more than 215,000 residents.

Colonial University Village (Auburn, Alabama)
Built in 1973 and renovated and expanded in 2004, this 525,000 square foot mall is located next to Auburn University, which is home to nearly 23,000 students and more than 5,000 employees.

About Countrywide Commercial Real Estate Finance, Inc. - Countrywide Commercial Real Estate Finance, Inc., a provider of fixed- and floating-rate financing for multi-family and commercial properties, is a unit of Countrywide Capital Markets, Inc. (CCM), a wholly-owned subsidiary of Countrywide Financial Corporation (NYSE: CFC - News).

Other CCM business units include Countrywide Securities Corporation, a registered broker-dealer specializing in underwriting, buying and selling mortgage-backed debt securities; Countrywide Servicing Exchange, an advisory and brokerage firm specializing in the transfer of bulk loan mortgage servicing rights portfolios between third parties; Countrywide Asset Management, a full-service company that acquires, services and manages distressed residential mortgage loan assets for rehabilitation and eventual sale; and CCM International, Ltd., and Countrywide Capital Markets Asia, Ltd., distributors of American securities in the UK and Japan, respectively.

Wachovia Corporation Will Acquire American Property Financing, Inc.

WACHOVIA TO ACQUIRE AMERICAN PROPERTY FINANCING, INC.

Combination creates leading multifamily lender in New York City

CHARLOTTE, N.C. – Wachovia Corporation announced today that it has signed a definitive agreement to acquire American Property Financing, Inc. (APF), a wholly owned subsidiary of Emigrant Bank. Terms were not disclosed. The acquisition is expected to close in the second quarter of 2006. APF, headquartered in New York City, offers a full array of fixed and variable rate multifamily loan products and has a servicing portfolio in excess of $8 billion.

APF is the No. 1 ranked agency multifamily lender in the New York City area and is one of the top Fannie Mae DUS and Freddie Mac Program Plus® lenders in the U.S. Alan Wiener, chief executive officer, will continue to run APF.

Wiener will co-head Wachovia's multifamily lending group along with Ed Hurley, managing director. Both will report to Brett Smith, managing director and head of mortgage origination and placement for Wachovia's Real Estate Capital Markets Group. “The addition of APF's talented professionals and top tier clients to our industry-leading commercial real estate platform enhances our financing and servicing capabilities and strengthens our presence in the attractive New York City multifamily lending market,” said Smith. “This partnership positions us for continued market share growth.” “This is a superb opportunity to align ourselves with an industry leader to enhance our array of products, increase our production and become a nationwide leader in the financing of affordable and conventional multifamily business,” said Wiener. “We are very proud of the outstanding performance of APF and our successful partnership with Alan Wiener and Art Habighorst,” said Howard P. Milstein, president and chief executive officer of New York Private Bank & Trust Corporation, the parent of Emigrant Bank. “The acquisition of APF by Wachovia recognizes this success and provides the management and employees of APF with an excellent platform for continued growth.”


Wachovia is a leader in commercial real estate finance, delivering more than $67 billion in financing to the sector in 2005 and ranking #1 in loan contributions to CMBS. Wachovia services approximately $198 billion in CMBS and agency mortgages and $40 billion in portfolio loans and ranks #1 in master servicing. Wachovia was honored as “Lender of the Year” by Real Estate Finance and Investment, and “Real Estate Investment Bank of the Year” by Global Finance.

Wachovia's Real Estate Capital Markets group provides permanent financing through CMBS conduit and mortgage banking, bridge loans, mezzanine financing, equity co-investing, sale-leaseback, and synthetic lease structures. Wachovia also provides M&A and private equity advisory services, public capital access and corporate debt, as well as traditional bank lending and depository services to commercial and residential real estate developers and owners.


About Wachovia's Corporate and Investment Banking Group...Wachovia's Corporate and Investment Banking group offers a full suite of products and services to public and private companies, institutional investors, financial institutions and the financial sponsor community.


Investment banking and the global markets businesses (fixed income, equities, and research) operate under the Wachovia Securities' brand and have become a global force in the capital markets arena by providing comprehensive advisory, capital raising, structuring, research and execution services.

Wachovia's Corporate and Investment Bank also includes the 3rd largest Treasury Services business in the U.S. as well as leading asset-based lending and global correspondent banking services. The firm is built on a cohesive culture that encourages creative ideas, capital solutions, and experienced advice to all clients. Wachovia Securities is the trade name for the corporate, investment banking, capital markets and securities research businesses of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited, which is authorized and regulated by The Financial Services Authority in the United Kingdom.


Wachovia Securities is also the trade name for the retail brokerage businesses of WCM's affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC. Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services.


Wachovia operates as Wachovia Bank through 3,159 offices in 16 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, will continue to be known as Western Financial Bank in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide.


Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Wachovia had assets of $541.8 billion, market capitalization of $90.2 billion and stockholders' equity of $49.8 billion at March 31, 2006.

HUD to Sell Homes to Disaster Victims at a Discount

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws.

HUD TO SELL HOMES AT A DISCOUNT TO DISASTER VICTIMS
Homes to be available to evacuees across the nation

In an effort to assist families displaced by the Gulf Coast Hurricanes attain homeownership, the Department of Housing and Urban Development will give evacuees the opportunity to buy HUD-owned properties at a discount. "Our goal through this housing assistance initiative is to give families who have been impacted by the disaster a chance to restore stability to their lives," said Federal Housing Commissioner Brian D. Montgomery. "By becoming homeowners, these families can begin to establish a sense of permanence as they concentrate on putting their lives in order." In the aftermath of the hurricanes, HUD provided interim rental housing to many families in the form of HUD-owned properties in the states of South Carolina, Georgia, Florida, Kentucky, Tennessee, Arkansas, Oklahoma, and Texas.

These families will be offered the opportunity to purchase the homes they are currently occupying at a discount of ten percent off the property's fair market value. Additionally, HUD will help current tenants pay for property repairs by funding a repair escrow equal to 15% of the contract price. Within the next few weeks, all occupants will be notified by mail of the appraised value, contract price and other terms of sale.

Occupants must notify HUD of their intention to purchase the home no later than 60 days prior to the expiration of their lease term, however they may exercise the option right away. In addition to making homeownership opportunities available to evacuees already occupying HUD owned properties, the Department is establishing a nationwide sales initiative providing discounts and preferences for Gulf area hurricane evacuees seeking housing anywhere in any of the 50 states. Effective the week of May 1, almost all new properties listed for sale by HUD will be offered exclusively to hurricane evacuees for a period of five days at a price that is ten percent below fair market value.

FEMA qualified evacuees will be required to submit a purchase offer though a licensed real estate broker. If, at the end of the five-day lottery period, only one offer has been received, HUD will enter into a purchase contract after verifying the buyer's FEMA registration number. If multiple offers are received on the same property, HUD will select the successful buyer by random lottery drawing. The following sale terms will apply:

The purchase price will be 90 percent of the appraised value.

Buyers will be required to finance the purchase using either an FHA insured mortgage or all cash. Several mortgage types are available including Section 203(h) financing for disaster victims that allows 100% of the price to be financed, or 203(k) financing, that combines both purchase and rehabilitation financing in a single loan.

HUD will pay all reasonable and customary closing costs in connection with the sale not to exceed 5% of the contract price.

HUD will pay the real estate broker's fee.

All prospective buyers will be encouraged to participate in a homebuyer education program, especially if they are first time buyers.

Finally, to be eligible for the discount, (and in the case of current occupants only, the 15% repair fund) the buyer must agree to occupy the property as a primary residence for at least 12 months.

HUD expects that up to 20,000 properties could be made available to hurricane evacuees through this initiative. For additional information and full participation requirements interested parties can call 1-800-CALLFHA.