Mortgage Loan Information

GMAC ResCap Offers Mortgage Relief to Californians Affected by Wildfires

2007-10-26T13:30:00.000-04:00

GMAC Press Release

Minneapolis, MN

25 October 2007

About GMAC ResCap:

GMAC ResCap is an indirect wholly owned subsidiary of GMAC Financial Services. GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and commercial finance businesses. GMAC was established in 1919 and currently employs about 31,000 people worldwide.

GMAC ResCap Offers Relief to Southern California Wildfire Victims:

GMAC ResCap will offer mortgage relief counseling, and other assistance to about 330,000 gmac mortgage and Homecomings Financial customers that may be affected by the Southern California wildfires within the areas that have been declared federal disaster areas.

"Mobile HOPE":

The company also will dispatch its "Mobile HOPE" operation, a group of specially trained customer service specialists, who will meet face-to-face with customers whose homes have been damaged by the wildfires. This is the first time the Mobile HOPE team has been mobilized since it assisted homeowners affected by Hurricane Katrina in September 2005. "We are keenly focused on doing everything possible to make it easier for our customers to get through this tragic situation," said Tony Renzi, executive vice president and head of servicing operations for GMAC ResCap, which services the mortgages of more than 3.4 million customers throughout the United States.

CALIFORNIA DISASTER HOTLINE:

Customers affected by the fires should call the "California Disaster Hotline" at 1-866-262-5363, toll-free, for assistance. The hotline will be maintained 24 hours a day starting today and will be maintained until further notice.

Customer care advocates staffing the hotline, as well as members of the Mobile HOPE team, are prepared to work with each customer and offer assistance such as loan modifications, alternative payment options, and other financial relief, to assist customers affected by the wildfires.

Wells Fargo Closes Nonprime Wholesale Lending Division

2007-08-07T10:36:00.000-04:00

2007 July 26
Des Moines, Iowa
Press Release

Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A., said today that it will close its nonprime wholesale lending business, which processes and funds nonprime loans for third-party mortgage brokers.

In 2006, this business represented 1.6 percent of Wells Fargo's total residential mortgage loan volume of $397.6 billion¹. "Wells Fargo will continue to offer non prime loans in channels where the company has direct relationships with consumers, including Wells Fargo Home Mortgage's retail channel and Wells Fargo Financial, an affiliate of Wells Fargo Bank, N.A," said Cara Heiden, Wells Fargo Home Mortgage division president.

"The decision to close our nonprime wholesale lending business has no effect on Wells Fargo's robust prime lending business which has long held an industry leading position. We will continue to offer prime loans through all our distribution channels, including wholesale." "For the foreseeable future, we believe continued turmoil in the nonprime sector will result in financial returns for our nonprime wholesale channel that are not commensurate with the risks inherent in this business," Heiden stated.

"As a result, we have chosen to discontinue this channel." As part of this decision, the company will close its nonprime wholesale operations in Baton Rouge, La., and Des Moines, Iowa. In Baton Rouge, where Wells Fargo does not have a significant presence, 170 positions will be affected and the company will work with other companies to identify local opportunities. In addition, team members will be encouraged to seek other positions within Wells Fargo & Company (NYSE: WFC) which has 168,000 team members across North America and is one of the United States' 25 largest employers.

In metro Des Moines, where Wells Fargo has 11,700 team members, the Company is working to identify positions in other areas of the organization for the 67 affected team members. "An advantage of being part of a national diversified financial services company - with 80-plus businesses - is the ability to manage the ebb and flow of staffing required for each business," Heiden said.

"Retaining talented team members has always been and will continue to be a top priority for our company." Wells Fargo Home Mortgage is the nation's No. 1 retail mortgage lender² and servicer³ of home mortgages. As a division of Wells Fargo Bank, N.A., it has local presence in more than 2,400 mortgage stores and branches, plus the capabilities to serve the home financing needs of customers nationwide through its call centers, Internet presence and wholesale lending operations.

Wells Fargo Home Mortgage services loans for more than 7.7 million mortgage customers. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."

"It's Your Choice" Campaign Launched by Countrywide Home Loans

2007-07-26T13:41:00.000-04:00

Countrywide Home Loans

PR Web Press Release

Calabasas, California

2007 July 23

National survey illustrates homeowners' desire for complete, transparent mortgage and home loan cost options.

This survey was conducted online by Harris Interactive on behalf of Countrywide Home Loans among 3,435 adults (aged 18 years and older) within the United States between June 13 and 15, 2007, among whom 2,280 were homeowners.

Figures for region, age within gender, education, household income and race/ethnicity were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.

With a pure probability sample of 3,435 one could say with a ninety-five percent probability that the overall results have a sampling error of +/- 3 percentage points. Sampling error for subsamples is higher and varies. However that does not take other sources of error into account. This online survey is not based on a probability sample and therefore no theoretical sampling error can be calculated.

Countrywide Home Loans, Inc., a member of the Countrywide® family - America's #1 home loan lender - (as ranked for 2006 by Inside Mortgage Finance, Feb. 2, 2007, Copyright 2007), originates, purchases, securitizes, sells and services home loans and is the primary subsidiary of Countrywide Financial Corporation (NYSE: CFC).

Countrywide Financial Corporation, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Founded in 1969 and a member of the S&P 500 and Fortune 500, Countrywide Financial Corporation is headquartered in Calabasas, California and its family of companies has a workforce of more than 50,000 in over 900 offices across the country.

Countrywide Home Loans today unveiled a broad national initiative designed to educate mortgage consumers about the fact that they have many options available to them regarding how certain costs are paid when refinancing or obtaining a home loan, no matter which mortgage lender they choose.

Today, Countrywide is arming its more than 9,000 loan officers and mortgage sales force with new and improved tools, such as specialized mortgage cost calculators, that will allow them to thoroughly and transparently show customers cost-effective choices for structuring their home loan packages.

To understand how strongly consumers feel about the issue of choice versus a one-size-fits-all mortgage, Countrywide commissioned a national survey of more than 2,280 homeowners.

The results show that the majority of respondents (76%) strongly agreed that they wanted to be informed by mortgage lenders about as many closing cost choices as possible in order to arrive at a decision best suited to their individual circumstances.

Other findings include:

Of those surveyed, 69 percent strongly agreed that they are more likely to trust a mortgage lender who is open and honest about the many options available to them given their individual situation.

When U.S. homeowners were asked their level of agreement with the notion that the way in which closing costs are paid should be tailored to the individual based on the borrower's unique set of circumstances: 87 percent strongly agreed or somewhat agreed.

Nine out of 10 U.S. homeowners agree that there is really no such thing as a mortgage without fees.

Three of five U.S. homeowners (61%) indicated strong agreement with the idea that "one size fits all" mortgages aren't necessarily the best option for everyone.

"People clearly understand that there will be costs when they finance a home," said Dan Hanson, managing director of Countrywide. "Home buyers look to us for information, so we've decided to recommit ourselves to educating people about the cost options that work best for their unique situations.

By presenting our customers with a menu of options, they can make an informed choice that's right for them now and into the future. And, the best choice in the long run isn't necessarily the one with the least out-of-pocket costs, but rather the one that brings the best total value over the life of the loan." According to Hanson, one size most definitely doesn't fit all. The right home loan choice can be radically different from one buyer to the next.

For example, a young couple with a growing family has tremendously different financial circumstances than a couple buying a home for retirement. As part of the It's Your Choice campaign, Countrywide will advise customers about their mortgage cost options, including choices such as...

No money needed for closing costs: A mortgage lender can pay your closing costs. In this scenario, the lender does not require cash from the borrower to pay fees at the closing table. Instead, the home buyer obtains a loan with a slightly higher interest rate.

It can be a smart move for buyers who have little money set aside or who plan to be in a home for a short time because their savings in closing costs can often more than offset their increased interest expense.

Reap the rewards of lower interest when you pay closing costs upfront: Buyers who pay loan costs at closing are rewarded with a lower interest rate on their mortgage.

A customer who is planning on staying in their home for more than a few years may see the benefit of selecting to pay the costs at closing and having a lower interest rate to help them save over the long term.

Minimize your mortgage interest rate: Some homeowners may benefit from paying loan discount points to lower their interest rate. By paying loan discount points, buyers can "buy down" their mortgage interest rate, a particularly attractive option if the buyer intends to retain the mortgage for more than five years.

Mix it up: A combination of a first mortgage and a second mortgage is yet another choice. This option allows many homeowners to avoid private mortgage insurance and enables them to pay down the second mortgage separately. If the second mortgage is a home equity line of credit, borrowers may reuse the available credit in their line as they pay it down.

No monthly mortgage insurance payments: In most instances, private mortgage insurance is required when a borrower is unable to make a down payment of 20 percent or more. There are different types of mortgage insurance available to borrowers.

A borrower may accept a slightly higher interest rate or pay additional points at closing to avoid paying monthly premiums.

All of these options may have some tax advantages, so borrowers are encouraged to consult their tax advisor to learn if they qualify for a tax deduction and the different rules that apply to purchase and refinance transactions.

These are just a few of the many scenarios that can suit a homebuyer's very unique situation. "Some of these options can be combined to make the final result a thoroughly customized solution, a far cry from the one-size-fits-all approach," said Hanson.

As with any financial decision, home buyers and owners should carefully evaluate their options and fully understand the advantages and disadvantages before making a choice.

"Our new It's Your Choice initiative further distinguishes Countrywide when it comes to home loans," said Hanson. "People know they have choices, so our job is to make sure we put them all on the table and share our 37 years of home loan expertise with the customers who trust us every day."

About Harris Interactive: Harris Interactive is the 12th largest and fastest-growing market research firm in the world. The company provides innovative research, insights and strategic advice to help its clients make more confident decisions which lead to measurable and enduring improvements in performance.

Harris Interactive is widely known for The Harris Poll, one of the longest running, independent opinion polls and for pioneering online market research methods. The company has built what it believes to be the world's largest panel of survey respondents, the Harris Poll Online.

Harris Interactive serves clients worldwide through its United States, Europe and Asia offices, its wholly-owned subsidiaries Novatris in France and MediaTransfer AG in Germany, and through a global network of independent market research firms.

Primary Mortgage Market Survey Released by Freddie Mac

2007-07-12T13:42:00.000-04:00

McLean, Virginia

July 5, 2007

Freddie Mac

Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 6.63 percent with an average 0.4 point for the week ending July 3, 2007, down from last week when it averaged 6.67 percent. Last year at this time, the 30-year FRM averaged 6.79 percent. The 15-year FRM this week averaged 6.30 percent with an average 0.4 point, down from last week when it averaged 6.34 percent. A year ago, the 15-year FRM averaged 6.44 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.29 percent this week, with an average 0.4 point, down from last week when it averaged 6.30 percent. A year ago, the 5-year ARM averaged 6.39 percent. One-year Treasury-indexed ARMs averaged 5.71 percent this week with an average 0.4 point, up from last week when it averaged 5.65 percent. At this time last year, the 1-year ARM averaged 5.83 percent. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

"Long-term mortgage rates continued to move lower for a third consecutive week, in part reflecting a moderation in core inflation," said Frank Nothaft, freddie mac vice president and chief economist."

"In the statement accompanying their decision to leave the target federal funds rate unchanged, the Fed noted that core inflation had declined recently, though a 'sustained' moderation is still to be seen, and signaled that inflation risk continues to figure prominently in their policy decisions." "Helping to ease some inflation concerns, May's personal consumption expenditures report found that the core price measure had increased 1.9 percent for the year ending in May, within the 1 percent to 2 percent range with which the Fed is comfortable, and the lowest year-over-year rise in more than 3 years."

Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than four million renters in America.

73rd Anniversary of FHA

2007-06-28T12:58:00.000-04:00

27 June 2007
HUD Press Release
Washington

The U.S. Department of Housing and Urban Development (HUD) celebrated the 73rd anniversary of its Federal Housing Administration (FHA) today at HUD Headquarters.

HUD Deputy Secretary Roy Bernardi joined Assistant Secretary for Housing-FHA Commissioner Brian Montgomery to discuss FHA Modernization, the importance of providing housing counseling programs to prospective homebuyers, and the need for Congress to pass legislation to let FHA make the American Dream a reality for more families. "FHA has given millions of families the opportunity to pursue the dream of homeownership," said Deputy Secretary Bernardi.

"Our goal is to continue our education and outreach efforts while also retooling and refining FHA to insure safer mortgages that will keep the dream alive for the next generation of homebuyers. "This is an historic occasion," said FHA Commissioner Brian D. Montgomery. "In the 73 years since its creation, FHA has been able to help over 34 million families achieve the dream of homeownership. It is fitting that FHA's birthday takes place in the month we set aside every year to promote homeownership in this country."

Since its inception in 1934, FHA has helped more than 34 million people become homeowners, making it the largest insurer of mortgages in the world. The 109th Congress introduced the Expanding American Homeownership Act in June 2006.

This legislation would enable FHA to be an option for more underserved low- and moderate-income families so they can achieve the American Dream of homeownership. Once enacted, the reform legislation would create a new risk-based insurance premium structure, eliminate the current three percent minimum downpayment, and increase FHA's loan limits. "FHA, despite all its success, does need to adapt to today's marketplace," said Montgomery. "We strongly support legislation that would modernize FHA and enable it to offer many Americans a variety of homeownership options that are safe and fairly priced."

Vendors and numerous representatives from the housing industry participated in the event. Games, music, and food were available for visitors, as well as opportunities to tour the Healthy Homes pavilion. "Although June is National Homeownership Month, people can learn about the homebuying process throughout the year by contacting a HUD approved housing counseling agency," explained Bernardi. There are 2,300 HUD-approved housing counseling programs around the country that help potential and current homeowners learn about safe loans products available through the FHA's mortgage insurance programs and other responsible lenders.

FHA's mortgage loans have helped nearly 50,000 people stay in their home and avoid foreclosure this year.

Diverse Views of Housing Market Provided by Wells Fargo Symposium

2007-06-20T09:36:00.000-04:00

Industry Leader to Emphasize Fair and Responsible Lending and Servicing Principles

Washington, D.C.
14 June 2007

Wells Fargo & Company is a diversified financial services company with $486 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."

Everyone deserves a fair shot at the American dream of homeownership. How to safeguard that dream is the subject of today's housing symposium, sponsored by Wells Fargo to help commemorate National Homeownership Month.

The symposium will feature diverse voices from across the homeownership spectrum, including economists, consumer advocates, and leaders of the financial services and housing industries. "Wells Fargo's vision is to help satisfy all of our customers' financial needs and help them succeed financially. We are driven by this vision which includes helping as many people as possible achieve and maintain the dream of being a homeowner," says Cara Heiden, division president, Wells Fargo Home Mortgage.

"We believe it is our responsibility to collaborate with industry partners on leading fair and responsible lending and servicing, advancing customer education, and continuing to develop solutions for consumers who face financial difficulties. Our symposium will provide a forum in which to explore the impact of the current economy and the responsibilities of all industry partners in affecting change." Wells Fargo has long adhered to fair and responsible lending and servicing principles.

The company's Responsible Lending Principles for Non-Prime U.S. Real Estate Lending have been posted on its Web site since January, 2004. At the symposium, the company's Responsible Servicing Principles will be distributed publicly for the first time. "We've long advocated the adoption of fair and responsible lending and servicing principles across the mortgage industry," Heiden stated. "By publicizing our practices, we hope to inspire others in the industry to do the same." The Responsible Servicing Principles are:

We approach every interaction from the customer's point of view-putting his or her needs first.

We provide clear, simple and timely information to consumers, understanding how complex homeownership and financing can be.

We believe our customers deserve a dedicated and knowledgeable service team; we strive to hire and retain the best.

We provide tools, services and information that help our customers manage their credit.

We believe in homeownership, and do all we can to help keep people in their homes.

The symposium speakers include Secretary of Housing and Urban Development Alphonso Jackson; Washington Post Writers Group Syndicated Columnist Ken Harney, and Managing Director of UBS Securities Hugh Corcoran.

Panelists will include key representatives from: Fannie Mae, ISI Group, National Community Reinvestment Coalition, Consumer Federation of America, National Association of Home Builders, National Association of REALTORS®, Mortgage Bankers Association, National Association of Mortgage Brokers, National Association of Hispanic Real Estate Professionals, National Association of Real Estate Brokers, and Asian Real Estate Association of America. "Safeguarding the American Dream" is the second housing symposium that Wells Fargo has sponsored.

Last year's, "Breaking Down the Barriers to Homeownership" included the company's launch of Steps to Success^SM a program designed to help our customers with nonprime real estate loans better manage their credit and achieve financial success. (The event, held at the Ronald Reagan Building, 1300 Pennsylvania Ave, NW, is open to credentialed media. Reservations for the general public may be made by calling 800-875-0190 starting at 8 a.m. (ET).

California Consumer Groups Urge Lenders to Stop Foreclosures

2007-06-08T14:13:00.000-04:00

California Reinvestment Coalition
Press Release
2007 May 14

CEOs of Top Six Banks Asked to Protect the Economy, Working Families

One hundred fifteen community and consumer organizations led by the California Reinvestment Coalition (CRC) today called upon six leading mortgage lenders to stem the statewide tide of home foreclosures resulting from predatory loans.

The lenders are being asked to declare a temporary moratorium and direct homeowners to financial solutions that will allow them to keep their homes. “California is in the midst of a foreclosure crisis that could rob hundreds of thousands of homeowners of the American dream,” said Kevin Stein, associate director of CRC.

“Many California homeowners are facing foreclosure because they were misled by unscrupulous mortgage brokers and lenders. We are asking the largest lenders in the state to take leadership so that families can keep their homes and California’s economy won’t suffer.” The San Francisco-based coalition, which advocates for equality in financial services for California consumers, sent letters to the Chief Executive Officers of Bank of America, Citibank, Countrywide Home Loans, Merrill Lynch, Washington Mutual and Wells Fargo.

The letters ask the CEOs to halt foreclosures for the next six months and meet with community-based organizations to design solutions to the growing foreclosure crisis.

The groups that joined CRC to write these letters have a common goal of providing affected homeowners access to financial advisors and services so they won’t join the thousands in California who have already lost their homes. California is experiencing record-breaking foreclosure numbers, with 31,434 foreclosures in March alone – nearly triple the number of foreclosures in March of last year, according to Realtytrac.

This surge in activity has pushed the state’s rate of foreclosures to nearly twice the national average, Realtytrac reported. The letter calling for a moratorium was signed by leaders from communities affected by the increase in foreclosures, and mortgage counselors who are deluged by thousands of borrowers seeking help with deceptive, and in some cases fraudulent loans made by brokers, lenders and Wall Street firms.

Although such problematic practices are more likely found in California’s neighborhoods of color, none of the state’s communities and borrowers is immune from bad lending practices, Stein said. Borrowers affected by fraudulent loans include the elderly, non-English speakers who only saw English documents for their loan, subprime loan borrowers and borrowers whose incomes were misstated by brokers. CRC warns that as housing prices decline, the foreclosure crisis will escalate.

In 2006, 21 of California’s 26 metropolitan areas suffered housing price declines, which limit the ability of many borrowers to refinance loans. The problem of declining home prices can only worsen as more homes go into foreclosure, fueling a cycle of falling home values and increasing foreclosures.

'Safeguarding the American Dream' Symposium; Hosted by Wells Fargo

2007-05-28T13:46:00.000-04:00

Wells Fargo Press Release
Washington DC
2007 May 15

Wells Fargo & Company is a diversified financial services company with $486 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet across North America and internationally.

Wells Fargo announced plans today to host 'Safeguarding the American Dream', a comprehensive, day-long symposium that will feature speakers representing the full mortgage lending cycle - from outreach to the consumer through loan origination and servicing. 'Safeguarding the American Dream' will take place Thursday, June 14, in Washington D.C., from 8:30 a.m. to 4:30 p.m. at the Ronald Reagan Building, 1300 Pennsylvania Ave, NW.

The event will bring together a wide range of mortgage industry leaders, consumer groups and public officials to discuss the challenges of sustaining homeownership in a changing housing and financial services marketplace. Wells Fargo has placed a heavy emphasis on instituting fair and responsible lending and servicing practices and developed industry-leading programs for consumers.

This symposium is the second annual event devoted to a comprehensive industry review of the actions, strategies, techniques, and steps necessary to ensure home ownership remains a possibility for a broad spectrum of consumers. This year's event will feature Alfonso Jackson, Secretary of Housing and Urban Development, as well as housing and mortgage industry leaders and consumer advocates who deal with home ownership and lending issues on a daily basis. Cara Heiden, division president of Wells Fargo Home Mortgage, Phil Bracken, executive vice president of Wells Fargo Home Mortgage, and Mary Coffin, executive vice president and head of Servicing for Wells Fargo Home Mortgage, will speak on behalf of the company.

Other speakers include Ken Harney, a national syndicated columnist, and representatives from:

Fannie Mae
Freddie Mac
ISI Group
National Community Reinvestment Coalition
Consumer Federation of America
National Association of Home Builders
National Association of REALTORS®
Mortgage Bankers Association
National Association of Mortgage Brokers
National Association of Hispanic Real Estate Professionals
National Association of Real Estate Brokers
Asian Real Estate Association of America

The topics to be discussed include:

The economy and the American dream, and how the current climate impacts housing and mortgages
Taking up the challenge of sustaining homeownership
Building and financing the dream, an industry responds to a challenging climate
Back to the neighborhood; building thriving communities in America's cities and towns

Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."

Wells Fargo Starts Cross-Border Lending in China

2007-05-09T11:26:00.000-04:00

Wells Fargo Press Release
San Francisco, California
2007 May 2

Wells Fargo HSBC Trade Bank, the only nationally chartered bank in the U.S. exclusively devoted to international trade, launched a cross-border lending initiative today that makes it the first financial services company to offer financing in both domestic and foreign currency for middle market firms doing business in China.

Where most U.S. Banks lend only against a company's domestic collateral in the U.S., the Trade Bank's unique equity joint venture partnership between Wells Fargo and the HSBC Group allows it to finance overseas credit needs of $10 million or less secured in part by collateral held in China. "The Trade Bank is able to supply the missing piece to U.S. based middle market companies who need financing overseas," said Sanjiv Sanghvi, Trade Bank CEO. "Securing credit in-country, in a local currency, based on overseas collateral helps companies expand overseas without tapping out their potential for domestic growth." The Trade Bank is currently the only such institution offering this service to U.S. businesses doing business abroad.

The service is best suited for U.S. based middle market firms earning between $20 - $500 million in revenues with a local presence in China. "The Trade Bank serves clients engaged in many facets of international commerce, not just trade," said Tim Evans, Chief Operating Officer of the Trade Bank.

"Owing to our unique partnership, we can leverage HSBC's international capabilities together with Wells Fargo's proven domestic expertise to provide full financial services support for our customers doing business in China." A sponsor of World Trade Week in Los Angeles, the Trade Bank -- one of "The Major Trade Banks" according to World Trade magazine (April 2004) helps local companies increase international sales while reducing risk, accelerating cash flow and improving operating margins.

Combining Wells Fargo's wide array of financial services with HSBC's extensive network of international locations, The Trade Bank delivers import-export financing solutions and international expertise to U.S. companies doing business internationally. The Trade Bank delivers extensive trade services, cash management and international treasury services to its customers online over Wells Fargo's industry-leading Commercial Electronic Office^® Business Portal.

It also brings its customers local market knowledge through the HSBC network covering 76 countries and territories. Wells Fargo & Company is a diversified financial services company with $486 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally.

Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA." HSBC Holdings plc is headquartered in the UK.

The HSBC Group serves over 125 million customers worldwide from more than 9,500 offices in 76 countries in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,738 billion at 30 June 2006, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.

Federal Regulators Urge Loan Institutions to Assist Borrowers Who Cannot Make Mortgage Payments

2007-04-26T12:45:00.000-04:00

Press Release - Federal Reserve Board (FRB)
2007 April 17th

If you are one of the many Americans who is having trouble making your monthly mortgage payment, please read the following to find out about constructive workout arrangements that may be available to you.

The federal bank, thrift and credit union regulatory agencies are encouraging financial institutions to work with homeowners who are unable to make mortgage payments.

Prudent workout arrangements that are consistent with safe and sound lending practices are generally in the long-term best interest of both the financial institution and the borrower.

Institutions will not face regulatory penalties if they pursue reasonable workout arrangements with borrowers. Borrowers who are unable to make their mortgage payments should contact their lender or servicer as soon as possible to discuss available options. Examples of constructive workout arrangements include modifying loan terms, and/or moving borrowers from variable-rate loans to fixed-rate loans.

Bank and thrift programs that transition low- or moderate-income homeowners from higher-cost loans to lower-cost loans may also receive favorable consideration under the Community Reinvestment Act (CRA), provided the loans are made in a safe and sound manner. Federal credit unions are exempt from CRA requirements. The agencies want to remind their institutions that existing regulatory guidance and accounting standards do not require immediate foreclosure on homes when borrowers fall behind on payments.

In addition, under the Homeownership Counseling Act, institutions are required to inform delinquent borrowers about the availability of homeownership counseling. Institutions should also consider working with reputable consumer-based organizations to help financially stressed borrowers avoid predatory foreclosure rescue scams.

Joint Press Release From:

- National Credit Union Administration

- Board of Governors of the Federal Reserve System

- Office of Thrift Supervision

- Federal Deposit Insurance Corporation

- Office of the Comptroller of the Currency

- National Credit Union Administration

Wells Fargo Home Mortgage Awards $250K to Illinois Homeowner

2007-04-06T12:19:00.000-04:00

Wells Fargo Press Release
Bloomington, Illinois
2007 March 30

It's the classic story of achieving the American Dream: a young boy - born in a small one-room, dirt-floor house with no electricity or running water - spends much of his childhood laboring in the fields near his small Mexican village.

As a teenager, he comes to the U.S. to attend school, learn English and find a job. As an adult, he is able to save enough to purchase his first home.

Through a few more real estate investments, he begins to build the wealth for himself, his wife and two children that he couldn't possibly imagine as a small boy living in poverty. While it sounds like the next feel-good Hollywood box office hit, it's the real-life tale of Bloomington, Ill.'s Vicente Adame, and his story has inspired Wells Fargo Home Mortgage to award him with up to $250,000 after taxes for the purchase of a new home.

Adame submitted his story to Wells Fargo for the Take The ChallengeTM Essay Contest, which began in March 2006 in conjunction with the launch of The Great American Homeowner Challenge™, a nationwide educational effort between wells fargo home mortgage and financial coach and No.1 best-selling author David Bach to inspire 10 million consumers to buy their first home, a second home or investment property. His story was selected from more than 21,000 contest entries from around the U.S.

"Mr. Adame's story is the quintessential American Dream that so many people strive for," said Cara Heiden, division president of Wells Fargo Home Mortgage. "It's truly inspiring for me, and all of us at Wells Fargo, to see how homeownership has helped him build a secure financial future for his family. There were so many inspiring stories shared with us, it was difficult to select only one winner. But Mr. Adame clearly epitomizes how homeownership is the foundation on which financial security is built."

Heiden was one of five judges who helped make the final selection, along with Bach. His current book, The Automatic Millionaire HomeownerTM, is the foundation of The Challenge's three-year educational efforts. "For years, people have shared their personal stories with me of how homeownership has helped them establish financial security and build wealth," said Bach. "Vicente is the embodiment of how everyday hard-working people can achieve wealth and security by buying a home and living in it." "Our goal with the contest was to capture the true-to-life homeownership stories of real people, so we could in turn share these personal testimonials with others to inspire them to pursue their homeownership dreams," said Heiden.

The contest, which ran from March 1 through Dec. 31, 2006, was open to all legal U.S. residents. Entrants were asked to write up to 350 words on one of three topics, including:

Why I Want to Be a Homeowner

The Challenges I Overcame to Become a Homeowner

How Homeownership Has Built My Personal/Family Wealth and Security

To receive the grand prize, the Adames must purchase another home before the end of 2008. Wells Fargo Home Mortgage will apply up to $250,000 after taxes toward that purchase.

Vicente Adame's Winning Essay...

When I was a child, I was a dreamer and was fully determined to make something of my life, but I could not have imagined the dream my life would become - a dream that began when I made the decision to buy my first home. You see, I was born 34 years ago in a one-room, dirt floor house in a rural village of Mexico. Without plumbing or electricity, we bathed, cleaned clothes and washed dishes in a small creek nearby. At 16, I was brought to live with family in the United States, where I attended school and learned English. Although I worked very hard and excelled in my job, I had very little to show for my money.

I took a life-turning step that set my dreams in motion when I bought a simple bungalow. At the time, it didn't seem like a major decision; I simply didn't want to pay rent any longer. However, the freedom I felt was something I wanted to share with the world. As equity built up, I used it to buy a home for my mother, and another for my brother the year after that. This was amazing! I then purchased a commercial property. With the rents received, I've invested in four additional properties. Five years after purchasing my first small home, I moved to a beautiful, 4-bedroom Victorian on a street straight out of a story book. Last year, I became a realtor, the only Spanish-speaking realtor in our area, because I enjoy nothing more than to help others find the life-changing freedom in owning their own home.

I try to imagine going back in time to tell the 7 year old at work in the fields that some day he would own a big beautiful dream home, and that his children would go to school and play without ever worrying about their family's finances. That determined little boy would have laughed at the fairytale I was telling him. Then, he would have gone back to work to make that dream come true.

Wells Fargo Home Mortgage is the nation's No. 1 retail mortgage lender and servicer of home mortgages. As a division of Wells Fargo Bank, N.A., it has a local presence in more than 2,400 mortgage stores and bank branches, plus the capabilities to serve the home financing needs of customers nationwide through its call centers, Internet presence and wholesale lending operations. Wells Fargo Home Mortgage services loans for more than 7.7 million servicing customers.

Freddie Mac Rates Flagstar Bank One of the Top Mortgage Servicers in the US

2007-03-12T14:50:00.000-04:00

Troy, MI
March 8, 2007
PR NewsWire

Flagstar Bank (NYSE:FBC) recently achieved Freddie Mac's prestigious 2006 Tier One Platinum performance ranking for excellence in investor reporting and default management.

According to Freddie Mac, one of the nation's largest investors in residential mortgages, Flagstar was one of only 39 servicing companies
nationwide to meet this standard. Nationally, approximately 1,500 lenders
service Freddie Mac owned loans. "I want to personally thank Flagstar for consistently achieving remarkable results through hard work, persistence and a commitment to excellence," said Janet Eakes, senior vice president of single family sourcing operations for Freddie Mac. "Our Tier One rankings go only to those few mortgage servicers whose superior performance, efficiency, and customer service set the benchmark for the rest of our industry." Freddie Mac ranks its servicers each month on the basis of performance benchmarks that cover a wide range of activities, such as investor reporting, minimizing credit losses and helping delinquent borrowers avoid foreclosure.

Based on their management of active and delinquent loans, servicers are ranked in four tiers ranging from Tier One (superior results) to Tier Four (unacceptable results) on their monthly Servicer Performance Profile.
Servicers who achieve the Tier One Platinum level had Tier One ratings
in both the Investor Accounting and Reporting and the Default Management categories of their Servicer Performance Profile for two quarters in 2006. They receive a number of benefits, such as fee waivers, financial rewards and national recognition.

Flagstar Bancorp, with $15.5 billion in total assets, is the largest
publicly held savings bank headquartered in the Midwest.

At December 31, 2006, Flagstar operated 151 banking centers in Michigan, Indiana and Georgia and 76 home loan centers in 22 states. Flagstar Bank originates loans nationwide and is one of the leading originators of residential mortgage loans.

Improving the Financial Skills of Children: ING Launches Two New Programs

2007-03-09T15:49:00.000-05:00

March 6, 2007

ING DIRECT, the nation’s largest direct bank, is launching two new programs to improve financial literacy among American children. The Adventures in Saving writing contest invites aspiring authors of all ages to create a children’s story with a savings theme for the chance to win $1,000 and be published.

The ING Planet Orange Financial Literacy Awards will offer $100,000 in grants to kindergarten through eighth grade teachers to implement financial literacy projects and programs into their curriculums. “I believe the best way to create a society of fiscally responsible adults is through early education,” said Arkadi Kuhlmann, President and CEO, ING DIRECT.

“Because only 38 percent of teenagers today can pass a basic financial literacy test, it is critical that we double our efforts to teach money habits. The Adventures in Saving book-writing contest and Planet Orange Financial Literacy Awards are unique initiatives designed to promote an understanding of money and saving among youth.”

Adventures in Saving requires applicants to submit their children’s story manuscript online. Open to U.S. residents over the age of 6 (children under 18 are required to receive parental consent before entering), the tale must focus on a basic financial lesson or concept, such as saving or earning money.

Three grand-prize winners will receive a $1,000 Orange Savings Account and have their manuscripts illustrated and published. Adventures in Saving contest runs through June 30, 2007, and the winners will be announced in August. Open to teachers in all 50 states including the District of Columbia, the Planet Orange Financial Literacy Awards grant program challenges K-8 educators to submit proposals for grants ranging between $200 and $1,000 for financial literacy classroom projects and programs.

Applicants must write a short essay explaining their proposal and justifying the resources requested. The application deadline is April 20, 2007, and the winners will be announced in May. Separate panels of independent judges will review all applications and story manuscripts for the Planet Orange Financial Literacy Awards grant program and Adventures in Saving contest, respectively.

Panels will be comprised of teachers, educational administrators, children’s book authors, and illustrators.

Countrywide Financial Acquires Assets of CCM, LLC

2007-02-15T10:54:00.000-05:00

CALABASAS, California

February 13, 2007

PR Newswire

Countrywide Financial Corporation (NYSE: CFC) today announced that one of its subsidiary companies has entered into a definitive agreement to acquire the assets and assume certain liabilities of Chicago-based CCM Futures, LLC ("CCMF"). CCMF, an independent Introducing Broker for futures trading on the Chicago Board of Trade and Chicago Mercantile Exchange, is registered with the Commodity Futures Trading Commission and the National Futures Association.

The acquisition, expected to close later this month, further solidifies Countrywide's strategic focus on diversifying revenue streams. "The acquisition of CCMF will strengthen our existing futures Introducing Broker business by expanding our product line and customer base, while diversifying our revenue streams," said Ron Kripalani, president and chief executive officer of Countrywide Capital Markets, and executive managing director of Countrywide Financial. "The futures trading industry has grown impressively and continues to demonstrate very attractive prospects for generating fee-based income for our Capital Markets business segment. The addition of CCMF's capabilities to our existing activities provides economies of scale, as well as synergistic opportunities with our primary dealership in U.S. Treasury and our derivative trading operations," added Kripalani.

"Countrywide's reputation and financial strength will provide us the foundation to accelerate our growth and give our clients access to products we could not previously provide," said Michael Crane, president of CCMF. "I'm very excited about the opportunities this combination brings to our clients and brokers."

Founded in 1969, Countrywide Financial Corporation is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services prime and nonprime loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company. For more information about the Company, visit Countrywide's website at www.countrywide.com. This press release does not constitute an offer of any securities for sale.

This Press Release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management's beliefs, estimates, projections, and assumptions with respect to, among other things, the Company's future operations, business plans and strategies, as well as industry and market conditions, all of which are subject to change. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: competitive and general economic conditions in each of our business segments such as slower or negative home price appreciation; changes in general business, economic, market and political conditions in the United States and abroad from those expected; loss of investment grade ratings that may result in an increase in the cost of debt or loss of access to corporate debt markets; reduction in government support of homeownership; the level and volatility of interest rates; changes in interest rate paths; increases in the delinquency rates of borrowers; changes in generally accepted accounting principles or in the legal, regulatory and legislative environments in the markets in which the Company operates; the ability of management to effectively implement the Company's strategies; and other risks noted in documents filed by the Company with the Securities and Exchange Commission from time to time. Words like "believe," "expect," "anticipate," "promise," "plan," and other expressions or words of similar meanings, as well as future or conditional verbs such as "will," "would," "should," "could," or "may" are generally intended to identify forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements.

SOURCE Countrywide Financial Corporation

US Bank's SBA Loans Increase by 38% in 2006

2006-11-27T15:48:00.000-05:00

Minneapolis, Minnesota
November 21, 2006
BusinessWire

U.S. Bank increased its SBA loan total by a record 38 percent for fiscal 2006, according to Small Business Administration (SBA) information.

Through its SBA Division, U.S. Bank provided a record 4,703 SBA guaranteed loans to small businesses nationwide.

It also saw a three percent increase in dollar volume over the previous year, according to the SBA. Both totals are U.S. Bank records. Nationally, U.S. Bank ranked second among SBA bank lenders and third overall among both bank and non-bank SBA lenders in terms of loan dollar volume, according to the SBA. U.S. Bank ranked sixth nationally in overall loan volume.
"Again in 2006, our record success is primarily due to the attractiveness of our easy-to-access SBAExpress loans," said David Bartram, president of U.S. Bank's SBA Division.

"Additionally, our Fees Paid offer has become a key advantage in our SBA real estate loan program and thousands of our borrowers took advantage of it this past year." U.S. Bank ranks in the top five in number of loans in 18 of the 21 SBA districts where it operates.

It ranks first in Kansas City, St. Louis and Portland; second in Colorado, Minnesota, Seattle/Spokane and Wisconsin SBA Districts. Additionally, U.S. Bank ranks third in Cleveland, Columbus/Cincinnati, Kentucky, Nebraska, Nevada, Sacramento and Tennessee districts. In terms of loan dollar volume, U.S. Bank ranks in the top five in 16 of the 21 SBA districts where it operates.

It ranks first in Kansas City, St. Louis, Los Angeles, Portland and San Francisco; second in Colorado, Minnesota, Tennessee, Nevada and Seattle/Spokane districts. Through SBA Division, U.S. Bank operates 24 specially designated SBA Business Centers nationwide. U.S. Bank is part of U.S. Bancorp (NYSE:USB).

With assets of $217 billion, U.S. Bancorp is the 6th largest financial holding company in the United States. The company operates 2,467 banking offices and 4,943 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties.

For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

Wells Fargo is the Nation's Top Small Business Lender

2006-11-17T12:29:00.000-05:00

San Francisco, California
November 14, 2006

Wells Fargo Generates 1 In 5 Small Business Lending Dollars In U.S.

Wells Fargo extended $18 billion in loans under $100,000 to small business owners in 2005, remains nation’s #1 small business lender according to latest government data

Small business loan growth remains strong according to the latest, most comprehensive government data. In 2005, Wells Fargo increased its year-over-year small business lending by over 30%, extending $18 billion to small business owners nationwide (in loans under $100,000).

Total small business growth for loans under $100,000 increased 4%, from $93 billion to just over $96 billion, according to the 2005 Community Reinvestment Act (CRA) data. CRA data provides the industry’s most comprehensive set of small business lending figures. With 95 percent of all small businesses generating less than $2 million in annual revenues, tracking loans under $100,000 is an important measurement of how financial institutions are meeting the capital needs of small business owners.

For the fourth year in a row, Wells Fargo leads this category, extending over 680,000 loans nationwide with an average loan size of just over $26,000. “These lending results demonstrate our strong commitment to small businesses throughout the United States,” said Marc Bernstein, EVP and head of small business lending for Wells Fargo.

“Our loans to small businesses grew more than 30% last year - over seven times the growth for all lending nationwide. Perhaps the most exciting result, however, is that we’ve been able to help over half a million small businesses with their capital needs in 2005.” Wells Fargo was also the #1 lender to small businesses in Low and Moderate Income neighborhoods (loans under $100,000), with over 137,000 loans totaling more than $3.7 billion dollars with an average loan size of approximately $27,000. “Our bankers talk to thousands of small business owners every day, and access to capital is always top of mind when discussing their key business priorities,” said Rebecca Macieira-Kaufmann, EVP and head of Wells Fargo’s small business segment.

“These results demonstrate the deep connections we’re building with our customers – we are honored they trust Wells Fargo to help them build and grow their businesses.” There are approximately 25 million small businesses in the U.S., representing over 99% of U.S. employers and approximately half of the U.S. GDP ($5 trillion).

Wells Fargo ranked #1 for loans under $100,000 in 19 states: Alaska, Arizona, California, Colorado, Idaho, Indiana, Iowa, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Texas, Utah, Washington, and Wyoming. Wells Fargo & Company is a diversified financial services company with $483 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,100 stores and the internet (wellsfargo.com) across North America and internationally.

Wells Fargo Bank, N.A. has the highest possible credit rating, "Aaa," from Moody's Investors Service and the highest credit rating given to a U.S. bank, "AA+," from Standard & Poor's Ratings Services. Providing financial products and services to more than one million businesses with annual sales up to $20 million in all 50 states, Puerto Rico and Canada, Wells Fargo is the #1 lender to small businesses in the United States in total dollar volume according to the most recent CRA data (2005).

Wells Fargo is an SBA Preferred Lender in 28 states, and originated 4,937 loans for $578 million in 2006. Its targeted business services programs provide outreach and education to women, African American, Latino, and Asian business owners about financial services.

Since 1995, Wells Fargo has loaned more than $33 billion to women and diverse business owners.

Weekly Mortgage Applications Survey From The Mortgage Bankers Association

2006-11-16T07:57:00.000-05:00

WASHINGTON, D.C.
November 8, 2006

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 3.

The Market Composite Index, a measure of mortgage loan application volume, was 620.9, an increase of 8.8 percent on a seasonally adjusted basis from 570.8 one week earlier.

On an unadjusted basis, the Index increased 8 percent compared with the previous week and was down 5 percent compared with the same week one year earlier. The seasonally-adjusted Refinance Index increased by 11 percent to 1897.9 from 1709.2 the previous week and the Purchase Index increased by 7.1 percent to 402.2 from 375.6 one week earlier.

Other seasonally adjusted index activity includes the Conventional Index, which increased by 9.1 percent to 921.1 from 844.2 the previous week, and the Government Index, which increased 4.8 percent to 120.4 from 114.9 the previous week.

The four week moving average for the seasonally-adjusted Market Index is up 0.9 percent to 591.5 from 586.1. The four week moving average is up 1.2 percent to 386.2 from 381.5 for the Purchase Index, while this average is up 0.6 percent to 1788.9 from 1778.7 for the Refinance Index. The refinance share of mortgage activity increased to 46.3 percent of total applications from 45 percent the previous week.

The adjustable-rate mortgage (ARM) share of activity increased to 26.4 percent of total applications from 25.9 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 6.24 percent, with points decreasing to 1.08 from 1.09 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.96 percent from 5.94 percent, with points decreasing to 0.97 from 1.03 (including the origination fee) for 80 percent LTV loans. The average contract interest rate for one-year ARMs decreased to 5.89 percent from 5.93 percent, with points decreasing to 0.8 from 0.84 (including the origination fee) for 80 percent LTV loans.

The survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 500,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans.

MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 3,000 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

State Mortgage Regulators Notified of Mortgage Planning Abuse

2006-11-10T12:35:00.000-05:00

Market Wire
Atlanta, Georgia
11/2/2006

"The Book On Mortgage Planning" Is Made Available to Promote Professional Mortgage Planning and Fill Gaps in Financial Planning Says The Mortgage Institute for Financial Services Professionals.

Today, the Mortgage Institute for Financial Services Professionals, Inc. (www.MIFSP.org) notified mortgage regulators in all fifty states of its concerns about the growth of mortgage-investment marketing schemes it refers to as "tag team mortgage planning."

In a letter to state regulators, MIFSP expressed concern that many financial representatives and mortgage originators may inappropriately recommend that homeowners pull equity from their homes, and use it to make risky investments without any determination of the suitability of this kind of mortgage-investment model.

According to Leon Morris RMP, RFC, CLU, ChFC, FFSI, Executive Director of MIFSP, there could be tens of thousands of people in the mortgage and financial planning industry operating under this kind of tag team business model referring to it as "mortgage planning."

"It's a real problem when this kind of sales pitch is made to folks who can't afford to bet the ranch and it's a sad day for financial planning if we've reached the point where a financial advisor's desire to sell products is so overwhelming he or she doesn't care that the consumer has to borrow money to buy it. There are over 100 million households in this country and the average homeowner with a mortgage spends 30% or more of their income on a residential mortgage. Therefore, all financial planners, mortgage originators, and others who provide consumers financial advice should at least read a book on mortgage planning if not take a course on the subject," says Morris. Morris says that's why he has written a book entitled "The Book On Mortgage Planning" that explains the basics of mortgage planning and promotes a uniform mortgage planning process that he believes will enable mortgage planning to grow and flourish as a much needed financial specialty.

Morris has also written a parallel book for consumers. "I believe mortgage planning is essential to being able to truly justify the suitability of other financial recommendations because of the magnitude of the expense and because it's tied to the largest physical asset most people have. Rather than treating the mortgage like it's the elephant in the room, walking around it because you don't know what to do with it, the mortgage should be planned for just like any other aspect of a person's financial future," says Morris. With over a 100 million households, Morris says mortgage planning can easily become a $50 billion a year industry if each household utilized the services of a mortgage planner once a year at a cost of just $500.

A national registry is being set up through the National Association of Independent Mortgage Service Providers, a division of MIFSP, whereby mortgage and financial services professionals who certify that they have read "The Book on Mortgage Planning" use the hallmark Qualified Mortgage Planner™ professional and become listees in the registry by also agreeing to adhere to a specified professional code of ethics and standards for QMP™ professionals that includes providing certain disclosures to the consumer from the outset. Access to the registry will be free of charge to consumers.

"MIFSP offers an educational program in Mortgage Based™ Financial Planning that leads to two designations, Residential Mortgage Planner® professional and Associate, Residential Mortgage Planner™ professional. However, for starters the QMP™ registry will give consumers a way to confirm those who have expanded their knowledge through reading a book on mortgage planning and who are willing to live up to professional standards and a code of ethics in practicing it," says Morris. MIFSP told state regulators that consumers are already being harmed by unsuitable mortgage-investment recommendations as evidenced by a March 2004 press release issued by the National Association of Securities Dealers (NASD) in which it announced it had charged several securities brokers with suitability violations for making unsuitable recommendations to customers, urging them to purchase investments using proceeds obtained from cash-out home mortgage refinancing.

Morris says he agrees with the statement made by Mary Schapiro, NASD's current Chairman & CEO, as quoted in the NASD March 2004 press release, when she said all kinds of regulatory red flags should go up whenever a securities firm or a broker recommends an investor mortgage his home to buy securities, but Morris says it's not just a concern for the consumer as an investor, it's a concern for the consumer as a homeowner and mortgagor as well. "Back in 2004, Ms. Schapiro said the NASD would always ask whether it's appropriate to recommend that a homeowner risk their home to seek investment returns, and we at MIFSP are urging all state mortgage regulators to ask the same question before it's too late," says Morris. MIFSP has urged all states to move forward with initiatives to implement requirements to provide consumers clear and adequate disclosure of the risks they're assuming and of any conflicts of interest the mortgage originator or investment adviser may have, along with requiring determination of suitability.

Morris says in order to better protect mortgagors and investors, there needs to be disclosure of the potential harm they may face when and if the investment-mortgage advice backfires. "With all the great things mortgage planning can do for so many millions of people and with the multi-billion dollar growth potential of this specialty, it isn't necessary to abuse it by being an equity predator," says Morris. The best advice Morris says he can give to those in the mortgage and financial services industry who may be part of a tag team mortgage scheme is the same warning they give for cigarette smoking: if you're not doing it, don't start and if you've started, stop.

Washington Mutual Statement on Nontraditional Mortgages

2006-10-19T10:34:00.000-04:00

Statement from David Schneider, President, home loans, Regarding Interagency Guidance on Nontraditional Mortgages

SEATTLE, Sep 29, 2006 (BUSINESS WIRE) -- WaMu is committed to offering a range of products to our customers to meet their individual needs.

The Option ARM is an attractive product for many of our customers. We have a great deal of experience in underwriting and originating Option ARM loans through many market cycles.

We've offered this product for more than 20 years. We know the best mortgage customer is a well-informed borrower. That's why we focus on providing clear, understandable disclosures for our customers and ongoing training for our sales force. We're still analyzing the Guidance so we don't want to speculate on what, if any, impact the new guidelines may have on our business practices.

However, we believe that all mortgage originators should be held to the same standards. As a result, we encourage the state regulatory authorities to follow suit and issue the same guidelines so that consumers receive consistent disclosures and mortgage lenders have an even playing field.

Wells Fargo Survey - Women Business Owners

2006-09-29T09:39:00.000-04:00

Wells Fargo & Company is a diversified financial services company with $500 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet across North America and elsewhere internationally.

Wells Fargo Bank, N.A. is the highest credit-rated bank in the U.S., receiving an “Aaa” by Moody’s Investors Service – its top credit rating – and “AA+” by Standard & Poor’s Ratings Services. Providing financial products and services to more than one million businesses with annual sales up to $20 million in all 50 states, Puerto Rico and Canada, Wells Fargo is the #1 lender to small businesses in the United States in total dollar volume according to the most recent CRA data (2004). The second largest national SBA lender in dollars, Wells Fargo is an SBA Preferred Lender in 30 states and the District of Columbia, and originated 4,165 loans for $579 million in 2005.

Its diverse business services programs provide outreach and education to women, African American, Latino, and Asian business owners about financial services. Since 1995, Wells Fargo has loaned more than $32 billion to women and diverse business owners.

Women business owners, now surpassing 10 million nationwide, are happy being small business owners and are optimistic about the future of their businesses, according to a special Wells Fargo/Gallup Small Business Index report on women business owners.

Ninety-five percent of those surveyed feel they are successful and eighty-six percent say, if given the opportunity again, they would still become a small business owner. Women business owners are very confident in their companies’ overall future growth prospects, highlighting three key business areas: revenues, cash flow and compensation.

Sixty-three percent say their cash flow from last year was somewhat good or very good (20 percent), while seventy-two percent expect their company’s cash flow in the next year to be somewhat good or very good (23 percent).

Three in five (60 percent) respondents expect their companies’ revenues to increase in the next year while only one in ten (10 percent) expects to see a decrease. “These results are very encouraging and indicate that women business owners are successful, happy, and extremely confident in what they are doing,” said Rebecca Macieira-Kaufmann, executive vice president and head of Wells Fargo small business segment.

“Women business owners exemplify the American entrepreneurial spirit. Their continued optimism points to both the future of women in business and the overall small business segment.” Women business owners also indicated that they are financially more successful as small business owners than they would have been working for another company in the same field.

Three–quarters (76 percent) of survey respondents say they are financially more secure, with forty-three percent stating they earn more per hour as a small business owner. The sentiment is equally strong for current and future expectations.

Seventy-one percent say their companies current financial situation is very good (26 percent) or somewhat good (45 percent) compared to eighty percent say they expect their financial situation to be very good (34 percent) or somewhat good (46 percent) in the next year. “Women business owners should feel optimistic about their futures,” said Laine Caspi, founder of Parents of Invention based in Los Angeles, California.

“I have been a business owner since 2002 and the market growth I have seen in just those four years has been tremendous. I think if this survey is conducted in another two years, the numbers will be even higher.”

Since the third quarter of 2003, the Wells Fargo/Gallup Small Business Index has surveyed small business owners each quarterly basis on their perception of current conditions and future expectations relating to financial situation, revenues, cash flow, capital spending, number of jobs and credit availability. These results are based on a survey of approximately 4,800 women business owners from across the country. Surveys were conducted from September 2004 to May 2006.

The companies surveyed are at least fifty percent or more women-owned. The margin of sampling error is + 4 percentage points.

For more than 60 years, the Gallup Organization has been a recognized leader in the measurement and analysis of people’s attitudes, opinions and behavior.

While best known for the Gallup Poll, founded in 1935, Gallup’s current activities consist largely of providing marketing and management research, advisory services and education to the world’s largest corporations and institutions.

Countrywide Financial Corporation Appoints New President & CEO

2006-09-17T13:58:00.000-04:00

Countrywide Financial Corporation is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services prime and nonprime loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company.

PRNewswire-FirstCall
Calabasas, California
September 8, 2006

Countrywide Financial Corporation announced today that it has appointed David Sambol as President and Chief Operating Officer.

Additionally, Stanford L. Kurland will step down from his current role and will leave the Company. A 21-year veteran of Countrywide, Mr. Sambol most recently served as Executive Managing Director of Business Segment Operations, and has led all revenue generating functions of the Company since assuming that post, including serving as President and Chief Operating Officer of Countrywide Home Loans ("CHL"), which is the Company's principal mortgage originations and servicing subsidiary.

He has also had oversight responsibility for Countrywide Bank, Countrywide Insurance Group, Countrywide Capital Markets ("CCM") and Countrywide's Global Operations.

In addition to overseeing all of Countrywide's revenue generating business units, Mr. Sambol's responsibilities currently include leadership of corporate operational and support units comprised of Administration, Marketing and Corporate Communications and Enterprise Operations and Technology.

Mr. Sambol is a member of the Executive Committee of Countrywide Financial Corporation. In his new position as President and Chief Operating Officer of Countrywide Financial Corporation, Mr. Sambol will be responsible for leading all operations of the Company. Mr. Sambol began his career with the Company as a director of internal audit.

Prior to joining Countrywide, Mr. Sambol served as a Certified Public Accountant with the accounting firm of Ernst & Whinney. "Dave Sambol is an extremely talented operations executive and entrepreneur, and he has been one of the driving forces behind the Company's extraordinary growth during the past five years," said Chairman & CEO Angelo R. Mozilo.

"He possesses the unique combination of business building, operations, and risk management skills to lead Countrywide's day-to-day operations and carry it through the challenges and opportunities of both the current and future business environments," added Mr. Mozilo. Mr. Sambol has been instrumental in building Countrywide's mortgage business into becoming the leading mortgage lenders in the financial services industry.

Under his leadership, Countrywide Home Loans has expanded to become the most comprehensive end-to-end platform in the industry, with the largest market share growth of any mortgage lender in the United States.

Countrywide's mortgage market share has grown from 6% at the end of 2000 when Mr. Sambol assumed oversight of CHL, to more than 15% at the end of 2005. Mr. Sambol also established Countrywide Capital Markets, and served as its President and Chief Executive Officer. Under his direction, CCM has become one of the nation's leading fixed income securities firms.

In 2005 CCM traded $3 trillion in securities and generated pre-tax earnings of $452 million. "Countrywide's continued growth and success will be fueled by the same drivers that have propelled our historic success: our customer-centric business philosophy, our performance-driven culture, continuous enhancement of our business processes, and our effective governance and risk-management framework," said Mr. Sambol. "Our focus on real estate finance and related activities is Countrywide's most powerful competitive advantage, and we plan to maintain our focus on the Company's core businesses and leverage our unique capabilities to capitalize on the ongoing consolidation in our industry," added Mr. Sambol.

Countrywide also announced that Stanford L. Kurland will step down from his role as President and Chief Operating Officer, and will leave the Company. Mr. Kurland's career at Countrywide spans 28 years, during which he served in a number of different roles. "Stan has made significant contributions to Countrywide's success," said Chairman and CEO Mozilo.

"On behalf of Countrywide, we thank Stan for his years of service to the Company and wish him well in his future endeavors," added Mr. Mozilo.

September 17

2006-09-17T13:27:00.000-04:00

Technorati Profile

HUD Statement on Redevelopment of Public Housing in New Orleans

2006-09-13T14:40:00.000-04:00

The U.S. Department of Housing and Urban Development (HUD), established in 1965, works to create a decent home and suitable living environment for all Americans. HUD addresses individuals' housing needs by improving and developing American communities and enforcing fair housing laws.

8/28/2006

Despite false statements made today, the Department of Housing and Urban Development is moving forward with its plan to redevelop New Orleans public housing so that families will have the opportunity to return to better, safer neighborhoods. It is terribly sad that someone would perpetuate such a cruel hoax and play on the fears and anxieties of families who are desperate to return to their homes.

HUD is working with the local community to redevelop C.J. Peete, B.W. Cooper, Lafitte and St. Bernard public housing developments to make way for a mixture of public housing, affordable rental housing and single-family homes. HUD also announced plans for mixed-income affordable housing, homeownership opportunities and services for the former families of Lafitte.

The Department has also invested $500,000 to the city's Neighborhoods Rebuilding Plan or charrette process.

You can find FHA-approved mortgage lenders in the Yellow Pages of your phone book. HUD does not make home loans directly - you must use a HUD-approved lender if you're interested in an FHA loan.

US Bank Purchases Vail Banks, Inc.

2006-09-04T19:51:00.000-04:00

U.S. Bancorp, with assets of $213 billion, is the 6th largest financial holding company in the United States. The company operates 2,434 banking offices and 4,966 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of U.S. Bank.

MINNEAPOLIS, Minn. & AVON, Colo., Sep 01, 2006 (BUSINESS WIRE) -- U.S. Bancorp (NYSE:USB) today announced that it has completed the purchase of Vail Banks, Inc., the parent company of WestStar Bank.

This acquisition gives U.S. Bancorp's lead bank, U.S. Bank National Association, 23 additional branch locations for a total of 135 offices in Colorado. Vail Banks, Inc., which was headquartered in Avon, Colo., had consolidated assets of $724 million and $561 million in deposits as of June 30, 2006. This transaction expands U.S. Bank's footprint and distribution in rapidly growing and demographically attractive community markets in western Colorado and adds to the company's existing base in Denver. U.S. Bank has a history of very successful fill-in market acquisitions of this type and management views the integration related to this acquisition as low risk.

U.S. Bank and WestStar Bank have similar community banking models that will help ensure a smooth transition. John R. Elmore, executive vice president of community banking for U.S. Bank, said, "The addition of 23 WestStar Bank branches, which will be renamed as U.S. Bank branches in December 2006, strengthens our presence and provides an entry into important fast-growing communities in western Colorado.

Customers will continue to use their same checks and credit cards, unless otherwise notified, and bank at the same branch locations. Customers will be served by the same familiar banking professionals who helped them with their financial needs in the past." To ensure a seamless transition, E.B. Chester, the former chairman of Vail Banks, Inc., will serve as the head of U.S. Bank's Western Slope regional advisory board.

The new combined regional advisory board will include all former WestStar Bank markets, excluding Denver, and current U.S. Bank markets in the Western Slope area of Colorado. Terms of the agreement included a total cash purchase price of approximately $98.6 million, or $17.00 for each share of Vail Banks, Inc. common stock, which represents a premium to core deposits of 13.7 percent. "We will be communicating directly with our new customers as we introduce U.S. Bank products and expanded services to WestStar Bank customers," noted Elmore.

"In addition to introducing our strong focus on customer service, U.S. Bank customers throughout our new western Colorado markets will begin to benefit from a host of new consumer, commercial and trust financial services and products." Historically, WestStar Bank was a small and middle market commercial bank primarily focused on commercial real estate, construction and small business lending.

The 23 WestStar Bank branches consist of 20 locations in the Western Slope region of Colorado and three branches in the Denver area. This acquisition includes 21 WestStar Bank ATM locations that will increase U.S. Bank's ATM network in Colorado to more than 250 convenient locations. The 23 WestStar Bank locations, which will be converted to U.S. Bank offices are located in following 19 Colorado communities: Aspen, Avon, Breckenridge, Cedaredge, Delta, Denver (three locations), Dillon, Edwards, Estes Park, Frisco, Fruita, Glenwood Springs, Granby, Grand Junction, Gypsum, Montrose, Norwood, Telluride and Vail (two locations). U.S. Bank now has 135 branch locations and total deposits of approximately $7 billion in Colorado with the completion of this acquisition.

Wells Fargo Finances 12th LEED Certified Building

2006-09-02T17:12:00.000-04:00

$720 Million for Energy Efficient Buildings

San Francisco

Wells Fargo is a diversified financial services company that provides banking, insurance, investments, mortgage and consumer finance. Wells Fargo currently serves over twenty-three million customers. Wells Fargo is headquartered in San Francisco with more than six thousand stores across the United States to meet its customers' financial needs.

Wells Fargo & Company said it recently completed financing for its 12th building that will undergo the Leadership in Energy Efficiency and Design (LEED) certification program.

LEED is a voluntary, consensus-based green building national standard developed by the U.S. Green Building Council for constructing high-performance, sustainable buildings.

“As part of our Company’s 10-point environmental commitment, we’re eager to support our customers as they build energy efficient buildings,” said Paul Brumbaum, senior vice president and high-performance building advocate at Wells Fargo. “LEED buildings are both good business and good for the environment, and we strongly encourage this growing activity in our real estate lending businesses.” Most recently, Wells Fargo provided a $225 million first mortgage loan to affiliates of The JBG Companies for building and refinancing a 460,000 square-foot office complex in Washington, DC, a block north of the U.S. Capitol.

The complex consists of 51 Louisiana Avenue, an existing 205,000 square foot Class A office building, and 300 New Jersey Avenue, a to-be-built 255,000 square foot Class A building, which is expected to earn LEED certification based on qualities such as: Green roof and storm water management; Water efficient landscaping; Increased ventilation effectiveness; Use of low-emitting materials; Built-in recycling areas within building.

The buildings will be connected with a ten-story glass atrium with sky bridges at multiple levels. The atrium and 300 New Jersey Avenue were designed by Lord Richard Rogers. Jones Day occupies 100 percent of 51 Louisiana and has signed a lease to occupy approximately 60 percent of 300 New Jersey Avenue. “We commend Wells Fargo for advancing the green building movement,” said Rick Fedrizzi, President, CEO & Founding Chair of the U.S. Green Building Council.

“The Wells Fargo LEED buildings will serve as outstanding LEED examples in their communities and Wells Fargo’s leadership will inspire other organizations to follow in their footsteps.” The other eleven LEED buildings Wells Fargo funded in the past few years are located throughout the US and range in financing from $11 million to $130 million and include high-rises, medical offices, service centers, apartments and condominiums.

Wells Fargo is a national leader in commercial real estate with more than $30 billion in originations annually and 40 offices nationwide. Wells Fargo provides lending, servicing, advisory, intermediary, and structured solutions to a broad spectrum of investors, developers, and public companies in the commercial real estate sector. Wells Fargo & Company is a diversified financial services company with $500 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet across North America and elsewhere internationally.

Wells Fargo Bank, N.A. is the highest credit-rated bank in the U.S., receiving an “Aaa” by Moody’s Investors Service – its top credit rating – and “AA+” by Standard & Poor’s Ratings Services.

2006 Investor Day To Be Hosted By Washington Mutual

2006-08-24T17:37:00.000-04:00

Washington Mutual, through its subsidiaries, is one of the nation's leading consumer and small business banks. At June 30, 2006, Washington Mutual and its subsidiaries had assets of $350.7 billion. The company has a history dating back to 1889 and its subsidiary banks currently operate more than 2,600 consumer and small business banking stores throughout the nation.

Washington Mutual offers fixed-rate home loans, adjustable rate home loans, hybrid home loans, as well as government insured or guaranteed home loans. Washington Mutual Mortgage Banking provides private mortgage insurance, mortgage life insurance, homeowners' insurance, property insurance and more.

SEATTLE, Jul 28, 2006 (BUSINESS WIRE)

Washington Mutual, Inc. will hold its 2006 Investor Day for analysts and institutional investors on Wednesday, September 6, and Thursday, September 7.

The first day of the event is scheduled to begin at 4:00 p.m. PT on September 6 at WaMu Center, WaMu's new corporate headquarters, and will conclude around 6 p.m. PT followed by a reception with management.

The second day will begin at 8:00 a.m. PT at WaMu's Leadership Center at Cedarbrook and will conclude by 1:00 p.m. PT. Seating for this event is limited, so those analysts and institutional investors interested in attending should sign up as soon as possible. Washington Mutual will also provide a live and archived web cast and dial-in number for those unable to attend the event in person.

Bank of America Named Best Consumer Internet Bank by Global Finance Magazine

2006-08-11T11:03:00.000-04:00

Bank of America also awarded best investment management services, best bill pay and presentment, best information security initiatives and best integrated consumer site

Bank of America is the number one financial institution based on the number of relationships, investment banking, treasury management, syndications, secured and unsecured credit and leasing, providing comprehensive services to middle market companies throughout the United States. Bank of America Community Development Banking has invested in or developed over 100,000 units of affordable housing.

CHARLOTTE, N.C.
August 8, 2006

Bank of America was named best consumer Internet bank in North America by Global Finance magazine as part of its "World's Best Internet Banks" competition. Global Finance magazine also gave Bank of America awards for the best investment management services, best information security initiatives, best bill pay and presentment, as well as best integrated consumer site in North America. Winners were selected based on strength of strategy for attracting and servicing online customers, breadth of product offerings, evidence of tangible benefits gained from Internet initiatives and Web site design and functionality.

Category winners were selected based on the strength and success of those products and services. Bankofamerica.com is the leading online banking site, with nearly 20 million active online banking customers, more than 10 million bill pay customers, and more than 2 billion visits annually.

Bank of America has more than 34 percent of the online banking market share in the U.S., according to comScore Networks, Inc., and the bankofamerica.com site is the most visited financial services Web site, based on Nielsen/NetRatings. "We're very proud of the work we're doing to make the customers' experiences the best of any financial institution," said Sanjay Gupta, e-Commerce executive.

"We continue to focus on making Bank of America the number one choice by providing consumers with convenient and secure online services that help them better manage their financial lives."

Bank of America led the industry with SiteKey, a two-way authentication system that helps customers confirm they are at the real Bank of America Web site and avoid phishing scams. The bank also rolled out new alerts that help customers monitor accounts and detect potential fraudulent activity and provides.

Brokerage accounts are integrated within Online Banking, providing a single sign on for banking and investment accounts. The My Portfolio feature in Online Banking also lets customers view in one location mileage rewards, credit card and other accounts from outside the bank. Earlier this year, Bank of America also won the Webby Award and the Webby's People's Voice Award in the online banking/bill pay category.

A record 5,500 entries from more than 40 countries entered the Webby Awards in 69 business, consumer and culture categories. The judging was based on content, structure and navigation, visual design, functionality, interactivity and overall experience. For the past two years, Javelin Strategy & Research ranked Bank of America No. 1 in its Online Banking Safety Scorecard.

In 2003, Bank of America financed mortgages for over 625,000 families. Bank of America provides financial services and products to customers and clients in all 50 states through its 175,000 associates.

Bank of America was the first Fortune 500 financial institution to endorse the corporate code of conduct for environmental responsibility known as the CERES Principles. Since 1999, Bank of America has helped put thousands of teachers and administrators into new homes through two mortgage programs: Teacher Flex and Teacher Zero Down.

S&P Upgrades Wells Fargo Bank to “AA+”

2006-08-04T08:51:00.000-04:00

S&P Upgrades Wells Fargo Bank to “AA+,” Making It Highest Credit-Rated Bank in U.S.

Wells Fargo is a diversified financial services company that provides banking, insurance, investments, mortgage and consumer finance. Wells Fargo currently serves over twenty-three million customers. Wells Fargo is headquartered in San Francisco with more than six thousand stores across the United States to meet its customers’ financial needs. Wells Fargo serves additional customers throughout the country and internationally through its internet presence.

The Wells Fargo vision is to satisfy all of its customers’ financial needs, help them achieve financial success, and to be known as one of the nation’s great companies and the leading financial services provider in each of their markets.

Standard & Poor’s Ratings Services yesterday upgraded Wells Fargo Bank, N.A. to AA+, making Wells Fargo S&P’s highest credit-rated bank in the U.S. In 2003, Moody’s Investors Service rated Wells Fargo Bank, N.A. the United States’ only “Aaa” bank, its highest credit-rating.

S&P also raised the long-term credit ratings of Wells Fargo & Company’s (NYSE: WFC) senior debt to AA, making it the highest S&P credit-rated bank holding company in the U.S. S&P cited Wells Fargo for the consistency of its core profitability, leading market positions in several businesses, strong capital measures, conservative risk management, its stable net interest margin, and a balanced business model that has generated consistently strong operating results.

“The announcement by Standard & Poor’s – in addition to being the only U.S. bank with a “Aaa” credit-rating from Moody’s Investors Service – is further proof of the long-term value of our time-tested vision, business model, conservative risk management and the ability of our talented team to satisfy all of our customers’ financial needs and help them succeed financially,” said Chairman and CEO Dick Kovacevich. S&P cited Wells Fargo’s strong retail banking franchise as well-positioned and well-managed to face the competitive marketplace without sacrificing price or credit standards.

“Our first financial objective is to maintain a conservative financial position measured by asset quality, accounting policies, capital levels, diversity of revenue sources and dispersing risk by geography, loan size and industry,” said Howard Atkins, Wells Fargo & Company’s Chief Financial Officer.

“We want our banks to have such strong balance sheets that our customers would put their money in them even if there was no FDIC insurance.”

Wells Fargo & Company is a diversified financial services company with $500 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally.

Wells Fargo Bank, N.A. is the only bank in the U.S. to be rated “Aaa” by Moody’s Investors Service, its highest possible credit rating, and “AA+” by Standard & Poor’s Ratings Services.

Wachovia Expands Support for Minority Business Enterprises

2006-07-27T16:25:00.000-04:00

Wachovia Corporation has announced the second phase of its Technical Assistance Project (TAP) to California, allowing the company to maintain its longstanding commitment to communities and minority business enterprises (MBE) within its markets.

Part of Wachovia's merger with Westcorp, phase II of TAP is based on the success Wachovia experienced with the SouthTrust merger in 2004. "Wachovia's TAP initiative will give selected California MBEs a better opportunity to grow in the corporate procurement marketplace,” said Lenny Springs, director of Supplier Diversity for Wachovia. “The program also lets Wachovia contribute to the economic growth of the many communities where we do business."

TAP is a part of Wachovia's overall commitment to minority businesses. Program initiatives for selected MBEs include:
Growth summits focused on building business capacity.
One-on-one capacity-building initiatives to help MBEs be more competitive in the marketplace.

R.J. Medrano & Associates (RJM&A), a Hispanic-owned firm specializing in minority, women and small business enterprises, and The Dilworth Companies, an African-American-owned company specializing in strategic investments and business capacity building, were retained by Wachovia to provide consulting and management assistance. “The results of the previous Technical Assistant Project illustrate the potential benefits of minority businesses development initiatives,” said Raul Medrano, president of RJM&A. “I'm excited to work with a company with such an innovative approach to minority businesses.” Formed in 2001, Wachovia's Supplier Diversity Program ensures the development of mutually advantageous business relationships with businesses and firms owned and operated by minorities and women.

Wachovia Corporation 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 has retail and commercial banking operations in 16 states with 3,109 offices from Connecticut to Florida and west to Texas and 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. Wachovia had assets of $553.6 billion, market capitalization of $86.0 billion and stockholders' equity of $48.9 billion at June 30, 2006.

Quicken Loans Rated #1 Place to Work in Technology for 2nd Consecutive Year by Computerworld

2006-07-20T10:28:00.000-04:00

Quicken Loans, formerly known as Rock Financial Corporation, was founded in 1985 and quickly developed into one of the largest independent mortgage banks in the United States. Quicken Loans has over 3,500 employees and closed $16 billion in mortgages during 2005.

Livonia, MI (June 19, 2006) For the second consecutive year, Quicken Loans Inc., the nation’s largest online home mortgage lender, has earned the #1 position on the list of the “100 Best Places to Work in Information Technology,” compiled annually by IDG’s Computerworld.

The list appears in the June 19 issue of Computerworld magazine and online at Computerworld.com. Computerworld’s annual “Best Places to Work in Technology” feature ranks the top 100 work environments for technology professionals, based on a comprehensive questionnaire regarding company offerings in categories such as benefits, diversity, career development, training and retention.

This year, Computerworld surveyed more than 27,000 technology workers for the list and their responses factored heavily in determining the rankings. Quicken Loans technology professionals cited the ability to take ownership of ideas and projects, and the company’s focus on building technology in-house versus buying it off the shelf, as key factors leading to their job fulfillment.

“We’ve assembled the most talented group of people at any company and given them a tremendous amount of responsibility,” says Chief Information Officer (CIO) Todd Lunsford. “Our Technology Team is responsible for building, maintaining and constantly improving our 50-state loan origination platform and about 200 different business applications. They are empowered everyday to make decisions that directly affect the company and our clients. I think it says a lot to a person when you tell them their goal as a team is to lead the industry in technology and innovation, and that you are asking them to create and design that technology, not just implement some other company’s software.”

“Having a lot of smart people doesn’t automatically guarantee success,” says company founder and Chairman Dan Gilbert. “You have to create a culture and an environment that encourages people to go deep in their thinking, way below the surface, so they can find better ways to do things. Then you have to give them the freedom to implement and execute those great ideas. We don’t let bureaucracy get in the way of innovation and improvement here. We hire smart people and then we trust them to make the right decisions. As a result, our Technology Team has developed many industry-leading technologies that have made our business simpler and easier for our clients, and in doing so, they have had tremendous impact on our company’s growth.”

“We have a company culture that’s very strong, rich and entrepreneurial,” agrees Lunsford. “Culturally, people take ownership and have the ability to make an impact. Every day they determine the inches that will make this company even more successful and they are empowered to execute on their ideas. Our Technology Team understands our business and they think like the client, whether it be an internal client or a client who is in the process of buying a home or refinancing their mortgage. We’ve attracted great people who ‘get it’ and they have helped us build the foundation for other great folks who also want to be part of something very special.”

As a result of this focus on innovation, the Quicken Loans Technology Team has earned a number of technology awards, including a Computerworld Laureate for its Customer Relationship Management (CRM) system, and several Computerworld awards for “Best Practices in Business Intelligence.” The company’s web site has been ranked “Best of the Web” by Forbes PC and Money magazines. In Computerworld’s survey, Quicken Loans’ Technology Team members also cited many benefits the company provides.

For example, employees receive performance-based pay and annual bonuses. Team Leaders can grant spot bonuses for exceptional performance or reward their team with trips for their hard work and productivity. The company also offers team members home loan discounts, free computer loans, and tuition assistance for team members who are enrolled in college courses.

Quicken Loans also provides a fun work environment. The team member lounges are stocked with free cappuccinos, popcorn and slushies. The company’s in-house rock band "The Loaners" performs at meetings. For the company’s 20th Anniversary last year, more than 5,000 team members and their families were transported to Cleveland for an all-weekend celebration that culminated with a free concert by Grammy award-winning group The Black Eyed Peas and an appearance by Kid Rock. (Company founder and Chairman Dan Gilbert also is majority owner of the National Basketball Association’s Cleveland Cavaliers and operator of Cleveland’s Quicken Loans Arena, where the Cavaliers play.)

Great perks like these help make Quicken Loans a fun place to work, but it’s the company’s culture that vaulted them to the top of the rankings.

Quicken Loans has over twenty years of experience in mortgage lending and closes loans in all fifty states. Borrowers can have their loans processed by Quicken Loans in as few as fifteen days. Quicken Loans offers more than 150 loan programs. Nine out of ten clients say that they would recommend Quicken Loans to others.

Washington Mutual's "Ks for Kids" Program Raises $22,000 For Bay Area Children

2006-07-06T16:57:00.000-04:00

San Francisco All-Star Jason Schmidt Delivers Strikeouts for Bay Area Kids; More Than $22,000 Raised So Far in Washington Mutual's Ks for Kids Program

SAN FRANCISCO--(BUSINESS WIRE)--June 30, 2006-- Washington Mutual (NYSE:WM) has teamed with San Francisco star pitcher Jason Schmidt for "Ks for Kids" -- a fun charitable giving program that benefits Bay Area children. Throughout the 2006 regular season, Washington Mutual will donate $50 for every strikeout registered by Schmidt and his Orange and Black pitching teammates.

As a proud sponsor of Giants baseball on KNBR 680, Washington Mutual's Ks for Kids program is promoted during KNBR's baseball broadcasts and features a series of spots voiced by Schmidt. Each week, the total strikeouts are tallied and announced on the air. As of the date of this release, some 78 games into the season, San Francisco pitchers have recorded 442 strikeouts including a team record and season high 16 strikeouts by Schmidt, the Ks for Kids spokesman, against the Florida Marlins, raising $22,100 thus far for the Mission YMCA of San Francisco.

At the conclusion of the season, Schmidt will visit the Mission YMCA, this season's Ks for Kids recipient, to meet kids in one of the Y's six afterschool education programs, and to help present the organization with a big check.

Washington Mutual's community involvement includes supporting K-12 public education and consumer financial literacy education programs, as well as providing a volunteer program that gives four hours paid time off each month to all full-time WaMu employees to volunteer during the day. In the Bay Area, WaMu sport-related social marketing programs also include Touchdowns for Tots, which provides a donation for designated Bay Area children's charities for every Oakland Raider and San Francisco 49er touchdown scored during the regular NFL season. The program is also conducted with the Dallas Cowboys.

Washington Mutual hopes to be the national leader in consumer and small business banking through its mission to build strong and profitable relationships with a broad spectrum of consumers and small businesses. Washington Mutual asserts its core values to be fair, caring, human, dynamic, and driven. Compare Washington Mutual home loans and rates to other lenders to find one that is right for you.

Freddie Mac's "Hoops for the Homeless" Raises $900,000

2006-06-23T15:09:00.000-04:00

Earvin "Magic" Johnson, Washington Redskins Alumni Charles Mann and Art Monk and Washington Wizard Donell Taylor Among those Who Helped Score Big Against Homelessness in Region

Washington, DC – The Verizon Center was filled with excited fans, celebrities, and sponsors this past Saturday. They weren't there to watch their favorite basketball team or listen to a concert. Instead, they filled the stands to help fight family homelessness in the region by attending Freddie Mac's Hoops for the Homeless® charitable basketball tournament.

The event, headlined by basketball legend Earvin "Magic" Johnson, raised much needed awareness and $900,000 to help alleviate homelessness, particularly among children and families in the region. Underwritten by Freddie Mac [NYSE: FRE], all funds raised went directly to six local homeless service organizations and one national organization advocating for the homeless population across the nation. Families with children are among the fastest growing segments of the homeless population. In fact, more than 14,000 individuals are homeless in the DC area, and nearly half of those are families.

Homelessness also affects the youngest members of society. Nearly one-third of the region's homeless are children. While homelessness continues to rise in the District, the majority of homeless families in the region reside in the suburbs. "In the DC region, we've witnessed a significant rise in homelessness, particularly among families and children," explained Ralph F. Boyd, executive vice president, Community Relations, Freddie Mac.

"Family homelessness not only tears families apart, it tears at the fabric of our community. That is why Freddie Mac's Hoops for the Homeless is so vital since it helps more families across the region get back on their feet and reclaim their lives." "I am proud to be participating in Freddie Mac's Hoops for the Homeless once again. This important event gives me a chance to mix my passion for basketball with my concern for the well-being of children," said Earvin "Magic" Johnson.

This three-on-three tournament was a daylong event featuring round robin play with 49 area teams. Each team raised at least $1,000 and was assigned a celebrity coach.

In addition to Earvin "Magic" Johnson, other celebrities who participated in this year's Hoops for the Homeless tournament included Washington Redskin Shawn Springs, former Washington Redskins' Charles Mann, Art Monk, Ken Harvey and Brian Mitchell, Washington Wizard Donell Taylor, Washington Mystics' Alana Beard and Nikki Teasley and Baltimore Raven Mark Clayton.

The $900,000 raised during this tournament will benefit seven outstanding non-profits that work daily to help homeless families in need: Coalition for the Homeless, Transitional Housing Corporation, Montgomery County Coalition for the Homeless, Silver Spring Interfaith Housing Coalition, Shelter House, New Hope Housing, and the National Alliance to End Homelessness.
Many local companies and organizations helped elevate the issue of homelessness by sponsoring the 2006 Freddie Mac's Hoops for the Homeless event, including The Washington Post, NBC4, Infinity Broadcasting, WMATA, Wells Fargo Home Mortgage, Washington Mutual, Credit Suisse, FTN Financial, Lehman Brothers, Wachovia, Bear Stearns, Morgan Stanley, Bank of America, Citigroup, BlackRock, BNP Paribas, HSBC, Fannie Mae Foundation, UBS, Goldman, Sachs & Co., Merrill Lynch, and JPMorgan.

As the largest corporate funder in metropolitan Washington, DC, Freddie Mac has invested nearly $280 million over the past 15 years to strengthen families and communities, primarily through the efforts of the Freddie Mac Foundation. Also, thousands of the company's approximately 5,000 employees have given their time and charitable contributions over the years by participating in volunteer activities throughout the community such as Hoops for the Homeless.

Countrywide - $5 Million Grant to Help Families Reach Homeownership

2006-06-14T09:32:00.000-04:00

Countrywide Launches $5 Million Grant to Help Families in DFW Metroplex Reach Homeownership 06/13/2006

Up to $3,000 in Closing Cost Assistance Available to Low to Moderate-income Home Buyers

CALABASAS, Calif., June 13 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC), America's #1 home loan lender*, announced today that it will offer home loan closing cost assistance to eligible families in the Dallas/Fort Worth area who obtain a home loan with Countrywide Home Loans.

The grants will be made through Countrywide Bank, N.A. to award the loan closing cost assistance funds to borrowers. Countrywide Bank has committed $5 million in funds for the grant exclusively for qualified home buyers in the Dallas/Fort Worth area. "Countrywide was founded on the principle of lowering barriers to homeownership, and one of the most common barriers is having funds on hand to cover costs during the home buying process," said Jim Furash, president and CEO, Countrywide Bank. "This new closing costs assistance program gives funds to low- to moderate-income home buyers and homeowners and residents in low- to moderate-income neighborhoods."

The closing cost assistance awarded to qualified borrowers obtaining a loan with Countrywide does not have to be repaid. The funds can be put toward the costs associated with a home loan, including paying points to reduce the interest rate over the life of the loan.

For Families Purchasing a Home
Home buyers whose household income falls within the U.S. Census Bureau definition of low-income ($30,000-$32,000 annually depending on county) or who are purchasing a home in a neighborhood designated as a low-income area, may be eligible to receive up to $3,000 in gift funds.

Those with moderate-income designations ($49,000-$52,000 annually depending on county)** may be eligible for up to $1,500. If the property is in a designated low- or moderate-income area, gift funds are available to qualified borrowers regardless of their income.

For Families Refinancing an Existing Mortgage
Homeowners seeking to refinance their existing home loan may be eligible for up to $1,500 in gift funds, if there is a low-income designation, and up to $750, if there is a moderate-income designation. Provided the property is in a designated low- or moderate-income area, gift funds are available to qualified borrowers regardless of their income. "We are very proud of this grant that enables us to 'give back' to the communities where thousands of Countrywide employees work and live," said Mark Dennis, regional senior vice president, Countrywide Home Loans. "As one of the largest employers in the Dallas/Fort Worth Metroplex, Countrywide is eager to support its neighbors and enhance opportunities for homeownership and prosperity among families who play such an important part in making Dallas a wonderful place to call home."

To learn more about Countrywide's closing cost assistance grant contact 800-747-1871 or visit any of the 18 branch offices of Countrywide Home Loans in the Dallas/Fort Worth area.

About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) -- America's #1 home loan lender as ranked for 2005 by Inside Mortgage Finance (Jan. 27, 2006), Copyright 2006 -- is a member of the S&P 500 and Fortune 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets.

Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services residential loans. The company is headquartered in Calabasas, California and has a workforce of nearly 54,000 individuals and over 800 offices worldwide. For more information about the company, visit Countrywide's Web site at www.countrywide.com.

About Countrywide Bank
Countrywide Bank, N.A., is a member of the Countrywide Financial Corporation (NYSE: CFC) family of companies. Countrywide Bank offers consumers highly competitive rates on certificates of deposit and money market accounts and, through its family of companies, also offers quality investment products.

Customers can review banking products and services, check rates on deposits, and apply for new accounts by phone, online, or at one of the financial centers located throughout the country. In addition, the company offers the same superior rates and unsurpassed personalized service to its business customers through its Premier Business Banking and Commercial Banking Divisions. For more information about Countrywide Bank, visit www.countrywidebank.com. Member FDIC. Equal Housing Lender. Borrowers residing in Wise, Parker, Tarrant and Johnson Counties with household annual incomes of $30,000 or less are considered low income; $30,001 to $49,000 is moderate income. Borrowers residing in Denton, Collin, Hunt, Delta, Rockwall, Kaufman, Ellis and Dallas counties with household annual incomes of $32,000 or less are considered low income; $32,001 to $52,000 are moderate income.

Investment and insurance products are not deposits, not FDIC insured, not guaranteed by any bank, not insured by any Federal Government agency and may lose value.

Wells Fargo to Acquire Reilly Mortgage Group

2006-06-10T19:50:00.000-04:00

Wells Fargo to Expand In Multi-Family, Real Estate Finance with Definitive Agreement to Acquire Reilly Mortgage Group

San Francisco — June 8, 2006

Wells Fargo & Company is a diversified financial services company with $492 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, “Aaa,” from Moody’s Investors Service.

Wells Fargo & Company (NYSE:WFC) and Reilly Mortgage Group announced today the signing of a definitive agreement for Wells Fargo Bank, N.A. to acquire the assets of Reilly Mortgage Group, a privately-owned, national, multifamily real estate finance firm headquartered in McLean, Virginia.

Terms of the definitive agreement were not disclosed. Subject to regulatory approval, the acquisition is expected to close in the third quarter of 2006. The business will become part of Wells Fargo Wholesale Banking’s Specialized Financial Services Group. Established in 1976, Reilly Mortgage is one of the largest commercial mortgage finance companies in the United States. It provides financing to owners and operators of multifamily properties through the lending programs of Freddie Mac, Fannie Mae and FHA.

Reilly Mortgage originates over $1.5 billion in new loans a year and is also a leading servicer of multifamily loans, with a servicing portfolio of $10 billion. The company has regional offices in Philadelphia; Mt. Laurel, N.J.; Chicago; Knoxville, Tenn.; Dallas; Phoenix; San Francisco; and Vancouver, Wash. “Reilly Mortgage will significantly broaden Wells Fargo’s ability to serve the needs of multi-family housing properties, and give us a presence in a number of new markets across the country, ” said Ed Blakey, head of Wells Fargo’s Commercial Mortgage Group. “Wells Fargo, in turn, will be able to offer these customers a broader array of products and services to help satisfy all their financial needs and help them succeed financially.”

Reilly Mortgage was the first mortgage banker approved under Fannie Mae’s Delegated and Underwriting Servicing Program in 1988 and also one of the first companies approved as an FHA MAP (Multi-Family Accelerated Processing) lender.

It has received the Multi-Housing News Capital Choice Award for Freddie Mac program Plus® Loans and FHA Loans, the Apartment Finance Today Readers’ Choice Award for FHA Loans, and was named a top multifamily lender by National Real Estate Investor, Midwest Real Estate News and Multi-Housing News. Reilly Mortgage was sold by a group of investors led by Stonehurst Capital, LLC and was advised in the sale by Beekman Advisors, Inc.

“Reilly Mortgage’s success is due to its consistent focus on the multi-family sector,” said Tom Szydlowski, president and CEO of Reilly Mortgage. “Our expertise in originating, underwriting, structuring, selling, and servicing multifamily real estate loans reflects Reilly Mortgage’s employees specialized knowledge, and our strong relationships with FHA, Fannie Mae and Freddie Mac and our borrower clients. We look forward to bringing these strengths to Wells Fargo.”

Wells Fargo Wholesale Banking – with $88 billion in assets, and more than 600 locations coast-to-coast – includes middle market banking, corporate banking, commercial real estate, treasury management, asset-based lending, insurance brokerage, foreign exchange, trade services, specialized lending, equipment finance, capital markets activities, and asset management.

Its Commercial Electronic Office (CEO)® internet portal processes more than one million customer account log-ins a month. Wells Fargo is #1 in market share for middle market commercial customers in the western United States. Wholesale Banking accounts for about a quarter of the total earnings of Wells Fargo & Company.

ING First Quarter Results

2006-05-13T13:47:00.000-04:00

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

2006-05-12T00:51:00.000-04:00

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

2006-05-07T21:15:00.000-04:00

$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.

2006-05-05T18:14:00.000-04:00

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

2006-05-02T20:09:00.000-04:00

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.

Washington Mutual To Acquire Commercial Capital Bancorp, Inc.

2006-04-30T21:38:00.000-04:00

Washington Mutual to Acquire Commercial Capital Bancorp, Inc.
Deal Strengthens WaMu's Commercial and Retail Banking Businesses-

SEATTLE & IRVINE, Calif.--(BUSINESS WIRE)--

April 23, 2006--

Washington Mutual, Inc. (NYSE:WM), and Commercial Capital Bancorp, Inc. (NASDAQ:CCBI) announced that they have entered into a definitive merger agreement in which Washington Mutual will acquire the outstanding shares of Commercial Capital in exchange for $16.00 per share in cash. The transaction is valued at approximately $983 million in aggregate. The acquisition of Commercial Capital enhances Washington Mutual's commercial and retail banking business in one of its core markets, California, and further diversifies the company's asset generation and earnings.

The acquisition is also expected to add attractive assets with higher risk-adjusted rates of return to Washington Mutual's balance sheet without any negative effect on Washington Mutual's credit quality. "Today's transaction strengthens our already solid position in the attractive California multifamily and small commercial real estate lending markets," said Kerry Killinger, Washington Mutual chairman and chief executive officer. "Commercial Capital is the third largest multifamily lender in California and has had an eight-year record of strong growth and excellent credit performance. Its production team is recognized as an industry leader and we look forward to offering the broader Washington Mutual product line to Commercial Capital's clients." Killinger added: "The transaction provides us additional opportunities for household acquisition, deposit growth and increased retail product cross-sell to Commercial Capital's existing retail customer base. And we believe that there are significant operating efficiencies to be gained by bringing our two very similar operations together, with very low integration risk."

Stephen H. Gordon, chairman and chief executive officer of Commercial Capital Bancorp, Inc., commented, "The merger with Washington Mutual is an attractive financial transaction for our shareholders and links our company with one of the preeminent banking organizations in the country. We believe our core lending and retail banking units will integrate smoothly with Washington Mutual."

The companies noted that the clients of Commercial Capital should expect business as usual. At this time, their accounts, policies and payment procedures remain unchanged. Washington Mutual expects the transaction to add $.04 per share on a GAAP basis to the company's 2007 earnings. The acquisition is expected to be completed in the third quarter of 2006 and is subject to approval of Commercial Capital shareholders and regulatory approvals. Washington Mutual was represented in the transaction by its legal advisors Simpson Thacher & Bartlett LLP. Commercial Capital was represented in the transaction by its financial advisors Credit Suisse Securities (USA) LLC and Sandler O'Neill & Partners L.P. and legal advisors Patton Boggs LLP.

Washington Mutual is one of the nation's leading consumer and small business banks. At March 31, 2006, Washington Mutual and its subsidiaries had assets of $348.67 billion. The company was established in 1889 and currently operates more than 2,600 consumer and small business banking stores throughout the nation. Washington Mutual's press releases are available at www.wamunewsroom.com.

Commercial Capital Bancorp, Inc. is a diversified financial services company with $5.5 billion of total assets, at December 31, 2005. Commercial Capital Bancorp provides depository and lending products and services under the Commercial Capital Bank brand name, and provides 1031 exchange services to income property investors nationwide under the TIMCOR Exchange Corporation, North American Exchange Company and Lawyers Asset Management brand names.

Fannie Mae Mortgage Relief for Tennessee Tornado Victims

2006-04-27T20:54:00.000-04:00

Fannie Mae Announces Mortgage Relief for Tornado Victims in Middle Tennessee
WASHINGTON, DC --

Fannie Mae (FNM/NYSE) has mortgage relief provisions in place for Middle Tennessee borrowers facing hardships as a result of the tornados that caused widespread damage in the area on April 7. Using Fannie Mae's servicing guidelines, which outline disaster relief provisions, lenders make individual case-by-case evaluations as to the appropriate relief measures needed and can help borrowers in several ways, including suspending mortgage payments for up to three months, reducing the payments for up to 18 months, or in more severe cases, creating longer loan payback plans.

Such assistance is designed to meet the individual needs of borrowers. Fannie Mae's servicing guidelines also advise lenders to counsel borrowers on all possible mortgage payment work-out options, and to inform homeowners of disaster relief available from federal agencies. Payment relief is available for single-family mortgages (including condos) serviced by Fannie Mae lenders in areas affected by the tornadoes.

Holders of Fannie Mae mortgage securities will be paid as usual during the relief period.
Mortgage lenders doing business with Fannie Mae will, according to Fannie Mae's servicing guidelines, determine appropriate relief steps by considering: any uninsured losses; extended unemployment; and extraordinary expenses related to the storms that affect mortgage payments. For information on mortgage relief, homeowners who have experienced disaster hardships should contact the lender to whom they send their monthly mortgage payment.

Countrywide Sponsors Rebuilding Together

2006-04-25T16:50:00.000-04:00

Countrywide Marks 10th Year as National Sponsor of Rebuilding Together
04/21/2006

Company Provides Financial Support, Volunteers to National Programs and Local Projects .
CALABASAS, Calif., April 21, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Countrywide Financial Corporation (NYSE: CFC), the nation's #1 residential home loan lender*, and Countrywide employees are celebrating their tenth year of volunteer service and financial support to Rebuilding Together and its efforts to rehabilitate low-income homes and communities across America. Countrywide began its affiliation with Rebuilding Together with volunteers working on home rehab projects in four communities in April 1997.

This year, the company and its employees are committed to working on more than 150 projects in over 100 communities nationwide. Up to 1,500 Countrywide employees are anticipated to participate in at least one Rebuilding Together project this year.

Over the first nine years, they have donated more than 7,000 volunteer workdays to local Rebuilding Together activities in every region of the country. "Through Rebuilding Together, as our core philanthropy, Countrywide is able to extend its founding mission of promoting homeownership to the preservation of safe, comfortable, secure and accessible homeownership for those in need," said Stanford L. Kurland, president and chief operating officer of CFC. "As Countrywide has rapidly grown into the nation's leading mortgage lender and a provider of diverse financial services over the last 10 years, our corporate and volunteer commitment to Rebuilding Together has developed, as well. We recognize the value of the work done by Rebuilding Together to keep people in their homes and improve communities, and our employees enjoy a sense of fulfillment from the experience of helping homeowners remain in place." More than half of Countrywide's Rebuilding Together projects in 2006 will take place on Saturday, April 29, the non-profit organizations annual National Rebuild Day. That's the biggest single day of work in Rebuilding Together's year-round effort aimed at rehabilitating the homes of nearly 9,000 low-income elderly, disabled and families with children, as well as non-profit facilities serving low-income communities.

More than 240 Rebuilding Together affiliates across the country plan to rally more than a quarter million volunteers to complete the needed work, which is estimated by the charity to have a market value approaching $100 million. In addition to supporting both Rebuilding Together's national office and more than 150 local projects in communities where its employees are providing volunteer labor, Countrywide recently helped the organization initiate two new efforts with a pair of special grants of up to $1 million each.

Countrywide is the founding sponsor of Serving Those Who Serve(SM), providing home modifications for severely injured veterans of Operations Iraqi Freedom and Enduring Freedom.

Through its Rebuilding with Countrywide initiative in the Gulf Coast region, the company is providing the lead funding for Rebuild 1,000!, Rebuilding Together's effort to repair 1,000 low-income homes damaged in Hurricanes Katrina and Rita. "We were very excited when Countrywide became a national sponsor of Rebuilding Together with a $100,000 contribution in 1997, and could only have dreamed that the relationship would develop into the many-faceted, multi-million-dollar program of support that it has become in 2006," said Patricia Riley Johnson, president and chief executive officer of Rebuilding Together. "Countrywide's financial contributions, the volunteer efforts of its employees across the country, and their constant focus on homeownership and community development have proven invaluable to the growth and success of Rebuilding Together."

Wells Fargo Environmental Advisory Board

2006-04-22T17:23:00.000-04:00

Wells Fargo Creates Environmental Advisory Board San Francisco — March 30, 2006

Eight nationally-known environmental experts from industry, academia and non-profits have been named to Wells Fargo & Company’s (NYSE: WFC) new Environmental Advisory Board – part of the Company’s 10-point commitment to more effectively integrate environmental responsibility into its business practices and procedures.

The eight are: Suzanne Apple, vice president for Business and Industry, World Wildlife Fund, Washington, D.C. Twelve years in forestry and community relations; senior fellow, WWF’s Global Forest Program, managing corporate partnerships with U.S.-based corporations that procure wood and wood products globally; former vice president of community affairs and environmental programs, The Home Depot...Forescee Hogan-Rowles, president, CEO, Community Financial Resource Center (CFRC), Los Angeles. Manages financial service provider targeting business owners and residents of low-income communities in Los Angeles County; serves as Commissioner of the Department of Water & Power; Board of Directors for Opportunity Network; Board of Advisors, Federal Home Loan Bank of San Francisco...David Hudnall, Corporate Forestry Resources Environmental Manager – USA, Canada & Chile, Louisiana Pacific Corporation, Nashville, Tenn. Almost 30 years experience in the forestry industry, covering a full spectrum of forestry issues including sustainable forestry and environmentally-friendly construction...Dr. Charles Kennel, director, vice chancellor and dean of Marine Sciences, Scripps Institution of Oceanography, University of California, San Diego (UCSD). Member of the National Academy of Sciences since 1991; served on the Pew Oceans Commission, and the NASA Advisory Council; leading effort to develop a campus-wide UCSD environmental sustainability initiative...Randall R. LaBauve, vice president, Environmental Services, Florida Power & Light Company (FPL). Nearly 20 years in environmental law and management; leads FPL Group’s environmental strategy, licensing, compliance and environmental relations, one of nation’s leading environmental programs; FPL Group’s wholesale energy generating subsidiary is a leading producer of electricity from clean and renewable fuels...Jean Pogge, executive vice president, ShoreBank, Chicago, Ill. Twenty-five years in management; executive of the country’s first and leading community development and environmental bank...Bettina von Hagen, vice president, Ecotrust, Portland, Ore. Head of forestry programs for the Natural Capital Fund, $20 million fund that invests in conservation businesses and initiatives.
Stuart Patrick Woolf, president, CEO, Woolf Enterprises, Huron, Calif. Twenty years experience in agriculture; family-owned producer, processor of agricultural commodities.

“This outstanding group of environmental experts, representing diverse perspectives and expertise, will help Wells Fargo bring a thoughtful and balanced approach to integrating environmental considerations into our business practices,” said John Stumpf, Wells Fargo’s president and chief operating officer. “They’ll also be our eyes and ears in industry, academia and non-governmental organizations to make sure we anticipate emerging environmental issues in our communities and globally.”

Members were selected for their demonstrated experience, expertise, insight, and leadership in environmental and community affairs. Wells Fargo is committed to being environmentally responsible in every community in which it does business.

The Company integrates environmental responsibility into its business practices and procedures, and has pledged to make $1 billion in lending and other financial commitments by 2010 in environmentally beneficial business opportunities. Wells Fargo & Company is a diversified financial services company with $482 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, “Aaa,” from Moody’s Investors Service.

New Vice Chair for KeyCorp

2006-04-19T22:16:00.000-04:00

Beth Mooney Joins KeyCorp as Vice Chair; Will Lead Company's Community Bank

CLEVELAND, April 4 /PRNewswire-FirstCall/ -- KeyCorp (NYSE: KEY) announced today that Beth Mooney has joined the company as a vice chair of the corporation and will lead Key's 13 state community banking organization. With nearly 30 years of banking experience, Mooney has a deep understanding of retail banking, commercial lending and real estate financing.

Prior to her most recent position as senior executive vice president and chief financial officer for Alabama-based AmSouth Bancorporation, she ran its banking operations in Tennessee and Northern Louisiana. She also completed other line assignments of increasing responsibility at Bank One Corporation, Citicorp Real Estate, Inc., Hall Financial Group and Republic Bank of Texas/First Republic. At Bank One, for example, Mooney served as regional president in Akron and Dayton, and then president of Bank One Ohio. "In her prior positions, Beth has excelled at creating a strategic vision and driving for superior results," said Key CEO Henry L. Meyer III. "The combination of her demonstrated ability to improve the performance of a business, her clear leadership qualities and her technical expertise -- rounded out by her recent CFO experience -- made her an ideal fit for this critically important job." Last year, USBanker rated Mooney one of the "25 most powerful women in banking." In 2006, the publication listed her as fifth among the top 10 banking CFOs.

As head of Key's community banking organization, Mooney is responsible for retail and commercial banking, and the McDonald Financial Group (MFG), businesses that produced nearly $2.9 billion in revenue in 2005.

The community banking organization has 950 KeyCenter branches, more than 2,100 ATMs and 55 McDonald offices across its franchise. "Beth's addition completes the rebuilding of our senior management team," Meyer noted. "That we continue to attract extraordinary talent reflects Key's turnaround over the past five years. Over that time, we have changed our business mix, addressed our asset-quality issues and become far more client- centric, all activities that have repositioned us for growth." Reporting to Mooney are: George E. Emmons, who heads the community bank's sales organization, Robert B. (Yank) Heisler, who leads MFG; and the senior staff of the Retail Group. Timothy J. King, who was responsible for the Retail Group, now is working with Chief Administrative Officer Thomas C. Stevens on strategic and business initiatives. Mooney is a graduate of The University of Texas and received her MBA from Southern Methodist University. While working in Ohio, she served on the boards of numerous civic and community organizations, including the Ohio Foundation of Independent Colleges, Ballet Met and the Miami Valley Economic Development Coalition, among others. She was similarly involved in community and civic work in Nashville and Birmingham.

Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $93 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.

Freddie Mac Joins LHFA In Louisiana Mortgage Initiative

2006-04-17T21:02:00.000-04:00

SENATORS LANDRIEU, VITTER HAIL FREDDIE MAC, LHFA'S $36 MILLION

Statewide Mortgage Initiative Also Targets Police, Teachers, Low-Income Borrowers
New Orleans, LA – Senators Mary L. Landrieu (D-LA) and David Vitter (R-LA) joined Eugene McQuade, president of Freddie Mac (NYSE:FRE) and officials from the Louisiana Housing Finance Agency (LHFA) today to announce nearly $36 million in new below market 30-year fixed rate mortgages and $1 million in downpayment and closing costs assistance to promote recovery in federally designated hurricane disaster areas and foster homeownership opportunities for police officers, teachers, and qualified low-income borrowers.

Freddie Mac, one of the nation's largest investors in residential mortgages, is buying $36 million of LHFA tax-exempt mortgage revenue bonds for its investment portfolio as part of the $1 billion commitment it made last year to help finance the Gulf Coast's recovery from last year's storms. "This $36 million investment in affordable mortgages is very good news for Louisiana families, particularly those most devastated by Hurricanes Katrina and Rita. I want to thank Freddie Mac and others in the state for their work to provide affordable homeownership for our citizens," said U.S. Sen. David Vitter. "I'm particularly pleased to see that some of this funding will benefit first responders. Our first responders and other essential personnel play such a key role in the recovery of south Louisiana, and this will continue the momentum as we rebuild and revive Louisiana's communities." "This is $36 million in critical new mortgage funding for Louisiana," said Senator Mary L. Landrieu. "Our homes and neighborhoods may have been destroyed by the catastrophes of Hurricanes Katrina and Rita and the subsequent levee breaks, but the spirit of our people can never be taken away. Freddie Mac and the Louisiana Housing Finance Agency have stepped up as two of Louisiana's most reliable, willing and enthusiastic partners for rebuilding our storm-damaged homes and communities. I want to thank them for keeping their pledge to our families by fulfilling their public mission to keep homeownership strong." "Today's announcement marks a new opportunity for families across Louisiana to achieve home-ownership and for storm victims to repair, build and reinvigorate their communities," said Eugene McQuade, President and Chief Operating Officer of Freddie Mac. "I want to thank Senators Landrieu and Vitter, the LHFA and their colleagues for giving us the opportunity to work with them and to fulfill our Congressional mission to keep mortgage financing stable, liquid and affordable at such a critical time in Louisiana's recovery."

Altogether the new bond initiative will provide an estimated 300 borrowers with 5.35 percent or lower 30-year fixed rate mortgages that can be used to repair existing homes or purchase new ones. In addition, subsidies from the Police Foundation, LHFA and $1 million from the state of Louisiana's federal HOME grant are being used to subsidize special mortgage set-asides with even lower rates for police, teachers, and low-income borrowers. In some cases, borrowers may be able to qualify for 30-year fixed rate mortgages with rates as low as 3.85 percent.
"This effort, consistent with our Agency's mission, reflects the effectiveness of those strong partnerships necessary to rebuild our hurricane-devastated Louisiana," said Helena Cunningham, President of Louisiana Housing Finance Agency. "The LHFA is proud to be a part of this financing initiative and looks forward to the continued creativity in providing financing of our depleted housing stock." LHFA is giving special priority to federally designated disaster areas in order to add momentum to the state's storm recovery efforts and historically underserved parishes targeted for urban revitalization. The mortgages, are available on a first-come, first-serve basis through a list of participating lenders that can be found on LHFA's website (www.lhfa.state.la.us). In an effort to help more borrowers caught in the 2005 storms, LHFA is waiving its usual first-time homebuyer requirement and raising its cap on home repair loans from $15,000 to $150,000 under special provisions in the 2005 Katrina Emergency Tax Act.

To be eligible for the new mortgages, borrowers can earn no more than 140 percent of their area median income. Today's announcement builds on Freddie Mac's ongoing effort to rebuild the Gulf Coast communities devastated by Hurricanes Katrina and Rita.

Freddie Mac has also financed $120 million in Mississippi Home Corporation bonds, provided MHC with $900,000 to buy 35 travel trailer units for use as temporary housing for displaced families and more than $1 million for rental units and credit counseling to storm victims. In addition, Freddie Mac adopted emergency policies that temporarily suspended mortgage collections from many single and multifamily borrowers affected by the storm, assured forbearance for National Guard members involved in recovery operations, financed as much as $300 million in pre-storm loans closed on homes in federally-designated disaster areas, and joined with the Freddie Mac Foundation to donate $10 million to hurricane relief organizations.
For more information, contact Louisiana Housing Finance Agency at 225-763-8700 ext. 275.
Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing.

Freddie Mac fulfills its mission by purchasing residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers and nearly four million renters in America.

US Bank's Five Star Service Guarantee

2006-04-15T19:52:00.000-04:00

U.S. Bank Celebrates Years of Service as Its Five Star Service Guarantee Turns 10
MINNEAPOLIS--(BUSINESS WIRE)--April 6, 2006--U.S. Bank will celebrate the 10-year anniversary of its exclusive Five Star Service Guarantee by honoring the true stars of the company - its nearly 50,000 employees - for their years of service.

The celebration coincides with the launch of a new advertising campaign that asks, "How many stars does your bank have?" Now in its second year, the U.S. Bank Years of Service Week will recognize nearly 7,000 employees who in 2006 reach a milestone anniversary of 5, 10, 15, 20, 25 or 30 years with the company.

These individuals will receive a commemorative anniversary stone pin that corresponds with their years of service. Seven individuals will be recognized for reaching milestone anniversaries of 50 years or more. The 2006 Years of Service Week also marks the 10-year anniversary of the Five Star Service Guarantee, which was introduced on April 10, 1996. It remains the only guarantee of its kind in the banking industry, paying customers for events in which specific service levels are not met. "It's fitting that so many of our service oriented programs and initiatives are aligning in April, when we also celebrate the 10-year anniversary of our signature Five Star Service Guarantee. It truly is the heart of our brand and symbolic of how we approach our business and the partnership we have with our customers," said Richard Davis, president and chief operating officer of U.S. Bancorp. The Five Star Service Guarantee will receive nationwide exposure as new television and print advertisements also begin in April.

The humorous spots, created by The Kaplan Thaler Group in New York, challenge consumers to think about the service they receive from their current bank and ask, "How many stars does your bank have?" The television spots are running frequently on 292 stations in 24 states.
U.S. Bank will promote the new campaign with an online sweepstakes April 10 through May 10 that will award a $50 Visa gift card to 10 winners daily and enters the participant in a sweepstakes in which $10,000 will be awarded at the end of the promotion. U.S. Bank will also introduce a new home equity program that was tremendously popular in its markets in 2004.

The U.S. Bank EquiLine Rate Reward is a home equity line of credit in which the interest rate decreases one-quarter of one percent (0.25 percent) every six months up to one full percent below prime. In addition, the reward is portable, so if the customer ever needs to close the line, the reward that he or she has earned can be applied to a new home equity line at U.S. Bank. For more information call 1-888-444-2265.

Countrywide Supports 'Serving Those Who Serve' Initiative

2006-04-12T13:59:00.000-04:00

Countrywide Pledges $1 Million to Serving Those Who Serve(SM)
03/27/2006

Founding Sponsor Honors Virginia Army Reservist With Ongoing Commitment to Rebuilding Together's Home Modification Program for Severely Injured Veterans - Additional Funding Sought From Other Companies, Foundations, Individuals -

CALABASAS, Calif., March 27 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC), America's #1 home loan lender* and a provider of diverse financial services, announced Monday that it will extend and expand its support of Rebuilding Together's Serving Those Who Serve initiative for at least two years.

Countrywide has pledged $1 million for the program that provides free home modifications for American military personnel returning from Iraq or Afghanistan with debilitating injuries.
The company has been the founding sponsor of the initiative, announced on Capitol Hill in September. Since then, the program has transformed the homes of three severely injured soldiers.

These projects have facilitated Rebuilding Together's development of the model and building of the infrastructure for the ongoing program. The $1 million contribution was announced during a ceremony at the Manassas Park, VA, home of Joseph and Eva Briseno and their son, Jay, where Rebuilding Together and Countrywide volunteers were completing the third and final introductory project under Countrywide's founding grant. In June 2003, Jay Briseno was shot in the back of the neck while serving as a Civil Affairs Specialist with his U.S. Army Reserve unit in a Baghdad marketplace. His spinal cord was severely damaged, leaving him paralyzed from the chin, down. He lapsed into a coma and had two heart attacks that resulted in anoxic brain damage. Nearly three years after being shot in the line of duty, the 22-year-old veteran still requires a ventilator to help him breathe and a feeding tube for some of his nourishment.

Officials describe him as one of the most severely-injured soldiers to return from Iraq alive.
On Monday, Rebuilding Together volunteers, including about 20 Countrywide employees, were completing extensive modifications to Jay's basement living area to better accommodate his needs and make it easier to care for him. The work included widening and installing doors, rebuilding the bathroom to provide wheelchair accessibility to the shower, painting, upgrading electrical services and lighting, installing a back-up power generator for life support equipment, constructing a screened porch and other improvements. "As the founding sponsor of Serving Those Who Serve, Countrywide provided the initial funding for three projects to lay the groundwork for an ongoing program," said Stan Kurland, president and chief operating officer of CFC. "Rebuilding Together has demonstrated there is need for this kind of program; that it can work, with the assurance of long-term support; and that it is too important to be allowed to end after this initial development phase.

"So, Countrywide is privileged to announce that we are committing $1 million to Rebuilding Together to further create the infrastructure and expand the capacity of the Serving Those Who Serve program and continue it for at least the next two years," Kurland said. "We are making this commitment in honor of Jay Briseno and the entire Briseno family for their service and sacrifice, and as representatives of the thousands of American heroes in similar situations."

While costs for modifications vary with work scope, contributions of supplies and the extent of volunteer labor, Rebuilding Together and Countrywide expect the $1 million contribution will permit home modifications for up to 70 veterans. Additional donations from individuals, foundations and businesses are being sought to provide for further expansion of the program and increase the value of modifications that can be undertaken. "As the nation's leading volunteer organization rehabilitating low-income homes, Rebuilding Together has developed tremendous expertise in the field of home modifications that aid elderly and disabled individuals," said Patty Johnson, president and CEO of Rebuilding Together. "When Countrywide, wanted to develop a program to assist injured veterans, it was a natural extension of our work. We appreciate Countrywide's support over the past six months as the founding sponsor, and particularly are grateful that the company has chosen to expand and continue this work in honor of Jay Briseno and all who have sacrificed in service to our country.

"Countrywide's million-dollar commitment allows Rebuilding Together to move forward with hiring a program manager to bring Serving Those Who Serve up to full speed, and demonstrates the kind of strong corporate leadership that will promote additional fundraising," Johnson added. Countrywide is in its tenth year as a major corporate sponsor of Rebuilding Together's core program which will provide needed home renovations to about 9,000 low-income homeowners who are elderly, disabled and families with children this year. Countrywide volunteers will be working on company-sponsored Rebuilding Together projects in more than 100 communities this spring, the majority of them on Saturday, April 29, designated as the charity's "National Rebuild Day." In addition, the company has provided up to $1 million in lead funding for Rebuild 1,000, Rebuilding Together's special initiative to repair at least 1,000 hurricane-damaged homes for low-income residents in the Gulf Coast region. When the hurricanes hit last fall, planning was well underway for the announcement of Serving Those Who Serve.

In an ambitious undertaking, Countrywide and Rebuilding Together agreed that Serving Those Who Serve could not be given a backseat to hurricane relief, and they needed to move forward on both of these important new programs without delay. To date, more than 17,000 American servicemen and servicewomen have been injured in Operation Iraqi Freedom and Operation Enduring Freedom. Approximately 8,000 have returned from service in the Middle East with debilitating injuries. More than half of the injured are members of the armed forces reserves or National Guard, called away from their families and civilian jobs or, like Jay Briseno, college studies, in duty to the nation.

These injured Reservists and Guardsman may not be eligible for many of the long-term services of the regular military health care delivery system. Serving Those Who Serve can assist veterans who have suffered loss of mobility (including loss of limb and paralysis), loss of sight, loss of hearing, or traumatic brain injury. To qualify for the home modification program, a veteran must have been severely injured while on active duty with American forces in Operation Iraqi Freedom or Operation Enduring Freedom.

The home must be the primary residence of the injured veteran and owned by the qualifying veteran or his or her family. Priority is given to veterans and families with income limitations.
More than 30 members of Congress have signed on to the Serving Those Who Serve honorary advisory committee. Co-chairs are Senators Dianne Feinstein (D-CA) and Ted Stevens (R-AK), and Representatives Spencer Bachus (R-AL) and Silvestre Reyes (D-TX). Actor Jessica Biel is a Serving Those Who Serve volunteer and celebrity spokesperson for the initiative. She is currently filming "Home of the Brave," a movie in which she plays a veteran returning from Iraq with a debilitating injury. Biel features Serving Those Who Serve and Rebuilding Together on the Make The Difference Network Web site (www.mtdn.net) that she co-founded.
Requests and referrals for assistance through Serving Those Who Serve may be made on line at www.servingthosewhoserve.org.

Business firms and foundations interested in more information about becoming national sponsors of Serving Those Who Serve should call Jennifer Shreve, director of development for Rebuilding Together, at (800) 4-REHAB-9, or send an e-mail to her at Jennifer_Shreve@RebuildingTogether.org.

Individual donations may be made on line at www.servingthosewhoserve.org, or may be sent to Rebuilding Together, 1536 16th St. N.W., Washington, DC 20036.
*As ranked for 2005 by Inside Mortgage Finance (Jan. 26, 2006), (C)2006
About Countrywide...Founded in 1969, Countrywide Financial Corporation is a member of the S&P 500, Forbes Global 2000 and Fortune 500. Through its family of companies, Countrywide provides mortgage banking and diversified financial services. Mortgage banking businesses include loan production and loan servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services prime and nonprime loans; and loan closing services provided by the LandSafe group of companies. Diversified financial services encompass banking, capital markets and insurance, largely through the activities of Countrywide Bank, N.A., a bank offering depository and home loan products; Countrywide Capital Markets, a mortgage-related investment banker with offices in the U.S., U.K. and Japan; Balboa Life and Casualty Group, whose companies are national providers of property, life and casualty insurance; and Balboa Reinsurance, a captive mortgage reinsurance company. Headquartered in Calabasas, California, Countrywide has a global work force of more than 50,000 and more than 800 offices. For more information about the company, visit Countrywide's website at www.countrywide.com.

Wachovia Corp. Raises Prime Interest Rate

2006-04-10T22:12:00.000-04:00

WACHOVIA CORPORATION RAISES PRIME RATE CHARLOTTE, N.C. –

Effective today, Wachovia Corporation raised its prime interest rate to 7.75 percent from 7.50 percent at Wachovia Bank, National Association and all of its other banking subsidiaries.
The prime rate is a benchmark used to set interest rates on various forms of corporate and consumer credit. It is one of several interest rate bases used by Wachovia, which lends at interest rates above and below the prime rate. The prime rate last changed on Jan. 31, 2006.
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 3,131 offices in 15 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, will continue to be known as Western Financial in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and six Latin American countries, 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 $520.8 billion, market capitalization of $82.3 billion and stockholders' equity of $47.6 billion at December 31, 2005.

ING Financial Results for 2005

2006-04-08T12:32:00.000-04:00

ING DIRECT Bancorp Announces Fourth Quarter and Year End Results
ING DIRECT Reaches $40 Billion in Deposits

2005 highlights for ING DIRECT Bancorp:

Net income grew to $176.7 million
Expense growth held to 11%

Deposits reached $40 billion, including a doubling in certificates of deposits
ING DIRECT added 1.2 million customers in 2005, a 52% increase compared to 2004
ING DIRECT Bancorp (Bancorp) today announced unaudited results for the fourth quarter and full year ended December 31, 2005.

ING DIRECT Bancorp consists primarily of ING Bank, fsb (ING DIRECT), the nation’s fourth-largest thrift by assets. In 2005, net income increased 45% to $176.7 million, up from 2004 net income of $122.1 million. For the quarter ended December 31, 2005, Bancorp net income was $42.5 million, compared to $42.8 million for the third quarter of 2005.

Year over year, net interest income increased 16% to $538.6 million, and for the fourth quarter, net interest income grew 3% to $135.8 million. Total assets ended 2005 at $53.2 billion, a 48% increase year over year and a 3% increase from the prior quarter. Despite significant increases in total assets and income for 2005, ING DIRECT was able to contain the increase in non-interest expenses to 11%. ING DIRECT added 1.2 million customers year over year, bringing its total customer base to 3.4 million, an increase of 52%.

Total deposits reached the $40 billion mark at year-end 2005, a 39% increase compared to the prior year. Included in this growth was an increase in certificates of deposits from $2.6 billion to $5.3 billion.

“2005 was a very strong year for ING DIRECT, and we are pleased with our results,” said Arkadi Kuhlmann, President and CEO, ING DIRECT. “At a time when national data indicate a negative savings rate, we have been able to attract a depositor base that is running counter to the trend. Our significant customer growth underscores Americans’ increasing enthusiasm for saving with us, and our straightforward value proposition has put more than $2.1 billion back in savers’ pockets – $1.4 billion more than would have been earned at other U.S. banks and thrifts over the same period. We look forward to continuing to make it easy and simple for consumers to save their money.” “Bancorp’s solid results were achieved despite a flattening yield curve and a continued increase in the cost of funds,” Kuhlmann noted. “Maintaining our profitability levels compared to less challenging quarters is a testament to our business. We will continue to emphasize long-term value creation for our customers and our business as we maintain our focus on cost containment in order to pass along the maximum savings to our customers.”
In 2005, real estate mortgage lending increased $3.0 billion or 30% to $12.9 billion, compared to $9.9 billion in 2004 and grew $644 million in the fourth quarter. The $12.9 billion referred to above includes the Orange Mortgage loan portfolio of $5.5 billion, a 61% increase compared to $3.4 billion in 2004.

Included in the $2.1 billion increase in Orange Mortgage balances is the origination of 10,566 single family adjustable rate Orange Mortgages, a 9% account volume increase compared to 2004. In the fourth quarter of 2005, ING DIRECT originated 3,292 single family adjustable rate Orange Mortgages, a 24% account volume increase compared to the third quarter 2005. “Borrowers are seeing the value of ING DIRECT’s lending capabilities, and we are pleased with our year over year growth in lending,” Kuhlmann continued. “ING DIRECT will continue to add services that champion customers’ needs and contribute to our bottom line.”

Quicken Loans Internet Home Lending Center in Cleveland

2006-04-06T19:45:00.000-04:00

Quicken Loans Internet Home Lending Center to Open in Downtown Cleveland’s MK-Ferguson Building on April 3, 2006...Center projected to create more than 300 jobs and generate between $25 and $30 million in annual salaries.

Cleveland, Ohio, March 23, 2006 - Cleveland Mayor Frank Jackson and Quicken Loans Chairman and founder Daniel Gilbert, who also is majority owner of the Cleveland Cavaliers and operator of the Quicken Loans Arena, today announced that Quicken Loans’ new Internet Home Lending Center will open in downtown Cleveland on April 3, 2006.

This is the first out-of-state facility for Quicken Loans, which is the nation’s largest online home lender. The company is based in Livonia, Michigan. The Quicken Loans Internet Home Lending Center will be located in the MK-Ferguson Building (the former U.S. Post Office) at 1500 W. Third Street in Cleveland’s Central Business District. Quicken Loans has leased 45,000 square feet on the building’s fifth floor from Forest City Enterprises Inc. The space currently is being renovated to incorporate the company’s state-of-the-art technology and home loan training facilities. Led by 11-year Quicken Loans veteran, Vice President Jeffrey Perry, the Internet Home Lending Center will initially open with 50 employees who will advise and assist clients in all 50 states with their home financing needs.

Quicken Loans will continue to hire and train approximately 15 to 20 new employees per month in Cleveland. The new location is expected to create between 300 and 350 new positions within the first two or three years. When fully operational, the center is projected to generate between $25 and $30 million in annual salaries and $3 to $4 billion in annual closed loan volume. “I applaud Quicken Loans’ decision to make this significant investment in Ohio,” said Lt. Governor Bruce Johnson, who also serves as state development director. “This project is a great example of how companies are recognizing that ‘Ohio Means Business’ and are increasingly looking to our state for their location and expansion needs. With our new, competitive tax structure, companies like Quicken Loans will be profitable, and Ohio and its residents will benefit with good jobs and a positive business climate.” “Quicken Loans’ new business venture in Cleveland demonstrates that the City of Cleveland is a great place to live and work,” said Cleveland Mayor Frank Jackson. “Dan Gilbert’s willingness to work with the City and invest in Cleveland is an example of the type of public-private partnerships we need to make Cleveland a 24-hour city.”

“The State of Ohio and Mayor Jackson’s office have been extremely cooperative and helpful in bringing this project to fruition,” said Dan Gilbert. “This partnership has achieved a big win for the community, our current and future employees, and our company.” "Locating a new Home Lending Center in Cleveland allows us to draw off the energy and momentum of the new and improved Quicken Loans Arena and the Cleveland Cavaliers," he continued. “Downtown Cleveland is vibrant and dynamic. It’s a great place for work and entertainment, and provides an exceptional quality of life for many of our employees who are choosing to live downtown.” "We're extremely gratified that Quicken Loans chose MK-Ferguson/Tower City for their new home. This building provides a perfect location for Quicken Loans,” said Forest City Enterprises' Senior Vice President of Office Leasing & Development, Patrick Lott. “Connected to the Tower City Center via the Gateway connector, it’s within walking distance of the Quicken Loans Arena and other sports venues, as well as restaurants, nightlife, shopping and museums.” Cleveland-based design and construction firms Vocon and Infinity are providing architectural and design services, and overseeing the construction build-out.

Washington Mutual News 4/3

2006-04-03T22:20:00.000-04:00

Washington Mutual, Inc. Announces the Convertibility of New American Capital, Inc. 4% Convertible Senior Notes Due May 15, 2008

SEATTLE, Apr 03, 2006 (BUSINESS WIRE) -- Washington Mutual, Inc. (NYSE:WM) today announced that New American Capital, Inc.'s 4% Convertible Notes due May 15, 2008 (the "Notes") will be convertible into shares of Washington Mutual common stock and cash during the quarter ended June 30, 2006. New American Capital, Inc., a wholly-owned subsidiary of Washington Mutual, Inc., is the successor by merger to Providian Financial Corporation ("Providian").

The Notes were originally issued by Providian pursuant to a supplemental indenture between Providian and Bank One Trust Company, N.A., as Trustee, dated May 27, 2003, which was amended by a supplemental indenture by and among Providian, Washington Mutual, Inc., New American Capital, Inc., and J.P. Morgan Trust Company, National Association (as successor trustee) dated as of October 1, 2005 (as so amended, the "Supplemental Indenture").
The Notes are convertible pursuant to Section 2.01(a)(i) of the Supplemental Indenture, which provided that the Notes are convertible if the closing price of Washington Mutual's common stock exceeded $31.80 per share (110% of the conversion price) for at least 20 trading days of the 30 consecutive trading day period ending on the last day of the preceding calendar quarter.

Holders of the Notes may convert the Notes into shares of Washington Mutual common stock and cash during this fiscal quarter (April 1, 2006 until June 30, 2006) at the conversion rate in effect at the time of conversion. With a history dating back to 1889, Washington Mutual is a retailer of financial services that provides a diversified line of products and services to consumers and commercial clients. At December 31, 2005, Washington Mutual and its subsidiaries had assets of $343.12 billion.

Washington Mutual currently operates more than 2,600 retail banking, mortgage lending, commercial banking, and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamunewsroom.com.

SOURCE: Washington Mutual, Inc.

Wells Fargo- Home Ownership Essay Contest

2006-04-01T15:47:00.000-05:00

Wells Fargo Home Mortgage Seeks Inspirational Essays About the Benefits of Homeownership"Take the Challenge™" Contest Offers up to $250,000 After Taxes For Most Inspirational Essay

Des Moines, Iowa — March 10, 2006

Wells Fargo Home Mortgage announced today it will award up to $250,000 (after taxes) toward the purchase of a home to one person through its Take The Challenge™essay contest.

The nation’s No. 1 retail mortgage lender will award the grand prize to the person who provides the most compelling first-person account of their pursuit of home ownership and who has either purchased a home in 2006, or has plans to buy a first home, second home or investment property in the next three years.

The up-to $250,000 after-tax winnings must be applied to a home purchase and entrants must agree to have their essays shared. Each essay will be reviewed by an independent panel of judges and the winner announced in March 2007.

Wells Fargo Home Mortgage launched this contest as part of its founding sponsorship of The Great American Homeowner Challenge™ , a nationwide educational effort in conjunction with financial coach and No.1 best-selling author David Bach to inspire 10 million Americans to buy their first home, a second home or investment property in the next three years. Bach’s latest book, The Automatic Millionaire Homeowner™, motivates renters and current homeowners to reach their financial goals through homeownership.

Through the essay contest, Wells Fargo intends to unearth motivational stories of personal and financial success through homeownership. “We want the essays written for the Take The Challenge contest to inspire others on the road to a home purchase,” said Cara Heiden, division president of Wells Fargo Home Mortgage. “This is a great way for both renters and current homeowners to publicly express how owning a home can make a difference in their lives.” David Bach, who conducts popular seminars across North America based on the content of his best-selling books, Smart Women Finish Richsm , Start Late Finish Richsm , and The Automatic Millionairesm agrees.

“Many of the success stories people have shared with me over the years focus on how homeownership has been the key to their financial security. I’m confident these essays will inspire millions of renters to work toward their first home and millions of current homeowners to consider second homes or investment properties as a road to building financial freedom,” Bach said.

Contestants can enter up to a 350-word essay from one of three submission categories:

• Why I want to be a homeowner
• The challenges I overcame to become a homeowner
• How homeownership has built my personal/family wealth and security

To enter or learn more about the contest, including the rules for submitting an entry, go to
www.wellsfargo.com/challenge or www.finishrich.com/wellsfargohome.

About Wells Fargo Home Mortgage
Celebrating its centennial year, Wells Fargo Home Mortgage is the nation’s No. 1 retail mortgage lender and a leading servicer of home mortgages. As a division of Wells Fargo Bank, N.A., it has a local presence in more than 2,400 mortgage stores and bank branches, plus the capabilities to serve the home financing needs of customers nationwide through its call centers, Internet presence, and wholesale lending operations. Wells Fargo Home Mortgage services loans for approximately 5.7 million customers in all 50 states from its base of operations in Des Moines, Iowa.

About David Bach and FinishRich Media
The founder and Chairman of FinishRich Media, a company dedicated to revolutionizing the way people learn about money, Bach is the author of six consecutive national bestselling books, including two # 1 New York Times business bestsellers, Start Late, Finish Rich and The Automatic Millionaire, as well as the national and international bestsellers Smart Women Finish Rich, Smart Couples Finish Rich, The Finish Rich Workbook, and The Automatic Millionaire Workbook. In all, his FinishRich books have been published in more than 15 languages, with more than 4 million copies in print in the U.S alone. Currently a featured contributor and columnist at Yahoo.com, Bach is also the creator of the FinishRich® seminar series, which highlights his quick and easy-to-follow financial strategies, and which has been taught to more than 750,000 people nationwide.

No purchase necessary. Must be legal resident of 50 U.S. or DC and at least 18 (19 in AL and NE) to enter. Ends on 12/31/06. Visit www.wellsfargo.com/challenge for details and full Official Rules. Void where prohibited. Sponsor: Wells Fargo Home Mortgage, a division of Wells Fargo Bank N.A., Des Moines, Iowa. **Based on year-end 2005 statistics compiled by Inside Mortgage Finance - Feb. 17, 2006

Fannie Mae - Accounting Review Update

2006-03-28T20:30:00.000-05:00

March 13, 2006
Statement by Daniel H. Mudd, President and Chief Executive Officer, Fannie Mae

Today, Fannie Mae filed a Form 12b-25 with the U.S. Securities and Exchange Commission (SEC) that provides an update on our progress in completing our accounting review as we continue our financial restatement, as well as a report on our business. In our filing, we are reporting that we have made substantial progress in completing our accounting review. In particular, we have completed the process of identifying accounting issues for review.

Although our review of accounting policies and practices is not complete, we have made significant progress in completing our analysis and determination with respect to the accounting issues we have identified.
As I noted on February 23rd upon release of the Paul, Weiss investigation report, we expect in our continuing restatement effort that we could identify additional accounting matters and, as we resolve them, we will disclose them. In today's filing, we detail several errors we identified in the course of our accounting review that were not previously disclosed in our SEC filings or described in the Paul, Weiss report.

These issues include accounting for certain investment securities at the incorrect cost basis; accounting for certain guaranty fees and obligations in connection with a small portion of Fannie Mae mortgage backed securities trusts; and certain loan-related accounting matters, such as accounting for real estate-owned and foreclosed property expense, accounting for troubled debt restructurings, accounting for the accrual of interest on seriously delinquent loans, and accounting for reverse mortgages.

These issues have been previously reviewed with our regulator, Office of Federal Housing Enterprise Oversight (OFHEO), and based on our current view of these errors, we believe we continue to meet our regulatory capital requirements as well as the 30 percent surplus over our minimum requirement set forth in our September 27, 2004 agreement with the OFHEO.

Freddie Mac's "CreditSmart" Initiative

2006-03-26T21:44:00.000-05:00

Individuals can learn about the importance of good credit in becoming homeowners through the "CreditSmart" Initiative classes...

STATE TREASURY, PUBLIC, PRIVATE ORGANIZATIONS TEAM UP TO HELP HOUSING AUTHORITY RESIDENTS ATTAIN HOME OWNERSHIP...CreditSmart® Initiative Teaches Participants To Make Good Financial Choices

Hartford, CT – Several public and private organizations are joining forces for a new one-year financial outreach and education initiative to help residents in Connecticut improve their financial decision-making skills.

The Office of the Connecticut State Treasurer Denise L. Nappier, Connecticut Housing Coalition, Freddie Mac (NYSE: FRE), Bank of America, Citizens Bank, Vision Financial Services, and the housing authorities in Hartford, Meriden, Stamford, New Haven and Bridgeport have teamed together to bring CreditSmart® and CreditSmart® Español – Freddie Mac's signature instructor-led financial literacy workshops in English and Spanish – to housing authority residents in those communities. The initiative also will bring one-on-one counseling and follow-up mentoring to housing authority residents.

A recent Commerce Department report found that American consumers are spending 5 percent more than they earn, and are using their savings or credit to make ends meet. Connecticut families are no different. They struggle with the financial challenges of better managing credit and buying a home. Vision Financial Services will conduct CreditSmart and CreditSmart Español workshops for residents and housing authority staff in Hartford, Meriden, Stamford, New Haven and Bridgeport, and will train selected Housing Authority staff to become certified instructors.

The six-hour workshops will be offered free of charge in the community.
During the workshops, instructors provide information about credit and credit management, insight into how lenders assess credit histories, and how credit plays a profound role in achieving financial goals, like renting an apartment, buying a car or home, or getting a job.

Once participants are ready to apply for a mortgage, they are welcome to visit lenders, such as Bank of America and Citizens Bank, who offer mortgages for individuals with credit-challenges as well as low down-payment mortgages. “This financial literacy and education initiative has the potential to help a lot of people across the state,” said Sen. Joseph Lieberman (D-CT). “The workshops will provide an opportunity for Connecticut residents to become better educated on the important and challenging issues of spending, saving and managing credit so that they may make careful and informed financial decisions.”

Congresswoman Rosa DeLauro (D-CT) said, “Education creates opportunity for all individuals, and knowing how to use credit wisely is the key to home-ownership and advancement. Through the CreditSmart and CreditSmart Español workshops, countless public housing residents will learn the benefits of good credit. I am delighted that these programs will soon be available in New Haven.” “Credit can be a two-edged sword. It can open doors of financial opportunity and economic self-sufficiency, but managed poorly can also result in doors closing,” said Denise L. Nappier, Connecticut State Treasurer. “That is why CreditSmart is absolutely critical, providing essential information to help individuals successfully pursue their financial dreams while avoiding unintended and adverse consequences along the way.”

“Teaming up with these respected organizations to make CreditSmart and CreditSmart Español classes available will help more people understand the important role credit has in achieving homeownership,” said Craig Nickerson, vice president of Expanding Markets for Freddie Mac. “The payoff to financial literacy is an improved standard of living and a sense of confidence about the future. “Financially savvy individuals are more likely to plan for retirement, fund the education of their children and accumulate more assets.” Jeffrey Freiser, executive director of the Connecticut Housing Coalition, added, “Most public housing residents – despite the stereotypes – are working hard, incredibly hard, in low-wage jobs, struggling to support their families and make ends meet. Financial literacy training helps them reap the benefits of that hard work.”

Freddie Mac believes that by educating consumers about smart credit habits and helping them understand the importance of obtaining and maintaining good credit, then they are helping them take the first steps toward homeownership. More than 57,000 people have attended CreditSmart classes since it was launched in 2000.

NFHA Files Complaint

2006-03-23T12:56:00.000-05:00

National Fair Housing Alliance files sales discrimination complaint against metro New York real estate company

NFHA Denounces Use of Schools as Proxy for Race

WHITE PLAINS, NY – March 23, 2006 – The National Fair Housing Alliance (NFHA) announced today the filing of a housing discrimination complaint against Peter J. Riolo Real Estate, located in Westchester County, NY. This complaint, filed with the U.S. Department of Housing and Urban Development (HUD) and the Westchester County Human Rights Commission, results from NFHA’s sales testing in the County. The investigation revealed a dramatic pattern of discriminatory comments by real estate agents. Agents used the ethnicity of the public schools to steer White families away from Tarrytown.
Racial steering is not only unethical — it’s illegal.

Agents of Peter J. Riolo Real Estate violated the federal and local Fair Housing Acts when they repeatedly recommended homes and school districts to potential homebuyers based on their race or national origin. Agents made negative comments to White homebuyers about neighborhoods and school districts with high percentages of Latino and African-American residents/students. Tarrytown schools were referred to as “bad” when the agents were discussing schools with Whites; however, Latinos and African-American buyers were shown homes in the very school districts that Whites were told to avoid. In fact, Latino homeseekers were encouraged to consider homes in Tarrytown and no comments were made about the quality of the schools.

“Illegal sales steering keeps neighborhoods segregated,” says Shanna L. Smith, President and CEO of the National Fair Housing Alliance. “Agents limit buyer choice through negative comments or by simply never showing homes to people in communities in which their race or national origin does not predominate. Homebuyers trust that their agents are showing them all available homes in their price range, but our investigation shows that this is not always the case.”
Are Tarrytown schools bad? No. According to the Tarrytown Unified School District Report in November 2005, 98% of the Tarrytown students graduate from high school and 84% go on to attend colleges including Ivy League schools, SUNY schools, and many others. “The City of Tarrytown, its school Board and residents are being injured by these illegal discriminatory practices,” continues Smith. “They have standing under the Fair Housing Act to file complaints and even lawsuits against companies and agents who discourage people from considering their community.

Today, schools have become the proxy for race. ‘Good schools’ and ‘bad schools’ are the new code words used by some real estate agents to discourage Whites from considering integrated neighborhoods.” Local governments and residents harmed by housing discrimination can sue under the federal Fair Housing Act. The City of Evanston, IL and the Village of Bellwood, IL both successfully sued real estate companies for steering White homeseekers away from their communities while marketing homes primarily to people of color.

The U.S. Supreme Court ruled in Bellwood that the agents had denied the residents “the social and professional benefits of living in an integrated society.” The Evanston case reportedly settled for more than $400,000 in 1992. The National Association of Realtors provides a high level of fair housing training to its professionals, and most states require real estate agents to have continuing fair housing education in order to keep their licenses; but in spite of these training opportunities, too many agents continue to discriminate. Evidence of their willful violation is clear from NFHA’s testing—licensed real estate professionals throughout the country have stated to testers that they know it is illegal to steer based on race or school districts.

"We urge real estate brokers to look carefully at the practices of their agents and to send a clear signal that racial steering is not to be tolerated," says Toni Downes, Executive Director of Westchester Residential Opportunities, a local fair housing agency that is co-sponsoring the press conference.

“Home ownership is a precious and significant undertaking because it opens the door to financial security,” says Delores Brathwaite, Executive Director of the Westchester County Human Rights Commission. “Where you live often affects and determines the quality of education your children will receive as well as your access to employment and health care opportunities. Engaging in racial steering is nothing less than a euphemism for intentional and forced segregation.” Over the past two years, NFHA has conducted extensive testing in 12 metropolitan areas nationwide, which has revealed a surprisingly high level of steering and other illegal behavior. Since mid 2005, NFHA has filed complaints against real estate companies located in metropolitan Atlanta, GA (Coldwell Banker “The Condo Store,” Coldwell Banker Marietta, and Re/Max Buckhead); Detroit, MI (Detroit Century 21 Town & Country) and Chicago, IL (Re/Max East-West).

Licensed real estate professionals are fully aware that racial steering is against the law. HUD’s regulations implementing the federal Fair Housing Act state that:
It shall be unlawful, because of race, color, religion, sex, handicap, familial status, or national origin, to restrict or attempt to restrict the choices of a person by word or conduct in connection with seeking, negotiating for, buying or renting a dwelling so as to perpetuate, or tend to perpetuate, segregated housing patterns, or to discourage or obstruct choices in a community, neighborhood or development. (24 CFR Part 14, Section 100.70(a))

Countrywide & ACORN to Help Locate Displaced Homeowners

2006-03-21T15:36:00.000-05:00

The following press release explains the efforts of Countrywide Mortgage and ACORN, who have come together to help locate homeowners who were displaced by Hurricane Katrina.

Countrywide Joins ACORN Initiative to Locate Hurricane-Displaced Homeowners 03/15/2006

HOUSTON, March 15 /PRNewswire-FirstCall/ -- More than six months after Hurricane Katrina, thousands of displaced Gulf Coast homeowners still have not contacted their mortgage lender to discuss their options for postponement of payments and other steps toward personal recovery.

Now, with financial support from the nation's #1 home loan lender, Countrywide Financial Corporation (NYSE: CFC), the Association of Community Organizations for Reform Now (ACORN) has launched a telephone and door-to-door campaign to find evacuees and put them in touch with their lender, whether it is Countrywide or another company. The program was announced on Wednesday in Houston, one of several cities with a high presence of hurricane evacuees. Others included in the program include Dallas, San Antonio, Baton Rouge and New Orleans. The canvassing follows a series of newspaper ads that Countrywide placed last month in newspapers in affected communities across the Gulf Coast states.

The ads encouraged Countrywide customers to call the lender, and also listed the ACORN Housing Helpline as an intermediary for customers of other mortgage companies to contact their lenders. "Countrywide and other mortgage lenders have provided significant assistance to our customers affected by the storms, including suspending mortgage payments and credit reporting," said Michael Gross, Managing Director of Mortgage Servicing for Countrywide. "However, despite our best efforts to reach them, there are still a number of customers who we have been unable to reach, limiting our ability to provide assistance to them. "ACORN has the proven ability to organize and mobilize its membership for community outreach, and we are pleased to support them in this all-out effort to reach hurricane victims and put them in contact with their lender," Gross said.

"ACORN Housing has been able to assist almost all the Katrina Survivors we have worked with in making arrangements with their lender to protect their home and their finances," said Dorothy Stukes, president of the ACORN Katrina Survivors Association. "But everyone needs to get in contact with their lender or ACORN Housing as soon as possible -- and we are going to go out in the community to make sure as many people as possible know they need to act now." In accordance with the guidelines established by Fannie Mae, Freddie Mac, HUD and other entities who own or insure mortgages, Countrywide will continue to offer postponed payments and other assistance to customers in the most devastated areas whose homes remain uninhabitable or who are unable to work. The majority of Countrywide's customers affected by the hurricanes have already contacted the lender to be considered for various forms of assistance including postponement of monthly payments, repayment plans, loan modifications or loan reinstatement. Other lenders are taking similar measures.

But no help is available to homeowners who don't contact their lender, and more than six months after Katrina, time is of the essence for those homeowners. Impacted customers who have not contacted Countrywide since the hurricanes are urged to call a special toll-free hotline set up for this purpose at 877-744-7691.

The ACORN Housing Hotline can help homeowners who are not customers of Countrywide contact and work with their individual lenders at 866-471-2272.
In addition to payment forbearance and other assistance programs designed to help individual hurricane victims, Countrywide and its employees have participated in voluntary hurricane relief efforts and collectively committed about $2 million in financial aid to recovery programs in the Gulf Coast region.

* Source: As ranked for 2005 by Inside Mortgage Finance (Jan. 26, 2006),
Copyright 2006

About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation is a member of the S&P 500 and Fortune 500. Through its family of companies, Countrywide provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services primarily prime-quality loans.

Also included in Countrywide's mortgage banking segment is the LandSafe group of companies that provide loan closing services. Diversified financial services encompass capital markets, banking, insurance, and global, largely through the activities of Countrywide Capital Markets, a mortgage-related investment banker; Countrywide Bank, a banking entity offering customers CDs, money market accounts, and home loan products; Balboa Life & Casualty Group, whose companies are national providers of property, liability, and life insurance; and Balboa Reinsurance, a captive mortgage reinsurance company. For more information about the Company, visit Countrywide's Web site at www.Countrywide.com.

About ACORN
ACORN is the nation's largest community organization of low- and moderate-income families, with over 175,000 member families organized into 800 neighborhood chapters in 80 cities across the country. Since 1970 ACORN has taken action and won victories on issues of concern to our members. Our priorities include: better housing for first time homebuyers and tenants, living wages for low-wage workers, more investment in our communities from banks and governments, and better public schools. We achieve these goals by building community organizations that have the power to win changes -- through direct action, negotiation, legislation, and voter participation. ACORN is an acronym, and each letter should be capitalized. ACORN stands for the Association of Community Organizations for Reform Now.

Fixed Rate Increases to Highest Level Since July 2002

2006-03-15T13:41:00.000-05:00

WASHINGTON, D.C. - The Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending March 10. The Market Composite Index - a measure of mortgage loan application volume was 574.4 - a decrease of 0.2 percent on a seasonally adjusted basis from 575.6 one week earlier. On an unadjusted basis, the Index increased 0.2 percent compared with the previous week but was down 20.4 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index increased by 1.0 percent to 403.0 from 399.0 the previous week whereas the Refinance Index decreased by 1.9 percent to 1583.6 from 1614.4 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which decreased 0.1 percent to 845.2 from 846.1 the previous week, and the Government Index, which decreased 1.4 percent to 122.8 from 124.6 the previous week.

The four week moving average for the seasonally-adjusted Market Index is up 0.1 percent to 575.3 from 574.9. The four week moving average is up 0.5 percent to 401.9 from 400.1 for the Purchase Index while this average is down 0.3 percent to 1593.4 from 1599.0 for the Refinance Index.

The refinance share of mortgage activity decreased to 37.7 percent of total applications from 38.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 28.8 percent of total applications from 27.9 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.42 percent from 6.31 percent, with points decreasing to 1.14 from 1.22 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The 30-year fixed rate is at its highest level since July, 5, 2002 when it was 6.46 percent.

The average contract interest rate for 15-year fixed-rate mortgages increased to 6.06 percent from 5.97 percent, with points decreasing to 1.19 from 1.22 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 5.64 percent from 5.69 percent, with points remaining at 0.96 (including the origination fee) for 80 percent LTV loans.

KeyBank- Mortgage Financing for Cleveland Development Project

2006-03-07T19:17:00.000-05:00

KEYBANK TO PROVIDE CONSTRUCTION AND MORTGAGE FINANCING ON PEROTTI DEVELOPMENT'S NEW LARCHMERE COURT PROJECT

CLEVELAND, February 21, 2006 – With $2 million in construction financing from KeyBank, Perotti Development LLC is set once again to provide sophisticated urban living environments in the Larchmere Boulevard area.
The two-building, 13-unit project is set to open in late summer and already more than half of the townhouses have been sold. KeyBank is also providing mortgage financing for the project, and the City of Cleveland Department of Community Development has made available 15-year, 100 percent tax-abatement for buyers of the townhouses.

“You won’t see a configuration like this anywhere else in the city,” says Tim Perotti, principal of Perotti Development LLC. “We chose Larchmere because it is an excellent neighborhood – a true gem of Cleveland. The units are very close to University Circle as well as Case Western Reserve, University Hospitals and the Cleveland Clinic – organizations that are an engine of growth in Cleveland. People want to live in a cool neighborhood that’s close to work and that’s exactly what we’re giving them.”

A pre-construction open-house last week gave buyers and prospects a chance to talk with the architect and contractor as well as real estate agents and KeyBank mortgage specialists. “We have a passion for the kind of urban renewal made possible through Perotti Development,” says Lisa Oliver, president of KeyBank’s Cleveland District. “Tim and Ned have taken some well-calculated risks
that are making a difference, and we’re happy to be a part of their formula for success right here in our hometown.”

Key and Perotti Development successfully collaborated on the Larchmere Lofts condominiums in 2003 and 2004, with Key again providing construction and mortgage financing. At that time, the project was the first new construction, mid-rise condominium ever built on Cleveland’s east side. Key lends more than $500 million nationwide each year through its community development bank
and recently received its sixth consecutive “Outstanding” awarded by the Office of the Comptroller of the Currency (OCC) for continuing efforts to exceed the terms of the Community Reinvestment Act. By comparison, less than 14 percent of all financial institutions in the United States receive one “Outstanding.”

About Perotti Development LLC-
Perotti Development LLC was founded by brothers Tim and Ned Perotti, who have been involved in residential real estate for over 20 years. They are longtime residents of the Cleveland area, who use their industry experience and knowledge of the City of Cleveland and its neighborhoods to create the type of
innovative, well located, quality housing developments that customers demand.

About KeyCorp
Cleveland-based KeyCorp (NYSE: KEY) is one of the nation’s largest bank-based financial services companies, with assets of approximately $93 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.

US Bank- Master Servicing Ratings 3/2/2006

2006-03-05T17:53:00.000-05:00

U.S. Bank Corporate Trust Services Receives Master Servicing Ratings
NEW YORK--(BUSINESS WIRE)--March 2, 2006--U.S. Bank Corporate Trust Services has received the ratings needed from Standard & Poor's and Moody's to offer master servicing for mortgage-backed transactions. By expanding its product capability in this way, U.S. Bank reaffirms its commitment to the mortgage-backed services (MBS) market and enables clients to receive comprehensive business solutions under one umbrella.
As a master servicer, U.S. Bank will be responsible for trustee reports and for overseeing third party primary servicers. The ratings approvals reflect the readiness of U.S. Bank's master servicing procedures and systems, as well as its overall financial strength, the experience and structure of its management team, and its demonstrated ability to service mortgage loans.
"U.S. Bank is a strong player in the MBS and asset-backed securities business and is known for providing great service. We are excited to add master servicing capabilities to our complete line of products and services available to our mortgage-backed securities clients," said Diane Thormodsgard, president of U.S. Bank Corporate Trust Services.
U.S. Bank Corporate Trust Services is one of the nation's largest providers of trustee services with more than $1.7 trillion in principal outstanding in municipal, corporate, asset-backed and international bonds. In addition, it provides paying agent, escrow agent and document collateral services through its network of 47 offices nationwide. U.S. Bank Home Mortgage is the 15th largest mortgage servicer in the country, servicing approximately 750,000 loans with $86 billion outstanding.
U.S. Bancorp (NYSE:USB), with assets of $209 billion, is the 6th largest financial holding company in the United States. The company operates 2,419 banking offices and 5,003 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.
CONTACT: U.S. BankAmy Frantti, 612-303-0733SOURCE: U.S. Bank

Third Federal - Five Star Rating

2006-03-03T20:16:00.000-05:00

THIRD FEDERAL MAINTAINS TOP FINANCIAL RATING FOR 16 YEARS
Your Money's Safer at Third Federal Savings and Loan, According to National Bank Soundness Rating Service.
January 25, 2006 Third Federal joins an elite group of the nations' banks, according to Bauer Financial, a nationally recognized bank soundness rating organization. That's because Third Federal has maintained a Bauer five star rating (the highest rating) for every quarter for 16 years, which is as long as the rating service has been in business. According to Bauer officials, fewer than 10 percent of the nation's financial institutions are able to maintain a five-star superior rating for such a sustained period of time. Bauer Financial, a nationally recognized bank soundness rating organization headquartered in Florida, bases its ratings on a financial institution's capital adequacy, asset quality and stability, among other criteria. Anyone can check Third Federal and other financial institutions' ratings on the internet by going to the Bauer web site at www.bauerfinancial.com. Third Federal Savings and Loan Association, named for five years to the Fortune list of 100 Best Companies to Work for, is a leading provider of savings and mortgage products. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal is dedicated to serving consumers with competitive rates and outstanding customer service. Third Federal, an equal housing lender, serves customers in Northeast Ohio from 26 branches and eight lending offices in Central and Southern Ohio, and from 14 branches throughout Florida. As of December 31, 2005, Third Federal had total assets of $8.6 billion. Third Federal can be reached toll-free by calling 1-888-844-7333.

ING Retirement Investment Decisions (2-27-2006)

2006-03-01T19:03:00.000-05:00

Emotions and Human Impulses Drive Retirement Investment Decisions
Can Compromise Long Term Retirement Security; Yet, Employers Can Provide Help
Hartford, CT & Orlando, FL - February 27, 2006 - ING, a global financial services leader, today released a report entitled Psychology, Emotion, Investing and Retirement: Exploring Participant Behavior in Defined Contribution Plans that examines a growing body of data that sheds light on how human psychology and emotion can cause barriers to adequately preparing for retirement financial security. However, employers can play an important role in providing employees resources to help make better retirement savings decisions.
The report examines how these emotional behaviors can impact an investors investment decisions and discusses some of the solutions that employers can make to encourage “good” behavior by employees that participate in their employer-sponsored retirement plans.
The tenets of behavioral finance, a discipline that combines the cold analytics of finance and investing with the human element of emotion, indicate there are emotional reasons that cause people to make mistakes in retirement plan investing.
Common emotional and behavioral drivers include:
Procrastination and inertia – While most people know they should contribute to their workplace retirement plan, many put off doing so. Others who do participate in an employer-sponsored retirement plan, are simply not saving enough.
Information Overload and Analysis Paralysis – When there are too many choices -- both in the “real world” and within a retirement savings plan – people may be overwhelmed, and make no choice at all, which could have detrimental effects for retirement planning.
Irrational Investment Decision Making – Rather than using analytical tools, many people invest based on “irrational biases,” such as arbitrary rules of thumb, familiarity, overconfidence, and fear of loss.
“The power of emotional behaviors and their impact on how individuals invest cannot be underestimated,” said Brian Haendiges, senior vice president, ING Defined Contribution. “But there are ways for companies to help their employees make better decisions when it comes to investing in their workplace retirement plan.”
“For employers, there’s a new dynamic to building, implementing, communicating and managing defined contribution plans, such as 401(k)s, 403(b)s and 457 plans, given the vastly expanded role they are being called upon to play in helping employees plan for their future retirement income.”
The various emotions and human impulses can negatively effect how participants invest including:
Poor diversification -- participants have poor diversification with respect to equity exposure. Younger workers tend to invest too conservatively (do not invest enough in equities), and older workers tend to invest too much (too aggressively).
Rebalancing – revisiting allocation across asset classes four to eight times per year tracks with a greater instance of beating the S&P 500. Yet 68 percent of those studied did not rebalance at all. Only 12 percent rebalanced the optimal number of times (four to eight).
Fund Choice – over the longer-term period studied (five years), the participants who most significantly outperformed the S&P 500 Index invested in between six and 15 funds. Yet the average number of funds used by 401(k) participants was just 4.1.
Asset Allocation – Over both the three and five year period, investors who included an asset allocation fund in their portfolio were significantly more likely to beat the S&P 500 than those who did not. Yet just 34 percent of the investor population uses these funds.
The report discusses various elements employers can use in their Defined Contribution plan to help their employees make better retirement plan investment decisions. Plan design elements such as an employer match, automatic enrollment, contribution increases, the inclusion of a target date or lifecycle funds and a limited fund selection can help participant make beneficial decisions. Additionally, regular, ongoing and simple communication (versus simply relying on traditional “education / enrollment meetings”) about retirement plan investing – not just at one point in time – may help employees feel good about participation decisions and help them understand their options and help them make the appropriate investment decisions.
“The solutions proposed in this report each have the potential to improve the retirement preparedness for participants of employer sponsored retirement plans, “ said Haendiges. “ING recognizes the need to work closely with employers to continue to look for new ways to help them, help their employees make the right decisions when it comes to investing for retirement.”

GreenLight Press Release 01/2006

2006-02-24T16:34:00.000-05:00

WELLS FARGO HOME MORTGAGE, GREENLIGHT FINANCIAL SERVICES AND FREDDIE MAC LEAD EFFORT TO STREAMLINE eMORTGAGE TRANSACTIONS

FiServ, MERS, VMP Mortgage Solutions, Veri-docs.com, Join Effort to Jumpstart Era of Paperless Mortgages

DES MOINES, IA − Jan. XX, 2006, − Wells Fargo Home Mortgage announced today that it has successfully sold an eMortgage to Freddie Mac. The secondary market transaction was completed with the assistance of a team of technology companies that will provide digitally encrypted electronic documents, settlement services, closing and eDocument custody services. This is the first of several eMortgages Wells Fargo Home Mortgage will process during the next several months with Greenlight Financial Services. Freddie Mac and Wells Fargo Home Mortgage officials said the transaction using the Mortgage Industry Standards Maintenance Organization (MISMO) XML data standards holds the promise to reduce total mortgage origination and processing time."We're extremely pleased with the progress we're making to create a better and faster mortgage lending process for the home buyer," said Eric Stoddard, an executive vice-president at Wells Fargo Funding, the correspondent division of Wells Fargo Home Mortgage. "This is the next stage in the mortgage closing process, and wouldn't be possible without the collaboration of our technology and financial service associates."Freddie Mac, one of the nation's largest investors in residential mortgages, has been a long-time advocate for streamlining the home-lending process through the widespread adoption of a paperless electronic mortgage technology. "Today's announcement shows the potential time and financial savings that eMortgages can provide to America's borrowers and lenders," said Joseph Smialowski, executive vice-president of Freddie Mac Operations and Technology Division. "It underscores the reality that eMortgages succeed when a team of providers works together so our lenders can get the most from each new innovation, no matter who developed it." The latest milestone in the "paperless" revolution began on Dec. 14, 2005, when the Irvine, Calif.,-based Greenlight Financial Services, one of the leading direct-to-consumer mortgage lenders, electronically originated a single family mortgage using Freddie Mac's Internet-based automated underwriting service, Loan Prospector.com. Veri-docs.com, the settlement agent, then used Fiserv's eLending closing room to electronically close the eMortgage using electronic documents developed by VMP Mortgage Solutions, Inc. Wells Fargo Funding purchased the eMortgage from Greenlight Financial Services and, in turn, sold it to Freddie Mac after the loan was certified by Wells Fargo Document Custody. "The ability to expedite transactions electronically is the perfect extension to our online business, which draws customers seeking a streamlined lending experience," said Stacey Sommer, Senior Vice President of Greenlight Financial Services. "Our customers are very enthusiastic about the speed and ease that this technology brings to the lending process."Fiserv is the e-vault vendor, and provided the connection to MERS® eRegistry, which identifies the owner and custodian for registered eNotes. Wells Fargo Document Custody is the custodian of record in the registry. This is the first electronic transaction where a third party custodian has been involved in an eMortgage transaction on the MERS® eRegistry.[A great quote from MERS goes here.]Both Wells Fargo Home Mortgage and Freddie Mac are pleased with the results of the process test."There's still a great deal of fine-tuning to be done," said Stoddard, "but we're clearly on the path to developing the environment to create and sell e-notes throughout the industry.""We were able to work through many critical technology and process issues, which has accelerated our publication of our eMortgage purchasing standards - which we are publishing WHEN," said Smialowski. Freddie Mac received the first eMortgage on Oct. 2, 2000, the day after the federal E-SIGN law took effect and ushered in the possibility of using electronic documents for consumer financial transactions. Since then, Freddie Mac, Wells Fargo Home Mortgage and the mortgage industry have worked to develop uniform standards through MISMO to guide the development and implementation of eMortgage technology.About Freddie MacFreddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage pass-through securities and debt instruments in the capital markets. Over the years, Freddie Mac has made homeownership possible for one in six homebuyers and more than two million renters across America. For additional information about Freddie Mac, see the company's Web site: www.freddiemac.com About Greenlight Financial ServicesGreenlight Financial Services (www.greenlightloans.com; 866-66-FASTER) has become one of the fastest growing direct-to-consumer mortgage lenders in the industry; providing a combination of advanced technology, competitive interest rates, and outstanding customer service. Greenlight originates first and second mortgages, as well as equity lines of credit. Founded in 2001, Greenlight Financial Services is headquartered in Irvine, California.
About Wells Fargo Home MortgageWells Fargo Home Mortgage is the nation's No. 1 retail mortgage lender* and one of the country's leading servicers of home mortgages. Wells Fargo Funding is the correspondent business line of Wells Fargo Home Mortgage. It is the nation's second largest correspondent lender, with a client base of over 1,000 banks, thrifts and mortgage lenders in all 50 states. Wells Fargo Home Mortgage, which is celebrating its centennial in 2006, operates the country's largest mortgage network from nearly 2,400 mortgage and Wells Fargo banking stores and the Internet. Based in Des Moines, Iowa, it services loans for more than 5 million customers nationwide.Wells Fargo Document Custody is the nation's No. 1 document custodian based on number of files held. It has been in business for more than 30 years. Based in Minneapolis, it holds loans for more than 200 customers nationwide.

Wachovia Press Release 2/22/2006

2006-02-22T18:34:00.000-05:00

February 22, 2006 INCREASED SOCIAL SECURITY AWARENESS DRIVING MANY CONSUMERS TO PLAN AND SAVE MORE FOR RETIREMENT Wachovia's Retirement Fitness Survey Reveals Link Between Social Security Awareness and Retirement Preparation
CHARLOTTE, N.C. – While many consumers continue to express a great deal of uncertainty and worry about how well they are preparing for retirement, concern over Social Security has led to additional planning, saving and investing for retirement, according to a new Wachovia survey.
Wachovia's annual Retirement Fitness Survey revealed that more than 80% of consumers said Social Security will be important to their own retirement well-being, yet nearly half are not confident that it will be available to them when they retire.
As a result, 51% of consumers say they are making changes to how they prepare for retirement. Those changes include increasing their retirement savings in 401(k) plans and IRAs, planning more precisely, investing in alternate investments like real estate and working with a professional advisor.
“People are realizing more and more that they have to take their retirement well-being into their own hands,” said Bob Reid, president of Wachovia’s Retirement and Investment Products Group, adding that 18% of consumers have lowered their lifestyle expectations in retirement. “The headlines around Social Security issues and pension cutbacks have caused more individuals to look in the mirror and consider their own retirement situations.”
In recent years, the future of Social Security has been a topic of national debate, and several companies have announced plans to freeze their pension plans. In his State of the Union address, President Bush called on Congress to create a commission to examine the full impact of baby boom retirements on Social Security.
Wachovia's annual Retirement Fitness Survey examined consumers' emotions along with their actions, or what they are doing to prepare for retirement. The national survey of 2,100 consumers follows Wachovia's inaugural Retirement Fitness Survey released in 2005.
While more consumers are responding to issues over Social Security, the number of those who are concerned about retirement is similar to the initial survey. More than half of consumers expressed uncertainty (58%), worry (55%), or fear of making a mistake (50%) when preparing for retirement. Also, 43% reported feeling overwhelmed, saying there are too many choices of where and how to invest, the market requires constant monitoring or they can’t afford to save. Women, on average, were more likely to express one of these emotions.
“People are still very concerned about where they are in the planning cycle, especially considering the fact that they must plan and save for longer years in retirement,” Reid said. “Increased longevity, combined with concerns over retirement savings, have created a new retirement reality for many people.”
Consumers were asked in the survey to provide tips to help others get in better retirement shape. Their top responses included talking to an advisor (16% of respondents); setting up automatic deductions or direct deposits into accounts (12%); depositing small amounts of money every month (12%); contributing to an IRA 0r 401(k) (11%); and budgeting and tracking expenses to find money to save (8%).
Four retirement fitness categories were developed based on results from the survey. A short Retirement Fitness Quiz is available at http://www.wachovia.com/retirement to help individuals determine their category. The fitness categories include:
At the starting line (31%). Consumers in this group are concerned about saving for retirement and may not be doing enough to prepare. More than the other groups, they feel uncertainty, worry and fear.
Looking fit (9%). Consumers in this group are concerned about saving for retirement but they appear to be on the right track. Their main concern is feeling overwhelmed with too many choices of where and how to invest.
Fitness evaluation may be useful (29% of respondents). Consumers in this group are not as prepared for retirement as some of the other groups, but they also are not as concerned.
Peak Performer (31%). Consumers in this group are not as concerned about their retirement savings and appear to be on the right track. More than the other groups, they feel confident, hopeful and involved.
Wachovia's Retirement Fitness Survey was conducted by Evanston, Ill.-based Richard Day Research, Inc. (RDR). The results are based on online interviews with 2,100 consumers nationwide, ages 35-64 with household income or household investable assets greater than $75,000.
The consumer survey is part of Charlotte-based Wachovia Corporation’s ongoing, companywide focus on the retirement planning market for individuals and institutions. Wachovia offers consumers a complimentary retirement consultation through its more than 3,100 Financial Centers. Consumers also can speak to trained and licensed retirement specialists by calling Wachovia's Retirement Resource Center at 888-840-2517. In addition, Wachovia Securities offers detailed planning tools through its sophisticated EnvisionSMinvestment-planning process1.
The Retirement and Investment Products Group, a division of Wachovia's Capital Management Group, consists of retirement products and services for retail and institutional customers. Wachovia's Capital Management Group includes the Retirement and Investment Products Group, Wachovia Securities retail brokerage business, Evergreen Investments asset management business and the Securities Lending business.
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with banking operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $520.8 billion, market capitalization of $82.3 billion and stockholders' equity of $47.6 billion at December 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve more than 13 million household and business relationships primarily through 3,131 offices in 15 states and Washington D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 719 offices in 49 states, Washington D.C., and six Latin American countries. The Corporate and Investment Bank serves clients in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through wachovia.com.
1Unlike financial planning, Envision does not include a detailed analysis of insurance, real estate investment or savings strategies. It also does not cover estate and tax planning
Wachovia Securities is the trade name under which Wachovia Corporation provides brokerage services through two registered broker-dealers: Wachovia Securities, LLC, member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, member NASD/SIPC. Each broker-dealer is a separate non-bank affiliate of Wachovia Corporation.

Quicken Loans Press Release 2/10/2006

2006-02-18T19:41:00.000-05:00

Home prices have gone up, mortgage rates have risen, and the rate of home appreciation has slowed. Houses are sitting on the market longer and investors are shying away because it's harder for them to sell their properties, let alone make a profit these days.
Even home builders are becoming more competitive to get homes sold. According to the National Association of Home Builders, 40 percent of builders were offering non-price incentives in December--anything from free home upgrades to free landscaping to free flat-screen TVs.
It has become a buyer's market. So what's a seller to do?
Change Your Expectations The bubble hasn't burst, but the market has certainly slowed. Expect that you won't be able to sell your home right away. You also might not be able to make as much of a profit off the sale as you would have six months ago. So be prepared to drop your asking price more than you expected or price your home slightly below what comparable homes in your area have sold for recently.
Consider Paying the Buyer's Discount PointsInstead of lowering your asking price, you might also think about paying the buyer's discount points. If you're flexible enough to help the buyer with his interest rate and tax bill, that could go a long way to getting your home sold faster.
One discount point will lower the buyer's mortgage rate one-quarter percent. The buyer gets a lower monthly payment while being able to deduct the discount points from their income taxes; the selling agent and the buying agent get bigger commissions; you get your asking price and everybody wins.
Dis-ARM YourselfIf, after much consideration, you decide not to sell your home, consider refinancing. If you have an adjustable rate mortgage that's going to adjust soon, it will probably adjust to a rate that's higher than you could get on a fixed-rate mortgage. So why not "dis-ARM" yourself and refinance to a fixed rate? You'll be saving yourself from the headache of higher monthly mortgage payments.
As a seller, it's possible you may not make as large a profit off the sale of your home as you would have a year ago. And your home might not sell as fast as you'd like. But you can get around dropping your asking price in favor of paying the buyer's discount points, a tactic that should make all parties happy.

Washington Mutual Press Release 2/15/2006

2006-02-16T16:45:00.000-05:00

Washington Mutual Consolidates Home Loan Support Offices
SEATTLE--(BUSINESS WIRE)--Feb. 15, 2006--Washington Mutual Inc. (NYSE:WM), a leading provider of financial services to consumers and small businesses, today announced that it would consolidate the network of processing offices that provide administrative support to its home loan businesses from 26 to 16 offices.
The action is in keeping with strategies the company outlined at its annual investor conference last November to revamp its back office operations from one shaped by acquisitions to one that reflects current business needs while increasing efficiency companywide. Those strategies include consolidating real estate and moving back office functions to lower cost domestic and offshore locations.
In addition, this action reflects the company's ongoing focus on adjusting the cost structure of its home loans business and effectively managing capacity to better match current and anticipated mortgage market conditions.
The consolidation of these offices will result in the elimination of approximately 2,500 jobs. Work volumes from the impacted locations will be shifted to 16 remaining Washington Mutual home loan support offices, including Irvine, California; suburban Chicago; and Jacksonville, Florida. The job reductions announced today will be partially offset by new hiring at these locations.
While Washington Mutual continues to drive efficiency through consolidation of support service locations and other initiatives, it will also execute strategies designed to fuel profitable growth, including increasing the number of locations dedicated to sales and customer service. Last week, the company confirmed plans to open 150 to 200 new retail banking stores nationally in 2006.
With a history dating back to 1889, Washington Mutual is a leading provider of financial services to consumers and small businesses. At December 31, 2005, Washington Mutual and its subsidiaries had assets of $343.12 billion. Washington Mutual currently operates more than 2,600 retail banking, mortgage lending, commercial banking, and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamunewsroom.com.

Abn Amro Press Release 1/9/2006

2006-02-12T12:58:00.000-05:00

Amsterdam, 09 January 2006
ABN AMRO to receive 2006 Gold Medal for International Corporate Achievement in Sustainable Development
The World Environment Center (WEC) announces today that ABN AMRO will receive the Gold Medal Award for International Corporate Achievement in Sustainable Development in recognition of its leadership in sustainability. The WEC Gold Medal Award will be presented to ABN AMRO on Friday 12 May 2006 in Washington, D.C. (United States). An independent jury elected to honour ABN AMRO with its 22nd annual Gold Medal award because of the Group's leading role in the creation and implementation of the Equator Principles. The Equator Principles are a voluntary set of guidelines for determining, assessing and managing social and environmental risk in project financing. The principles are based on the policies and standards set by the International Finance Corporation (IFC). ABN AMRO spearheaded the development and implementation of the global program in the private sector. As a result, more than thirty international banks representing 80% of project financing in the world have agreed to adopt the Equator Principles. "The award is a confirmation of ABN AMRO's efforts and achievements in sustainable development and reaffirms our commitment to continuing to promote sustainability actively across our industry and in the wider business world," said Rijkman Groenink, Chairman of the Managing Board of ABN AMRO. The WEC believes that the broad adoption of the Equator Principles will have a global impact on sustainable development. "The Equator Principles define precisely how financial institutions should contribute to sustainable development; through assessing projects on social and environmental criteria in order to lend responsibly" said Gold Medal Jury Chairman Dr. Joel Abrams, Professor Emeritus of the University of Pittsburgh. About the Gold Medal for International Corporate Achievement in Sustainable DevelopmentThe World Environment Center 'Gold Medal for International Corporate Achievement in Sustainable Development' was established in 1985 to recognize pre-eminent industry leadership initiatives and contributions to worldwide environmental quality and sustainable development. The WEC Gold Medal is awarded annually by an independent Jury comprised of international experts from academia, government, industry and non-governmental organizations.About the World Environment CenterThe World Environment Center (WEC) is an independent, not-for-profit, non-advocacy organization. Working with the private sector, international organizations, non-governmental organizations and academia, the WEC promotes sustainable development by encouraging leadership, improving health and safety practices worldwide, and fostering the efficient use of natural resources to protect the global environment. The WEC supports its mission through three central programs: the International Environment Forum (IEF); the WEC Gold Medal Award; and Capacity Building for the Environment programs.

Wells Fargo Press Release 2/7/2006

2006-02-10T17:06:00.000-05:00

Wells Fargo Receives Highest Possible Rating for Community Reinvestment Wells Fargo Bank, N.A. receives “Outstanding” rating
San Francisco — February 7, 2006
Wells Fargo & Company (NYSE: WFC) said today that Wells Fargo Bank, N.A. received an “Outstanding” rating – the highest regulatory rating possible – in its most recent Community Reinvestment Act (CRA) examination by the Office of the Comptroller of the Currency (OCC). Wells Fargo Bank, N.A., which serves more than 10 million households in 23 states, met and exceeded community needs in areas such as affordable housing, financial education and small business lending.
The Community Reinvestment Act of 1977 requires banks to meet the credit needs of all the communities where they do business, especially low-to-moderate income communities and families.
“Community reinvestment is integral to our business because it helps ensure the success of every neighborhood we serve,” said John Stumpf, President and Chief Operating Officer. “For Wells Fargo it’s important not only that we meet the guidelines set forth by the OCC, but also that we exceed them. We believe it’s the right thing to do for our communities – it’s just good business!”
Wells Fargo received an overall “Outstanding” rating, and also was rated “Outstanding” in each of the exam’s three Test categories:
Lending (mortgages, small business, and community development for affordable housing and economic development);
Services (retail banking stores, alternative delivery channels, and financial outreach), and;
Investments (funding capital and grants to community organizations).
The examination period included CRA performance from Oct. 1, 2001 through Sept. 30, 2004.
In the Lending Test category, which represents half of the rating, the OCC said Wells Fargo “dominated the markets for mortgage and small loans to businesses in most of its assessment areas.” It also said Wells Fargo’s distribution of small loans to businesses among geographies of different income levels, including low- and moderate-income communities, was “Excellent” and that the Bank’s distribution of small business loans among businesses of different revenue size was also “Excellent.”
The OCC rated Wells Fargo’s mortgage lending among various geographies and borrowers of different income levels as “Good.” It said Wells Fargo’s use of flexible mortgage products, including down payment assistance programs, strengthened the Bank’s efforts to meet the credit needs in its markets. It specifically noted:
National Home Ownership ProgramSM: Qualified homebuyers are not required to make a down payment or have traditional credit history. Moreover, the loan allows homebuyers to use some secondary income, including cash-based income, for qualifying purposes.
Community Development Mortgage Program: Offers special loan advantages to help make homeownership a reality for low- to moderate-income community members. The program provides financing to homebuyers who may have higher debt to income ratios, and/or the need for down payment requirements. There is no mortgage insurance required.
The OCC said Wells Fargo’s CRA performance was due in part to the volume and nature of its community development lending for low-to-moderate income individuals, affordable housing, rehabilitation financing and economic development. During the exam period, Wells Fargo financing enabled developers to create or retain 22,000 affordable living spaces in a number of markets.
In the Investment Test category, the OCC rated Wells Fargo’s investments and charitable contributions totaling over $725 million as “Outstanding,” reflecting “an excellent level of responsiveness to the needs of its markets, especially affordable housing.” It said “in many markets, the bank has been a leader in developing and participating in complex investments” involving a number of businesses and functions across the Company, including Wells Fargo Community Development Corporation, Wells Fargo Foundation and its Wells Fargo Housing Foundation.
In the Service Test category, the OCC said Wells Fargo demonstrates “excellent responsiveness” to the banking needs of communities and individuals of different income levels through retail delivery systems and community development services such as Wells Fargo’s bi-lingual online financial literacy program, Hands on Banking®. The OCC specifically noted Wells Fargo’s range of services to the traditionally un-banked Hispanic population including the Company’s leadership in accepting the Mexican Matricula Consular identification card for opening new banking accounts and its low-fee InterCuenta Express wire transfer service to Mexico.
Wells Fargo & Company is a diversified financial services company with $482 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, “Aaa,” from Moody’s Investors Service.

Ameriquest Press Release 1/23/2006

2006-02-07T09:10:00.000-05:00

ORANGE, Calif., January 23, 2006 – ACC Capital Holdings Corp (“ACCCH”), parent of Ameriquest Mortgage Co., announced today an agreement with a committee of state Attorneys General and financial regulators representing a final resolution to an inquiry about Ameriquest’s lending practices. Under the agreement, Ameriquest will implement a series of measures to enhance the company’s business practices while continuing to help consumers meet their mortgage financing needs.
The company acknowledged no wrongdoing and there are no restrictions or limitations on the company’s licenses.
As part of the agreement, ACCCH subsidiaries Ameriquest Mortgage Company, AMC Mortgage Services and Town & Country Credit Corporation (referred to collectively as “Ameriquest”), will strengthen their standards, policies and practices, taking a number of steps to better inform consumers and to eliminate potential conflicts of interest in the loan origination and funding processes.
“Doing the right thing for the people we serve has always been one of our core values. We regret those occasions when our associates have not met this ideal to our customers’ expectations,” said Aseem Mital, chief executive officer of ACCCH. “This agreement is good for consumers and fair to the company. It provides a framework for new lending policies that improve and enhance our ability to serve our customers and are a model for the industry.”
Under the agreement, ACCCH has allocated $295 million over the next year to compensate borrowers. The funds will be designated for borrowers who obtained loans from Ameriquest between January 1, 1999 and December 31, 2005. In addition, the company will provide $30 million to reimburse the states for legal fees and other costs related to the states’ inquiry. Distribution of the funds will be handled by an independent settlement administrator.
In addition to its financial commitment, the specific steps Ameriquest has agreed to take include:
Ensuring that borrowers receive a simple one-page form clearly describing all loan terms at least three days before closing.
Centralizing the appraisal process and instituting random selection of appraisers.
Requiring sales associates to follow approved scripts to describe loan terms and conditions and ensure that competitive claims regarding interest rates are accurate.
Implementing measures requiring customers to sign a statement at closing certifying that the information they provided to Ameriquest regarding their stated income is true and correct.
Ensuring that Ameriquest will only refinance a non-prime loan if there is a benefit to the borrower.
Using third-party closing agents to help prevent conflicts of interest.
Ameriquest also implemented a series of policies and programs as part of its best practices efforts prior to the agreement. This agreement reaffirms those enhancements, including:
A mystery shopper program, which the company implemented in 2005, that independently verifies that branch associates are adhering to company policies and procedures.
A “Same Rate” or risk-based pricing policy that the company established in 2003, which prices loans by a precise formula-driven model that uses objective measures of an individual’s credit worthiness.
A quality-based compensation system that the company implemented in 2005, which promotes the fair treatment of customers by including customer satisfaction and loan quality measures in the employee compensation equation.
A whistleblower program that the company launched in 2004, which encourages associates to report inappropriate conduct.
Spanish language loan documents and "Spanish certified" associates available in designated branches to assist Spanish-speaking consumers, continuing a program which has been in place since 2004. The company will now also provide loan documents in any other language in which it advertises in the future.
In addition to the company’s internal monitoring, the agreement calls for the creation by the states of a compliance committee, which will oversee the agreement. An outside firm will also be hired to monitor compliance with the agreement over the next five years.
“Ameriquest worked cooperatively with the states to develop an agreement and ongoing policies that will serve as a model for the industry,” said Florida Attorney General Charlie Crist. “We applaud their willingness to engage with us constructively on these issues and we urge others in the industry to adopt these improved practices.”
“We’ve always had zero tolerance for inappropriate practices,” Mital said. “Where we’ve found mistakes, we’ve worked hard to fix them. We’re now putting in place even more stringent standards and institutional safeguards to ensure that our practices meet or exceed our customers’ expectations. At the same time, Ameriquest remains on a solid financial footing and we’re well positioned to move forward with our plans for disciplined, orderly growth. In fact, we believe these customer friendly measures will help us earn the trust of even more consumers and allow us to compete even more effectively for their business.”
“The commitment of Ameriquest’s management team to get to the root of our concerns was clear from day one,” said New Mexico Attorney General Patricia Madrid. “This agreement is the result of a collaboration that will benefit consumers by increasing and improving the information borrowers receive about their loans and strengthening the lending process.”
“Ameriquest is proud of the role it has played in bringing down the cost of home loans and making credit available to millions of Americans,” said Adam Bass, senior executive vice president and vice chairman. “We will continue to help improve the quality of peoples’ lives by being a national leader in providing home financing options that meet their needs.”

Elizabethtown

2005-10-14T16:04:00.000-04:00

A young man in need of a fresh start gets one under highly unexpected circumstances in this emotionally resonant comedy drama from writer and director Cameron Crowe. Drew Baylor (Orlando Bloom) is considered the big success story in his family, having moved away from the small Kentucky town where he was born to California, where he works as a designer for Mercury, the nation's biggest athletic shoe company. But success has begun to elude Drew -- his most recent design was a resounding flop that has cost him his job, and his girlfriend, Ellen (Jessica Biel), has given him his walking papers. Drew is contemplating suicide when he gets word that his father has died, and that he's needed back home in Elizabethtown, KY, to help organize the funeral. With his mother, Hollie (Susan Sarandon), deep in denial about her husband's passing, Drew comes home to discover no one knows about his recent poor fortune, and he's greeted like a conquering hero. As Drew reconnects with his family and helps his sister, Heather (Judy Greer), look after Hollie, Drew gets a new lease on life and is reminded about what's really important to him. Helping him learn these valuable lessons is Claire Colburn (Kirsten Dunst), a pretty and optimistic flight attendant Drew meets on his flight home who has her own philosophies about positive thinking and the curative powers of travel. Elizabethtown also stars Alec Baldwin, Paul Schneider, Bruce McGill, Loudon Wainwright III, and Paula Deen. ~ Mark Deming, All Movie Guide

Complete Cast
Orlando Bloom - Drew Baylor
Kirsten Dunst - Claire Colborn
Susan Sarandon - Hollie Baylor
Judy Greer - Heather Baylor
Jessica Biel - Ellen Kishmore
Alec Baldwin - Phil
Paul Schneider - Jessie Baylor
Paula Deen - Aunt Dora
Loudon Wainwright III - Uncle Dale
Bruce McGill - Bill Banyon
Gailard Sartain
Allison Munn

Bush plan to aid health coverage

2005-02-03T23:00:00.000-05:00

By SIOBHAN MCDONOUGH
ASSOCIATED PRESS WRITER

WASHINGTON -- President Bush will propose about $140 billion in new spending over the next decade to help more people get health insurance, Health and Human Services Secretary Mike Leavitt said Thursday.

Of the total, he said, $10 billion would go toward covering more children through Medicaid and the State Children's Health Insurance Program, which focuses on children of the working poor.

Leavitt said an additional 12 million to 14 million Americans could get access to health insurance over the next 10 years.

The government estimates that 45 million people currently lack health insurance. Of those, 8.4 million are children, according to the latest census figures.

Meeting with reporters, the new health secretary outlined some of his goals. "The job here the president has given me is to help Americans live longer and healthier but to do it in a way that allows us to maintain our economic competitiveness," he said.

The department says that Medicaid is expected to grow at a rate that will exceed 7 percent a year over the next 10 years.

Leavitt said there are ways to wring nearly $60 billion in savings in the program over 10 years. Those include:

-$15 billion, by changing the formula that Medicaid uses to purchase drugs - from average wholesale price to something closer to the average sale price. This would require a new law.

-$4.5 billion, by no longer allowing middle-class people to shift their assets and have Medicaid pay for nursing home care.

-$40 billion, by preventing states from using accounting "gimmicks," such as double-dipping, to maximize their reimbursement.

Double-dipping is when states overpay providers, get the overpayment returned to them and spend the same dollars a second time.

Most states have employed these "gimmicks," but Leavitt declined to say which ones. He said that, where he was governor for 11 years, was not one of those states.

Leavitt said he understood that governors are under pressure to meet their budgets. But he said the practice of shifting this money - described as a shell game in which the federal government repays states for money that supposedly was spent - is unfair.

Leavitt has recently spoken to several governors on the issue. He described the conversation as "awkward" but necessary.

The National Governors Association has acknowledged problems with the states' stewardship of Medicaid, including the transfers of money between them.

"We agree that maintaining the status quo in Medicaid is not acceptable," the group said in a letter. "However, it is equally unacceptable in any deficit reduction strategy to simply shift federal costs to states."

The group did not want to comment until reviewing details of the budget.

Medicaid, paid jointly by Washington and the states, is expected to cost the federal government about $190 billion this year.

Bush's budget proposal will be released Monday. He has said he will look to control popular benefit programs to save money. Programs such as Medicaid are among the biggest and fastest-growing parts of the budget, but are also popular and difficult for politicians to cut.

Mortgages rates- Interest.com. Compare current interest loan rates for mortgage programs and lenders

2005-02-03T15:16:00.000-05:00

Feb. 3--Mortgage rates won't start galloping upward. And home prices won't start retreating downward, even with the Federal Reserve threatening more interest rate hikes after making their sixth one of eight months on Wednesday That's the word from Scott Simon, head of the mortgage team at Pimco, the Newport Beach bond traders managing $445 billion in assets.

Simon noted that almost every word of the Federal Reserve's statement that accompanied their rate hike on Wednesday was the same as in their last two statements.

The hike also was identical to five previous increases.

"So (Wednesday's) announcement didn't really change much," he said.

Simon believes that mortgage rates -- currently averaging at 5.2 percent for a 30-year fixed loan -- will remain low, rising no more than 1 percentage point in the next year.

Pimco officials predicted in December that the Fed would rest after Wednesday's increase in its influential Fed funds rate to 2.5 percent.

But Pimco now believes the Fed may go as high as 3.5 percent.

"They've pretty much signaled that they'll keep going," Simon said.

Mortgage buyers carefully eye the housing market because they want to make sure the collateral underlying the loans they own is intact.

Home prices nationwide will continue rising in 2005, Simon said.

Appreciation will slow to zero by 2006, but Simon warns that prices may fall for overpriced top-end homes.

Simon worries that many people buying homes at today's record prices may be borrowing beyond their means.

Simon explained that when mortgage rates first dropped a few years ago, buyers could buy bigger houses for the same monthly payment.

"It's not surprising that (house) prices went up so much," he said.

But the buying frenzy didn't stop when the monthly house payments rose beyond the average buyer's means, he said.

Instead, many buyers with marginal credit histories are lowering their monthly payments by postponing paying down the loan balance. These loans also offer discounted starting or "teaser" mortgage rates that go up after two or three years.

Simon figures these borrowers face payments soaring as much as 40 percent after two years at a time when borrowers are "maxed out." Such risky borrowing poses the biggest risk to mortgage buyers like Pimco, who lose money if homeowners default on their loans. So Pimco is being very cautious about the mortgages they are acquiring.

"Our concern is when people use (these risky loans) when they can't qualify any other way," he said.

"They're over-extending credit to people who have the least means to afford it."

Fed lifts interest rates

2005-02-03T08:37:00.000-05:00

Federal Reserve officials raised a key short-term interest rate yesterday and indicated they will continue lifting rates gradually this year to keep inflation in check as the economy grows.

Members of the Fed's top policymaking committee agreed unanimously to nudge the benchmark federal funds interest rate up to 2.5 percent from 2.25 percent.

The action marked the sixth increase of a quarter-percentage point since June, when the group started moving the rate up from 1 percent.

Fed policymakers are generally upbeat these days, indicating in recent remarks that they expect the economy to grow at a healthy pace this year while the job market improves and inflation remains tame.

At 2.5 percent, the rate is still so low it is still stimulating economic growth, the committee said after the meeting in a statement nearly identical to that issued after its previous meeting in December. With the economy now strong enough that it doesn't need that extra push, the Fed wants to raise the rate to avoid fueling inflationary pressures.

But with inflation low, Fed officials think they probably will keep raising the federal funds rate at a "measured" pace, they said in the statement. That means they likely will keep lifting the rate in small steps, of a quarter-point at a time, spread over many months.
At the same time, the group repeated language that emphasized its flexibility to pick up the pace of rate increases if inflation pressures build, or to move more slowly if the economy loses steam.

"The Fed's continuity suggests no plans to alter the thrust of its policy over the next few months," said Peter E. Kretzmer, a senior economist with Bank of America Corp.

The federal funds rate, the interest rate charged between banks on overnight loans, influences many other rates on business and personal loans. Major banks are expected to follow by raising their prime rate for business customers by a similar quarter-point, to 5.5 percent. Many consumer rates tied to the prime, such as on many credit-cards and home-equity loans, may rise as well.

Yet financial conditions have not tightened since the Fed started raising its rate last June, for the first time in four years. Mortgage rates, for example, were slightly lower last week than they were last spring. The national average rate on a 30-year, fixed-rate mortgage slipped to 5.66 percent last week, compared with rates above 6 percent last May and June.

Longer term rates are influenced by the federal funds rate, but ultimately they are determined by the markets in response to the overall demand for capital and investors' inflation expectations. With that demand still relatively mild and inflation expectations low, longer rates have not changed much.

But mortgage rates and other business and personal loans should rise this year as the economy grows and the Fed raises the funds rate higher, analysts say.

Fed officials have not said how far they will raise the funds rate this year and next. Several have said they want to move it closer to a "neutral" level that would neither spur nor slow economic growth, although they disagree about where that point lies. Individual Fed officials have offered various estimates, between 3.5 and 5.5. percent, and generally agree that it varies with economic conditions.

Economists have generally predicted the Fed will keep raising the rate to somewhere between 3 and 4 percent this year, depending on how strongly the economy expands and how inflation behaves. Many analysts predict the Fed will raise the rate again at each of the next two scheduled meetings, in March and May.

Mortgage applications decline in 4 of past 5 weeks

2005-01-31T10:15:00.000-05:00

Bloomberg News
Originally published January 30, 2005

Mortgage applications have fallen for the fourth time in five weeks, reflecting declines in home purchases and refinancing, a private group's survey found. The Mortgage Bankers Association gauge dropped 3.6 percent to 658.1 in the week that ended Jan. 21 from 682.9. The group's purchase index fell 2 percent to 439 and the refinancing measure decreased 5.7 percent to 1932.8.

Both indexes are below last year's averages and suggest the economy won't get as much of a boost from refinancing and home sales this year as it did in the prior two years.

"The housing market's success in 2004 will partially impinge upon its potential success this year," said Ken Mayland, president of ClearView Economics LLC in Pepper Pike, Ohio. "I see a very gradual reduction in activity."

The mortgage bankers survey covers about 50 percent of all retail residential mortgage originations and has been conducted weekly since 1990. The base period is March 16, 1990, when the value for all indexes was 100.

Thirty-year mortgage rates below 6 percent helped make 2004 a record year for home sales. Economists said that though rates are rising, they will likely remain relatively low.

The Federal Reserve's Open Market Committee is expected to raise the federal funds rate a quarter point to 2.5 percent when it meets this week, based on the median forecast of economists surveyed by Bloomberg News.

"Low inflation and the expectation that the Fed will be able to keep inflation low are two reasons to expect that long-term interest rates will remain low," said Stephen Gallagher, chief economist at French bank Societe Generale in New York.

Gallagher predicted that 30-year fixed mortgage rates will rise to between 6.25 percent and 6.5 percent this year.

"When mortgage rates move above 7 percent, we should start to see zero price appreciation," Gallagher said. "That's when the housing market should really develop some weakness."

Refinancing applications have slowed as mortgage rates increased from the low in June 2003. Refinancing's share of overall applications fell to 46.5 percent from 48.9 percent for the week that ended Jan. 21.

Copyright © 2005, The Baltimore Sun

Mortgage rates mostly lower

2005-01-28T14:24:00.000-05:00

NEW YORK (CNN/Money) - Longer-term mortgage rates ticked slightly lower this week ahead of key economic data, Freddie Mac said Thursday.

The average rate on 30-year fixed-rate mortgages eased to 5.66 percent this week, with an average 0.6 of a point payable up front, down from 5.67 percent last week. A year earlier, the rate on the 30-year fixed-rate loan stood at 5.68 percent.

The average 15-year mortgage rate pulled back to 5.14 percent, with a 0.6 percent payable up front, from last week's 5.15 percent. The rate averaged 4.97 percent a year ago.

"Until the market gets a better read of how the economy performed at the end of last year and how the Fed interprets that information, interest rates will likely remain calm," said Frank Nothaft, Freddie Mac vice president and chief economist. "And it should get that read when fourth-quarter Gross Domestic Product (GDP) is released tomorrow."

"Further, the Fed will release its policy statement next week, giving financial markets a better sense of what future actions the Fed may be contemplating. All of this will help determine where mortgage rates will be in the near future."

Elsewhere, five-year adjustable-rate mortgages (ARMs) averaged 5.02 percent, with an average 0.6 point, versus 5.05 percent last week. No data is available for a year-earlier comparison.

One-year ARMs advanced to a 4.18 percent average from 4.11 percent last week. The loans call for 0.8 of a point up front. At this time last year, the one-year ARM rate averaged 3.59 percent.

Freddie Mac's (up $0.43 to $66.08, Research) average mortgage rates are based on a survey of 125 lenders nationwide.

Mental-health patients likely to get equal health insurance coverage

2005-01-28T14:16:00.000-05:00

After eight years of futility, advocates for the mentally ill are primed to finally get equal treatment from health insurance.

So-called mental-health parity is on a fast track in the Democrat-controlled state Legislature, with a vote scheduled for today in the House. Gov. Christine Gregoire has indicated her support. Even opponents are resigned to the law's eventual enactment.

The premise is simple: Psychiatric disorders should be covered by insurance at the same level as physical ailments, with no special caps or extra co-payments. At least 35 other states — as politically disparate as California and Mississippi — already have versions. However, exemptions to the measure could limit who benefits.

The Office of the Insurance Commissioner was unsure yesterday how many people would be covered. But mental-health coverage would be assured for 300,000 public employees, and nearly 100,000 low-income people on the Basic Health Plan, raising state health-care costs by about $2.5 million a year.

Not included under the legislation would be insurance plans for businesses with 50 or fewer employees; self-insured companies, such as Boeing and Microsoft; and plans purchased by individuals. Substance-abuse treatment, marital counseling and residential treatment also would not be covered by the measure.

Federal employees already get parity for mental-health care through a 1996 bill signed by President Clinton.

Health insurers and business groups have fought the state bill with arguments that it would raise premiums for private employers across the state up to 5 percent, and would lengthen the 47-item list of treatments mandated for coverage.

But supporters, including Sen. Karen Keiser, chairwoman of the Senate Health and Long-term Care Committee, dispute such predictions, and argue the impact would be minimal compared with the human toll of untreated illness. The measure, Keiser said, would help her niece, who is mentally ill and has bounced from emergency room to emergency room.

"Every time someone goes through a crisis, they lose a little bit of their soul," said Keiser, D-Kent. "They never come back all the way."

The bill to be voted on in the House today, HB 1154, would phase in from 2006 to 2010 a mandate that psychiatric treatment be covered at the same level as

medical and surgical treatments.

The Association of Washington Health Care Plans, which includes the state's 10 largest insurers, estimates mental-health parity would boost premiums 4 to 5 percent in plans that currently have no mental-health coverage. For plans with some mental-health coverage, the increase would be about 1 percent, said Sydney Smith Zvara, the association's director.

It would be tough for some employers to absorb higher insurance costs after three years of double-digit increases, she said. "On top of the already existing mandates, our purchasers are saying 'enough already,' " she said. "Anytime we add on a mandate, there are employer groups who say they can't provide it and will drop coverage."

Jon Bridge, co-CEO of Ben Bridge Jeweler, voluntarily began offering his 800 employees mental-health parity more than 10 years ago. "It hasn't added any extra costs that I can tell," he said. "It isn't used a lot, but it was something we felt should be provided if you are going to provide medical care."

Mental-health parity has been considered but rejected by the Legislature each session since 1998 because of the stigma attached to mental illness and misperceptions about costs, said Randy Revelle, chair of the Washington Coalition for Insurance Parity.

"There has been a revolution over the last 10 to 15 years in terms of treatment and our ability to manage the costs of mental illness," said Revelle, a former King County executive who has publicly described his own struggle with bipolar disorder.

Almost all insurance plans offered in the state discriminate against the mentally ill, he said, by requiring higher co-pays or allowing fewer days in the hospital than for physical disorders.

Offering parity is sound fiscal policy, Revelle said, citing higher worker productivity and reduced costs of incarceration and emergency care.

Ree Sailors, Gregoire's health-policy adviser, agrees. She cites a study of Fortune 500 companies that links mental-health coverage to fewer employee sick days.

"It's enlightened," she said. "If Fortune 500 companies say we put this in and it's saving us, why wouldn't we want to do it too?

"But the other side is we're in a hell of a mess with revenues and demands," she said. "It's a gruesome task to deal with this $1.8 billion [budget] shortfall."

The bill being voted on today in the House zipped through the Financial Institutions and Insurance Committee nine days after it was introduced. It is scheduled for a hearing in a Senate committee in mid-February.

Mellani McAleenan, of the Association of Washington Business, which opposes the bill, hopes to slow the process by focusing on the financial cost of parity rather than personal anecdotes.

"When you feel so emotional about something, you may not be swayed by the facts and figures," she said. "That's tough, but that's a position we definitely find ourselves in."

Keiser said the bill was not a "slam-dunk" in the Senate, but it has broad support in the Democrat majority. "People down here know how to count heads," she said. "I think it has the best chance ever."

SignOnSanDiego.com > News > Business -- Mortgage rates edge lower

2005-01-28T09:12:00.000-05:00

January 28, 2005

Rates on 30-year mortgages fell for a fourth straight week as investors waited to see what the Federal Reserve will do next week with interest rates.

Freddie Mac's weekly nationwide survey showed that rates on 30-year, fixed rate mortgages averaged 5.66 percent, down from 5.67 percent a week earlier.

Rates on 15-year, fixed-rate mortgages dipped to 5.14 percent from 5.15 percent. Rates on one-year adjustable-rate mortgages rose to 4.18 percent from 4.11 percent. Five-year hybrid adjustable rate mortgages tell to 5.02 percent from 5.05 percent.

The rates do not include add-on fees known as points. The 30-year, 15-year and five-year mortgages each carried a 0.6 point fee. The one-year ARM carried a 0.8 point fee.

Fed policy-makers will hold their first meeting of 2005 on Tuesday and Wednesday and it is widely expected they will increase a key short-term rate for the sixth time since last June, moving it up by another quarter-point.

Associated Press

National City Mortgage and ServiceLink Form a Joint Venture

2005-01-28T09:09:00.000-05:00

MIAMISBURG, Ohio, Jan. 27 /PRNewswire-FirstCall/ -- In a joint statement released today, National City Mortgage, Inc. and ServiceLink, L.P., announced the formation of a joint venture to be known as NationalLink, L.P. NationalLink combines one of the nation's leading residential lenders with one of the leading closing management companies. The new company will be located in Aliquippa, Pennsylvania, which is also where ServiceLink, L.P. is headquartered. National City Mortgage, Inc. is headquartered in Miamisburg, Ohio.

Rick Smalldon, President and COO, of National City Mortgage stated, "NationalLink provides us with a unique opportunity to offer better customer service, cost-savings and efficiencies in our process." The company will provide appraisal, title and closing management services to borrowers on a nationwide basis.

"We are very pleased to have the opportunity to partner with National City Mortgage in the venture," noted Jeff Coury, CEO of ServiceLink. "Our companies share a commitment to creating an outstanding customer experience. NationalLink will focus on compressing the time to close loans while maintaining the ServiceLink quality standard and will operate as a seamless extension of National City Mortgage's loan fulfillment operations."

Pete Krysik, President of National City Abstract, an affiliate of National City Mortgage, began his search for a technology solution to fulfill his closing needs. "In order to control the closing process, I knew that technology was the key. We would have to build it, buy it or partner with a company that has developed it," stated Krysik. To Krysik, the relationship with ServiceLink was the appropriate decision, because of their best-in-class settlement service software and their dedication to customer service. "We determined that creating NationalLink will take us to the next level, something we could not achieve on our own."

NationalLink commenced operations on January 3, 2005.

About National City Mortgage

National City Mortgage (NCM) originates residential real estate loans through National City's more than 1,200 bank branches as well as through a network of more than 500 wholesale and retail offices located in 43 states. These loans are ultimately sold to primary mortgage market aggregators with the servicing of loans retained in the National City family. National City is recognized as one of the top 10 lenders to minorities in the United States as well as one of the top residential originators and servicers nationally. National City Mortgage's Web site can be found at: http://www.nationalcitymortgage.com/ .

About National City

National City Corporation , headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing, consumer finance and asset management. For more information about National City, visit the company's Web site at NationalCity.com.

National City Corporation

RisMedia.com - Mortgage Bankers Are Projecting Strong Economic Growth Through 2007

2005-01-28T09:01:00.000-05:00

RISMEDIA, Jan. 28 – The Mortgage Bankers Association (MBA) is projecting strong economic growth through 2007, with gross domestic product (GDP) growing at a trend rate of about 3.5 percent in real terms annually.

MBA released its long-term economic forecast for 2005, 2006 and 2007 during its annual State of the Real Estate Finance Industry.

"The year 2005 looks to be a strong one, with GDP growing slightly above trend at 3.6 percent, down somewhat from the 4.4 percent growth rate of 2004. This will result in continued strength in employment and a strong but modestly slowing housing market. We see the job market getting stronger, even with continued strong--though slightly slower--gains in productivity. There will likely be a slight uptick in the inflation rate in 2005, which will support the Fed's continued march upward with the fed funds target as the Fed maintains focus on its No. 1 objective of keeping inflation at bay," said Doug Duncan, MBA chief economist and senior vice president, research and business development. "Long-term rates will therefore remain quite low and thus supportive of real estate finance activity, whether residential or commercial."

Duncan added that, "Long-term rates should increase from current levels by 50 to 65 basis points by the end of 2005, and another 25 to 35 basis points during 2006, finally reaching about 7 percent for a 30-year, fixed-rate mortgage by the end of 2007. Coming off a fairly steady rate environment in 2004, these are very modest interest rate increases for the level of economic growth we are expecting."

Following are the key points of the latest MBA forecast:

· Real GDP growth will average 3.5 percent during 2005, and 3.6 percent in 2006 and 3.5 percent in 2007.

· The unemployment rate will decline from the current level of about 5.4 percent to 5.2 percent by the middle of 2007.

· The 10-year Treasury rate will rise to an average of 4.7 percent by the fourth quarter of 2005 and 4.9 percent during the fourth quarter of 2006, and reach 5.3 percent during the fourth quarter of 2007. Mortgage rates will follow a similar pattern.

· Existing-home sales will come off record levels and fall by 7.2 percent in 2005, another 7 percent in 2006 and a bit more than 1 percent in 2007. At that pace, sales in 2007 will be at the then record level of 2002.

· New-home sales will fall by 6.1 percent in 2005, by 10 percent in 2006 and another 3 percent in 2007, again at the record level of 2002.

· In addition, home-price growth is expected to be less rapid, with existing-home prices increasing 4.7 percent during 2005 and new-home prices increasing 3.7 percent. Price increases in 2006 and 2007 are expected to be in the 3 percent to 4 percent range.

· Residential mortgage originations for both purchase and refinance loans will be down modestly from the second biggest year on record in 2004. Purchase loans will total $1.559 trillion in 2005, decline slightly to $1.517 trillion in 2006 and then rise to $1.556 trillion in 2007.

· Residential refinance loans will total $983 billion in 2005, $689 billion in 2006 and $559 billion in 2007.

· Total residential mortgage production in 2005 will be $2.542 trillion, basically tied with 2002 for the third-biggest year ever.

· The 2005 multifamily market will be similar in volume to 2004's market. Brisk property sales and refinancings are the underlying themes. This will be the front of an elevation of refinance activity due to the maturing of a significant volume of loans made a decade ago.

· It appears from preliminary data that mortgage bankers originated a record volume of commercial loans in 2004. Commercial mortgage activity should be similarly strong in 2005 as rates remain low, yield-maintenance clauses expire and loans get refinanced, and the strengthening economy improves underlying commercial property economics.

· Just as in residential mortgage markets, there are differences in local economic effects on real estate finance activity, the same principle applies to regional and local commercial property markets.

Mortgage Rates Decline to 5.66% This Week

2005-01-28T08:55:00.001-05:00

Rates on 30-year fixed-rate mortgages averaged 5.66% for the week ended Thursday, down from 5.67% a week earlier, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages, a popular option for refinancing, slipped to 5.14% from 5.15% last week. Rates on one-year adjustable-rate mortgages were 4.18%, up from 4.11% last week. Five-year hybrid adjustable-rate mortgages averaged 5.02%, down from 5.05%.

The nationwide averages for mortgage rates do not include add-on fees known as points. The 30-, 15- and five-year mortgages each carried a 0.6-point fee. The one-year ARM carried a fee of 0.8 point.

Mortgage Rates Decline to 5.66% This Week

2005-01-28T08:55:00.000-05:00

One late payment can doom you

2005-01-25T20:43:00.000-05:00

By Bankrate.com

Mind those bills. All of them. A late payment on one account could cost you higher rates and fees on all your accounts -- from your credit cards to your auto insurance. More and more companies are peeking at credit reports regularly to justify raising interest rates or increasing credit limits.

Some of the biggest credit-card companies have started aggressively penalizing customers who show signs of trouble anywhere in their credit reports. If a company likes what it sees in a customer's credit report, a cardholder might be rewarded with a thicker credit line. But one black mark from any creditor could trigger a rate hike.

So if you fall behind on your Sears bill, the interest rate on your Citibank credit card could shoot up.

A justification for hiking rates
"Why should that matter?" asks Howard Strong, author of "What Every Credit Card User Needs to Know." "It doesn't harm them in any way. It's ridiculous. It's just a way to knock up rates."

The lenders say their concerns are justified.

"We're looking at risk factors. If we see someone become delinquent with another creditor, that may be an indicator that they are about to become delinquent with us," says Maria Mendler, a spokeswoman for Citibank. "We may need to adjust our credit decisions accordingly."

Credit counselors say many people feel blindsided by the credit-card companies' rate increases -- especially if they haven't been late with any payments.

"I'm hearing about it more and more," says Hal Prather, a branch manager at Consumer Credit Counseling Service in Norcross, Ga. "It's apparent to me that most people don't read the inserts (that come with their statements). I think most people learn about it the hard way."

Mike Kidwell, vice president of the nonprofit debt crisis center Myvesta, adds, "We get calls and e-mails all the time. 'I've never been late on this card. Why is my rate going up?' Or 'I had trouble with one account and my rates went up on another card.'

"You've got to be aware of limits on credit cards. If other creditors are seeing balances going up and all of a sudden you're late, you're considered a greater risk. Not just with the one creditor that you paid late, but with all your creditors."

The credit/auto connection
Does having bad credit make you a bad driver? Some auto insurers think so. That's why they're using credit data to help determine your insurance rates.

Ninety-two of the 100 largest personal auto insurance companies in the country use credit data in underwriting new business, according to a study by Conning & Co., an insurance research and asset management firm.

It's not as wacky as it sounds. There does appear to be a connection between your credit record and the likelihood of you filing an auto insurance claim.

Drivers at the bottom of the credit heap file 40% more claims than drivers at the top of the credit heap, according to a study by the Insurance Information Institute.

Consequently, having black marks on your credit report could really bump up your auto insurance rates.

"A consumer with bad credit is going to pay 20% to 50% more in auto insurance premiums than a person who has good credit," says Clarence Smith, assistant vice-president at Conning & Co.

Who's watching
Some credit-card companies review customers' credit reports more often than others.

"Some may do it monthly. Some may do it quarterly. Some may do it yearly," says Martie Edmunds Zakas, corporate vice president of communications for Equifax, one of the three major credit bureaus. "Some never do it."

All Capital One card customers are subject to periodic credit checks.

"Of course, we may look at rule-breakers more frequently," said Diana Don, a spokeswoman for Capital One. "If people are constantly late or going over the limit, we don't want to give them that much leverage to overextend themselves."

Most auto insurance companies use credit data when underwriting new customers. Far fewer, just 14% of the nation's largest insurers, use credit data on contract renewals. And some states don't allow this practice at all.

Just how big an effect your credit record has on your auto insurance bill varies -- based on the state you live in and the insurance company you choose.

"Good credit at one company may not be a good insurance score at another company," Smith says. "That's why it's important to shop."

A study by the Casualty Actuarial Society showed that people with prior driving violations or accidents and good credit had much better loss ratios than people with clean driving records and a bad credit history. An auto insurer prices policies based on a customer's potential to file a future claim. Someone with a flawed driving record and clean credit record could actually end up paying less for auto insurance than someone with a spotless driving record and a spotty credit record.

Insurance score secrets
Your auto insurance company doesn't actually peek at your credit report. Instead, it receives an insurance score from a credit bureau based on the information in your credit record.

Fair, Isaac and Co. provides the credit bureaus with the formulas to crunch insurance scores. Some insurance companies have their own scoring models. Like a credit score, an insurance score is based on information found in a consumer's credit file. But the formulas used to arrive at the two types of scores are quite different.

"An insurance score is going to be less concerned with your propensity to take on new credit and more interested in how long you've been managing credit," says Craig Watts, a spokesman for Fair, Isaac and Co. "Insurance scores focus on issues of stability."

Curious about your insurance score? Good luck finding out. Insurance companies aren't required to tell, and few do. "I don't know anybody who will show you an insurance score," says Gerri Detweiler, author of The Ultimate Credit Handbook. "It's still a bit of a mystery to consumers."

Even if you could find out your insurance score, it might not be all that helpful. Yes, it could give you a sense of how a single auto insurer rates your credit record, but that's it.

When it comes to insurance scores, there's no uniform standard. So another insurance company, using another scoring model, could assign you a different insurance score and offer you vastly different rates.

The key thing to realize is your credit record does affect the cost of your auto insurance.

If you're having credit problems, it's best to stick with your current auto insurer until your credit record improves. If you must shop for a new auto policy, ask the insurer if they use credit data in their decision-making process. Not all insurance companies do.

How to protect yourself
Here's how to manage your accounts to reduce your chances of a late payment:
Keep a list of all accounts, due dates, balances and credit limits.

If an account's due date falls at a time of the month when cash is tight, call the issuer and have the due date changed.

Get in the habit of paying bills as soon as they arrive.

Monitor all accounts carefully.

Check your credit report at least once a year and correct any errors.

Having Good Credit Can Reduce Your Auto Insurance Costs

2005-01-25T20:17:00.000-05:00

Press Release
(PRWEB) January 25, 2005

You don’t have any tickets or accidents on your driving record. So it seems like you should qualify for the best rate on your auto insurance, right? Not necessarily. Many insurance companies use your credit history to develop an “insurance score” that can impact your rate.

“The basic concept is that insurance scores have been found to predict the likelihood that you’ll file a claim. It has been found that those who manage their finances responsibly are more likely to drive responsibly as well. It may not seem like the two are related, but the bottom line is that unless you live in one of the few states where it’s not permitted, most insurers will look at your credit report,” says company spokesperson Melissa Costa.

The extent to which each insurance company uses credit depends on the company. Some use it for pricing, some for acceptance or denial, and some not at all. The best thing you can do is educate yourself. Know the insurance laws in your state, get a recent copy of your credit history, and shop your insurance to make sure you get the best rate. If you have great credit, there are insurance companies that will reward you for it. And if you don’t, there are companies that don’t use it to determine the rate. The only way you’ll know if you’re getting the best price is to compare quotes from as many insurance companies as possible.

Home equity loan can help with new business

2005-01-25T17:04:00.000-05:00

Q: I am a 59-year-old woman with no consumer debt and with a house worth $425,000 that is paid off. I plan to start a new career/business in 2005 and will not have a regular day job. I expect 2005 to be a lean income year. I also need a new roof and have budgeted $15,000 from my savings.

My new financial planner has suggested I take out an interest-only home equity loan/line of credit. I will need at least $1,400 a month for the coming year. If I don't take out the loan, I will dip into my $46,000 savings or sell various stocks to help the cash flow. (I would not want to dip into my IRA money yet.)

I think this is good advice, but I am still a little nervous about monthly debt, even if it is only $100 a month. I do plan to sell my current home in 2006 or 2007, so I could easily pay off my loan.

What do you think?

_ Name withheld by request

A: I think your financial planner is right on track. I hate home equity loans when the proceeds are spent on consumer purchases, such as cars or vacations, but using money to start your own business may make for a great investment. In fact, investing in your own business may provide a much higher return than any other investments you own.

To keep costs low and provide greater flexibility, you might look at a home equity line of credit rather than a home equity loan. With a line of credit, you borrow money only when you need it, whereas a home equity loan will distribute a sum of cash at the get-go.

To keep your retirement intact, determine in advance how much money you are willing to spend before your business is profitable. I've seen too many people who kept plowing money into unprofitable businesses, which caused them to go broke right before retirement. If your business isn't profitable by the time you run through your budgeted cash, it may be wise to throw in the towel while your finances are still in good shape.

Q: I have three IRAs with my wife as beneficiary. Now that we are both at retirement age, would it be possible to list her as co-owner with me so she would not have to go through the system in case of my death? If not, what is the best way to handle it so she would have quick access to the money after my death?

_ Pete

A: You can't have your wife listed as a co-owner of your IRAs unless you withdraw your entire account balances and put the proceeds in a joint account. Cashing in your IRAs would result in a killer tax bill, which would negate any benefits achieved by the joint account.

Retirement accounts, such as 401(k)s, 457s, Keoghs, cash balance plans, defined benefit pension plans, etc., must be owned by an individual. Joint ownership of retirement plans is not permitted.

Fortunately, there is a simple way for you to ensure your spouse receives all of your retirement accounts at your death: List your wife as the primary beneficiary on your accounts. If you die before she does, she can convert your IRAs into her own IRAs without any taxes or hassles. All she would need to do is present a death certificate to the custodian, and the plan would be changed to her name within a couple of days.

Q: If a person had $10,000 they wanted to put somewhere and gain some money but also be able to access it in an emergency or just down the road, what would be the best option? I tried the bank route, and my banker suggested annuities. I wasn't sure the advice was in my interest or the bank's, however. I considered stocks, but I don't know anything about them.

_ G.W.

A: With investments, you can't have your cake and eat it, too. Most people want an investment that has a high return in a short period of time with no risk. Obviously, those types of investments don't exist.

If you want an investment that you can tap into in the near future, an annuity is a terrible option. Fixed annuities offer stable accounts, but they cannot be accessed without triggering a tax bill. Furthermore, most annuities carry hefty surrender penalties if they are cashed in within the first five to seven years.

If your goal is to have some cash reserves that you can get at if an emergency arises, you should probably just stick with a bank money market account. You won't earn much money, but you'll have the assurance that the money will be there if and when you need it. Only when you have enough emergency reserves set aside should you look at other investment options, such as annuities or stocks.

Home equity loan can help with new business

2005-01-25T17:03:00.001-05:00

Home equity loan can help with new business

2005-01-25T17:03:00.000-05:00

It's Risky, But An ARM Can Get You A Bigger House - Inside Mortgages

2005-01-25T09:56:00.000-05:00

Most people turn to adjustable-rate mortgages (ARMs) because they carry lower interest rates, and that translates into lower monthly payments. Lower interest rates also may allow you to qualify for a bigger home loan, which means you can afford a bigger house. How much bigger? Quite a bit.
First, let's look at how ARMs are structured, and at what happens when it's time to bring the word “adjustable” into play. With an ARM, the lender agrees to a lower interest rate for the first year or more of the life of the loan. Technically speaking, an ARM can be negotiated for any length of time, but the most common ones are one-, three-, and five-year loans. The shorter the time before the loan adjusts, the lower the initial interest rate. In today's market, if you could qualify for a 30-year rate of 5.5 percent, you could probably also qualify for a one-year ARM for 3.5 percent, or a three-year ARM at 4.375 percent, or 4.625 percent for a five-year loan. Once the introductory period is over, the loan goes either up or down to match the current rate, and it can adjust every year after that.

Since no one really knows what the interest rates will be next month, let alone in one, three, or five years, risk is a factor. If you are shopping for an ARM, make sure it has annual caps limiting the amount the interest can be increased at any one time -- 2.0 percentage points is common -- and a ceiling that limits how high it can go, which is often a total increase of 6.0 percentage points.

The interest rate on a 30-year loan is always going to be higher than it would be for the first five years of an ARM. How much more depends upon the 30-year rate. With the 30-year rate at 5.5 percent, you could get an ARM at 4.625 percent. Were the 30-year rate to climb to 6.0 percent, you might be able to get a five-year ARM for 5.0 percent or 4.875 percent. The higher the 30-year rate, the bigger the spread.

When interest rates are low, as they are now, there is less room for maneuvering. The savings can be measured in the thousands of dollars, in some cases in the tens of thousands, depending on the size of the loan. The point to remember is that when you qualify for a loan and a lender determines how big a payment you can afford to make, the “payment” includes both interest and principal -- but it does not include taxes and insurance.

ARMs also are structured differently than conventional loans. Let's say you have a five-year ARM on a $100,000 loan at 4.625 percent. The payments would be based on its being a conventional, 30-year loan at 4.625 percent. You would make a basic monthly payment of $514.14. At the end of those five years you would still owe $91,329.28 in principal and it is likely the loan would be adjusted.

Now let's say that the interest rate had shot up and you were now paying 6.0 percent. The loan would be recalculated so you could pay off that balance over 25 years at the new rate. This would make your basic monthly payment $588.44 -- an increase of $74.30 a month, or $991.60 a year. If you were to end up paying 8.0 percent the next year, the new, basic monthly payment would be $704.89 -- a $190.75-a-month increase.

Yet even though ARMS are risky, there are a number of reasons to choose them. Many people like ARMs because they know they will be moving before they have to face an adjustment. Others opt for ARMs because they have built-in guarantees limiting how high the interest rate can go, coupled with faith that interest rates will not climb too high. Some people use ARMs because they are the only way they can afford to buy a house -- and they hope for the best. And some people want ARMs because they can get a bigger house.

A $100,000 conventional, 30-year loan at 5.5 percent requires a basic monthly mortgage payment of $567.79. So, if you were approved for a mortgage payment of no more than $567.79 a month, $100,000 is the maximum size loan you could get at 5.5 percent. But if you got a five-year adjustable-rate mortgage at 4.625 percent, the monthly payment would be only $514.14, or enough to cover a loan of $110,435. Therefore, you could move into a home that cost $10,000 more. Of course, at the end of the five years you would still owe $100,859.52. And if the interest rate were to jump to 5.5 percent, your basic monthly payment would rise to $619.37.

People who choose this type of loan think about the amount of paid equity they will have in the home at the end of five years. With the 4.625 percent ARM, it would be $9,575.48. This does not count any added equity from increasing property values. If they had taken the 30-year $100,000 loan at 5.5 percent, the monthly payment would have given them $7,539.47 in equity or $2,036.01 less. That lower equity would also be in a home that cost $10,000 less to buy.

Finally, even though the word "adjustable" applies to the mortgage rate when you get an ARM, you can also apply it to your home-buying plans and strategy. Ask yourself: Do you want the lowest payment you can get? Or do you want to get the most house you can get? It's a choice that only you can make, and it is definitely something to think about when you go shopping for both your next mortgage and your next home.

Fannie Mae to Withhold Executives' Bonuses

2005-01-24T15:11:00.000-05:00

WASHINGTON - Mortgage giant Fannie Mae is eliminating 2004 performance bonuses for 43 top executives, a move that will save the company millions of dollars, as it struggles to deal with major financial reporting problems.

The nation's biggest backer of home mortgages disclosed the move late Friday in a filing with the Securities and Exchange Commission. It said its board of directors had voted this week to eliminate cash bonuses that would have been paid to top executives for hitting last year's performance goals.

The company also said it was postponing the payment of company stock for superior performance to top executives "until the company has reliable financial data for prior fiscal years."

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In addition, it said, Leanne G. Spencer, Fannie Mae's top accounting officer, has "stepped down" from that position but remains in a lesser post.

The Fannie Mae board last month forced out the company's two top officials, chief executive Franklin Raines, and chief financial officer Timothy Howard following revelations that the company will have to restate some $9 billion of earnings, or about one-third of its profits, going back to 2001.

To begin making up that shortfall and increase the company's capital reserves, Fannie Mae announced Tuesday it was cutting its first-quarter dividend payment this year by half, to 26 cents per share.

It was the first dividend cut for Fannie Mae in more than two decades and is expected to save the company about $250 million a quarter.

Regulators in the Office of Federal Housing Enterprise Oversight ordered the company in September to boost its capital cushion, the amount of reserves it has to guard against financial losses, by some $5 billion by the middle of 2005.

Stefanie Mullin, a spokeswoman for the oversight office, said it had been informed of the board's action regarding bonuses and "we consider the action reasonable and appropriate."

Fannie Mae also confirmed Friday that its board voted to withdraw from a deal to develop a new office complex that had been expected to cost $500 million to $700 million and spur development in a rundown section of Washington.

In its new SEC filing Friday, Fannie Mae did not disclose the total amount in cash bonuses that were being eliminated, and Smith refused to give a figure other than to indicate it would be in the millions of dollars and would affect the company's 43 top executives.

In 2003, the top five officers at Fannie Mae alone received $8.2 million in cash bonuses.

The action by the board will mean that Raines and Howard will be denied cash bonuses they would have received for 2004. The board had come under heavy criticism for allowing both men to leave the company with lucrative severance packages.

Last month, Rep. Richard Baker, R-La., head of a House Financial Services subcommittee with jurisdiction over Fannie Mae, called on the oversight agency to "take action to recapture all bonus payments from executives that were awarded based upon the faulty and deeply flawed earnings statements of the enterprise."

Agency Director Armando Falcon told Baker last week that his agency planned to recover excessive bonus payments as part of its heightened scrutiny of Fannie Mae operations.

In addition to the continuing investigation of its accounting practices, Fannie Mae faces a civil investigation by the SEC, a criminal probe by the Justice Department and shareholder lawsuits.

Fannie Mae and its smaller rival, Freddie Mac, buy mortgages from banks and other lenders and sell some of them to investors in the form of mortgage-backed securities.

Freddie Mac is still sorting through its own accounting problems after it disclosed in June 2003 that it had misstated earnings by $5 billion.

The two government sponsored enterprises were created by Congress to provide more capital to the nation's housing markets.

Mortgage rates fall again as fears about inflation subside

2005-01-24T09:45:00.000-05:00

January 23, 2005

BY MARTIN CRUTSINGER
ASSOCIATED PRESS

Rates on 30-year mortgages fell for a third straight week as investors' concerns about inflation were eased by reports showing that prices fell in December.

The weekly survey, released Thursday by the mortgage company Freddie Mac, showed that rates on 30-year, fixed-rate mortgages averaged 5.67 percent for the week ending Jan. 20, compared with 5.74 percent the previous week.

Low mortgage rates have powered the housing industry in recent years. Sales are expected to set records for both new homes and existing homes when all the results for 2004 are in.

Analysts are forecasting that housing will enjoy another good year in 2005 if mortgage rates do not rise too sharply, given the Federal Reserve's credit-tightening campaign to ensure that inflation stays in check.

Economists said worries about inflation were eased with Wednesday's report showing that consumer prices dipped 0.1 percent in December, reflecting the biggest drop in energy costs since July.

"Financial markets see inflation as being well managed by the Fed, and that allows long-term interest rates to remain low, with mortgage rates even falling a little more this week," said Frank Nothaft, Freddie Mac's chief economist.

Rates on 15-year, fixed-rate mortgages, a popular option for mortgage refinancing, declined last week to 5.15 percent, from 5.19 percent the previous week. Rates on one-year adjustable-rate mortgages were 4.11 percent, little changed from the previous week's 4.10 percent.

Five-year hybrid adjustable rate mortgages averaged 5.05 percent, also unchanged from the previous week. These mortgages have a fixed rate for five years, and then they adjust each year after that.

The nationwide averages for mortgage rates do not include add-on fees known as points. The 30-year and 15-year mortgages each carried a 0.7-point fee. The five-year and one-year ARMs both carried fees of 0.6 point.

A year ago, rates on 30-year mortgages averaged 5.64 percent.

Low mortgage rates boost 2004 home sales

2005-01-23T09:56:00.000-05:00

Spurred by continued low mortgage interest rates, last year's Louisville-area home sales rose more than 9 percent from 2003.

And some industry experts think 2005 sales will at least match last year's, but rising interest rates may temper growth.

For last year, the Greater Louisville Association of Realtors recorded 14,036 Realtor-assisted sales of new and existing homes, up from 12,830 in 2003, while median sales prices rose less than 1 percent to $132,500.

The sales increase lagged a 15 percent gain between 2002 and 2003, but still, "we had a strong market in Louisville" last year, said Kathy McGann, president of the Realtors association and vice president of education and compliance for Semonin Realtors.

Nationally, year-end sales data are due out this week, but through November, existing-home sales were up 6.1 percent compared with the first 11 months of 2003, according to the National Association of Realtors in Washington.

A. Howard Young, president of the Mortgage Bankers Association of Louisville and a loan officer for GMAC Mortgage, said the local market last year was a bit tricky.

"The second and third quarters were booming, but the fourth quarter slowed down a whole lot," he said.

Home sales typically slow toward year's end, he said, but last year's activity was slower than normal. Fourth-quarter sales rose only 2.8 percent over the prior year, compared with increases of 12.9 percent in the first quarter, 19.4 percent in the second and 4.1 percent in the third.

Young attributed the fourth-quarter lull to homebuyers taking a wait-and-see attitude as to who would win the presidential election. October sales were down 4.4 percent from the prior year.

"This election had a huge impact on real-estate sales," said Charles Ballard, a Realtor and chief operating officer with Century 21 Realty Group-Hagan. "People really got wrapped up into the election and into the debates, and that had a negative impact on real estate. Other than that, things got back to normal before the end of the year."

Programs that helped first-time homebuyers also boosted the market, McGann said.

About 40 percent of buyers are first-time homebuyers, she said, "so anytime you have low interest rates and products that help them get in a home, that's where that growth is coming from, not just locally, but also across the country."

One trend that stood out last year, Ballard said, was increased sales activity for rural land, triggered in part by farmers getting out of the tobacco business and selling their acreage to developers.

In rural Bardstown, for example, "our auction market was its best ever," Ballard said, adding that the sales activity has been pushing up property values in the city as well. "Bardstown is a hot market, Bardstown and all of Nelson County."

Mortgage rates, though, were the big story last year.

Ballard said mortgage rates pretty much hovered around 6 percent throughout the year, and "the market will grow at 6 percent."

This week, 30-year, fixed-rate mortgages averaged 5.67 percent, up slightly from 5.64 percent a year ago, according to the mortgage company Freddie Mac.

Young said homebuyers also were enticed by more mortgage programs and products, including interest-only payments, which helped consumers buy bigger homes.

Meanwhile, the median sales price of about $132,000 means Louisville housing remains affordable, McGann said.

Nationally, the median sales price was $183,100, she said, so Louisville's median means "you can get into homes a lot easier in Louisville than you can compared with the nation as a whole."

And while some markets have seen soaring price appreciation, Louisville's growth, historically, has been steady at 4 percent to 6 percent for the past 14 years, McGann said.

That's a little higher, though, than the latest increase in household income, according to the U.S. Department of Housing and Urban Development, which said that for fiscal 2004, median family income in the Louisville metro area rose 3.5 percent from a year earlier.

Outlook for 2005

This year, McGann said, "we will continue to have strong growth, probably in the single-digit growth mode, because we're going to be dealing with an upward trend in interest rates."

One bright spot she sees is the potential growth in people buying condominiums in downtown Louisville.

Young also said Louisville is positioned for another strong year, maybe even better than last year, partly because of the increase in new condominiums and condominium conversions, coupled with attractive mortgage options.

"It seems like there's a boom in housing and financing as well," he said. "The market is really strong."

Young thinks 2005 will be a good year for increased homeownership among minorities such as African Americans and Asians, but especially Hispanics.

"The Hispanic market is untapped; it's a lucrative market," he said.

Ballard thinks this year could be close to 2004, but probably not enough to set a record.

Among trends he foresees are an increase in the number of homeowners fixing up their homes and staying put because of the increase in the cost of land, and that some people might shy away from buying bigger homes because of increasing utility rates.

As for mortgage rates, Young doesn't expect much fluctuation in the Louisville market and thinks the 30-year fixed-rate mortgage could end the year between 5.75 percent and 6 percent. McGann envisions rates at 6.5 percent by year's end, while Ballard expects a slow, steady rise to 6.5 percent to 7 percent.

Overnight Mortgage Rates dip further

2005-01-21T09:58:00.000-05:00

Long-term mortgage interest rates were lower Thursday, and the benchmark 10-year Treasury bond yield sank to 4.16 percent.

The 30-year fixed-rate average dropped to 5.22 percent, and the 15-year fixed-rate slipped to 4.73 percent. The 1-year adjustable was down slightly at 3.69 percent.

The 30-year Treasury bond yield fell to 4.66 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.

In other economic news, the Dow Jones Industrial Average was down 68.5 points, or 0.65 percent, finishing at 10,471.47. The Nasdaq was down 27.72 points, or 1.34 percent, closing at 2,045.88.

Mortgage rates fall for third week

2005-01-20T11:03:00.000-05:00

By Holden Lewis • Bankrate.com

The rates on long-term mortgages have fallen for the third week in a row, even as the one-year adjustable was unchanged.

The benchmark 30-year fixed-rate mortgage fell 5 basis points to 5.71 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.32 discount and origination points. One year ago, the mortgage index was 5.67 percent.

The benchmark 15-year fixed-rate mortgage fell 4 basis points to 5.17 percent. The benchmark one-year adjustable-rate mortgage remained 4.44 percent.

Economists expect rates across the board to climb. They're not sure why long-term rates have been going down instead of up.

"It's surprising that with oil back at $50 a barrel, the weak dollar and growth above trend, mortgage rates are around 5 3/4 percent," says David Berson, chief economist for the National Association of Home Builders. He offers two theories: Either financial markets are predicting much slower economic growth than the economists are predicting, or financial markets believe the Federal Reserve will continue to keep inflation well under control.

Since late June, the Fed has raised short-term rates five times by a quarter-point each time. The prime rate has gone from 4 percent to 5.25 percent. Yet rates on one-year adjustable-rate mortgages fell until autumn, when they began marching upward gradually. Long-term rates haven't seen such a turnaround. Yet. Economists are confident that long-term rates will rise this year.

Mortgage bankers think they'll go up, too. "I like people who are locking in," says Bob Moulton, president of Americana Mortgage, a brokerage in New York. He adds jovially (not in a tone of doom): "I'm just waiting for the house of cards to fall."

In other words, he believes it's just a matter of time before long-term rates rise. "I don't think a borrower has much to lose by locking at application," he says.

Moulton was in the business when rates took a big jump at the beginning of 1994. The average rate on a 30-year mortgage was around 7 percent in January and the first half of February of that year. Then rates took off, hitting 8.29 percent in early April and 8.65 percent in mid-May.

"People were caught off-guard," Moulton says. "Now, being older and wiser, I try to lock them in at application because rates can spike up."

In a lot of markets, the fate of 15- and 30-year fixed mortgages doesn't matter a whole lot because so many borrowers take out adjustable-rate mortgages, or ARMs. That's the case in Moulton's territory. Traditional one-year ARMs are almost extinct, he says, and many borrowers are choosing hybrids such as the 5/1 ARM. That loan has an initial rate that lasts five years, and the rate adjusts annually thereafter.

Quite a few of Moulton's customers got 3/1 ARMs three years ago, thinking they would move relatively soon. Now their rates are about to enter their adjustment periods, and these borrowers are refinancing into new 3/1 or 5/1 ARMs.

Those people are choosing ARMs over 30-year fixed-rate mortgages because they believe that they'll move within five years or so, and they can save a lot of money in the meantime. Moulton says he can offer a 5/1 ARM about 1 percentage point lower than for a comparable 30-year fixed.

The difference is narrower in Freddie Mac's weekly mortgage rate survey, where the 5/1 ARM generally is about three-quarters of a percentage point lower than the average 30-year rate. In February, Bankrate.com will replace one-year ARMs with 5/1 ARMs in its weekly national survey of mortgage rates.

Mortgage rates fall tuesday

2005-01-19T09:06:00.000-05:00

Tue Jan 18, 2005 05:16 PM ET
NEW YORK, Jan 18 (Reuters) - The average rate on a 30-year U.S. mortgage with no upfront points fell 1/8 of a percentage point on Tuesday to 5-3/4 percent, according to BestInfo Inc.
The 30-year mortgage rate with one upfront point fell 1/8 of a percentage point to 5-1/2 percent.

The 30-year mortgage rate with two upfront points fell 1/8 pf a percentage point to 5-1/4 percent.

The Mortgage Point Monitor is provided exclusively to Reuters by BestInfo. The company, formerly BestRates Inc., is a Dover, Vermont-based provider of mortgage market analysis.

New Medicare Benefits

2005-01-17T10:16:00.000-05:00

BOISE -- Idaho seniors are eligible for a new round of benefits including physicals, according to a news release from Medicare Today, a nonprofit public advocacy group.

"These new screenings will help seniors get control of their health status and will improve their quality of life by focusing on prevention as well as treatment," said Larry Krutchik, regional director of Medicare Today.

The Medicare Modernization Act passed by Congress in 2003 offers seniors:

* Cardiovascular screenings: Medicare will now cover blood tests that measure cholesterol, lipids and triglyceride levels. Physicians use the tests to assess risk for heart attack, stroke and other cardiovascular illnesses.

* Diabetes screenings: Seniors with diabetes are at greater risk for health complications, including blindness, kidney disease and cardiovascular illnesses, the news release said. Early detection is critical in preventing serious illness.

* Welcome to Medicare physical: Medicare will pay for new enrollees to have a complete physical examination. This will give doctors the opportunity to detect any potentially serious health problems.

Senior Health Insurance Benefits Advisors -- SHIBA -- provides a free service to seniors to help them understand Medicare supplements, long-term care, managed care, how Medicare works with other health plans, medical claims assistance and other related issues. In Twin Falls, call advisers Tamara Stricker or Renee Chariton at 736-4713, and in Mini-Cassia, call adviser George Schwindeman at 436-9107 or 436-6679.

For more information on Medicare benefits, call toll-free at 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048. Information can also be seen on the Medicare Web site at www.medicare.gov.

For more information on the Medicare Today organization, call 818-728-3352.

30 year mortgage rates decline for 2nd week

2005-01-17T09:48:00.000-05:00

By Martin Crutsinger

The Associated Press

WASHINGTON - Rates on 30-year mortgages fell for a second straight week, helping to get the housing industry off to a good start in the new year.

Freddie Mac's weekly survey of mortgage rates released Thursday showed that rates on 30-year, fixed-rate mortgages averaged 5.74 percent for the week ending Jan. 13, down from 5.77 percent last week.

Low mortgage rates have powered home sales. Analysts think sales hit a record high for all of 2004 and the housing market is expected to post another good year in 2005.

Amy Crews Cutts, the mortgage company's deputy chief economist, noted that 30-year mortgage rates averaged 5.84 percent for all of last year, a significant improvement over an average of 9.5 percent for the past 30 years.

She said rates are likely to end the year above 6 percent, reflecting in part the credit tightening campaign of the Federal Reserve.

Some analysts think rates on 30-year mortgages could climb to around 6.5 percent by the end of this year, which would still be considered low by historical standards.

Rates on 15-year, fixed-rate mortgages, a popular option for refinancing, dipped this week to 5.19 percent, down from 5.21 percent last week. For one-year adjustable-rate mortgages, rates remained unchanged at 4.10 percent.

GMAC considers new mortgage unit

2005-01-14T12:17:00.000-05:00

NEW YORK, Jan 13 (Reuters) -

The finance arm of General Motors Corp. (GM.N: Quote, Profile, Research) on Thursday said it was considering setting up a separate subsidiary for its residential mortgage lending business, in a move analysts said was meant to protect the mortgage operations in case GM's debt ratings are cut to junk.

The move may also enable GM to sell off the unit in the future, analysts said.

Bond investors believed setting up a mortgage subsidiary signals that GM sees a downgrade as a real possibility, which forced GM bond prices lower relative to Treasuries in heavy trading. GM shares fell, as automakers' shares generally declined.

GM officials did not return phone calls seeking comment.

Rating agency Moody's Investors Service affirmed the ratings of General Motors' finance arm, General Motors Acceptance Corp., at a level three steps above junk, noting that this move is not expected to be to the disadvantage of current bondholders.

GM and its financing arm are rated one step above junk status by Standard & Poor's. Given the headwinds the company faces this year, including rising interest rates and high auto inventories, getting cut to junk status is possible, analysts said.

GMAC said that it is considering placing its residential mortgage operations in a newly formed holding company to be named Residential Capital Corp.

That unit would seek its own credit ratings based on its debt and equity structure. Mortgage banking accounted for about half of GM's pretax earnings in the first nine months of 2004.

The move may be a prelude to selling the residential mortgage arm, perhaps in an initial public offering, said Nik Vasilakos, a bond analyst at Merganser Capital in Boston. GM has a history of selling off profitable units to generate cash, as it did with Electronic Data Systems Corp. (EDS.N: Quote, Profile, Research) in 1996.

But the move may also be designed to ensure GMAC's residential mortgage arm can still borrow money cost effectively if GMAC gets cut to junk, said Darin Feldman, a portfolio manager at Aladdin Capital in Stamford, Connecticut.

"Bond investors seem to take this as an admission that a downgrade is coming, but it's just a prudent measure to address a situation that is out of GMAC's hands. They can't control what the ratings agencies do," Feldman said.

GM bonds sold off relative to Treasuries on the news. Yield spreads, or the extra yield over Treasuries that investors demand for taking a company's credit risk, on GMAC's 6.75 percent notes due 2014 widened 0.04 percentage point to 2.79 percentage point. The bonds traded as much as 0.06 percentage points wider, according to MarketAxess.

The company's bonds widened about 0.01 percentage point more than Ford Motor Co's.

Meanwhile, shares of GM fell 64 cents, or 1.67 percent, to $37.75. Ford's shares fell 1.47 percent to $14.11.

30 Year Mortgage Rates Decline to 5.74%

2005-01-14T11:38:00.000-05:00

Freddie Mac's weekly survey of mortgage rates showed that rates on 30-year fixed-rate mortgages averaged 5.74% for the week ended Jan. 13, down from 5.77% the previous week.

Rates on 15-year fixed-rate mortgages, a popular option for refinancing, slipped this week to 5.19% from 5.21% last week. For one-year adjustable-rate mortgages, rates remained unchanged at 4.1%.

The nationwide averages for mortgage rates do not include add-on fees known as points. The 30-year, 15-year and one-year adjustable mortgages each carried a 0.6-point fee. The five-year adjustable mortgage carried a 0.5-point fee.

For mortgage quotes please visit http://www.mortgagesort.com

Subprime Loans Are More Likely to Have Prepayment Penalties

2005-01-14T11:20:00.000-05:00

Jan. 14--Homeowners in minority neighborhoods are 35 percent more likely to deal with prepayment penalties on subprime home loans than those in mostly white neighborhoods, according to a study released yesterday by a consumer-advocacy group in Durham.

A second study by the Center for Responsible Lending found that homeowners with subprime loans didn't receive "a meaningful interest-rate reduction" from paying a prepayment penalty to refinance their mortgage. The studies were conducted between January 2000 and July 2004.

Subprime loans are directed at individuals who do not qualify for lower interest rates through traditional banks or mortgage groups. About 20 percent of mortgage loans are subprime, the center said.

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A prepayment penalty is applied when a mortgage is paid off before the due date and can cost thousands of dollars depending on the amount of the loan. Some subprime lenders require prepayment penalties in exchange for a lower interest rate.

The studies found that the penalties act as a deterrent to families whose financial situation has improved enough that they can qualify for a prime mortgage loan, but they can't afford the prepayment fee. Nearly 80 percent of subprime mortgage loans included in the study contain prepayment penalties compared with 2 percent of prime mortgage loans.

Officials with the Durham center said that prepayment penalties are harmful to minority households because "two thirds of the net wealth held by African-Americans and Latinos consists of home equity."

"The evidence is now clear. Prepayment penalties in subprime loans are locking African-American families out of the prime mortgage market and rolling back hard-earned economic progress," said Hilary Shelton, the director of the Washington bureau of the NAACP.

The studies are the latest in a series of reports by the Center for Responsible Lending focused on subprime loans' role in cases of predatory-mortgage lending.

State officials and consumer advocates said that predatory loans strip homeowners of equity in their home through excessive fees and unnecessary refinancings, with some loans eventually being forced into foreclosure.

Consumer advocates say that low- to moderate-income residents, the elderly, the disabled, immigrants and people with poor credit ratings are vulnerable to predatory lending.

Since the N.C. Predatory Lending Act took effect July 1, 2000, it has saved state homeowners more than $100 million by limiting or prohibiting predatory terms for subprime mortgage loans, according to a report by the center. An U.S. House bill was introduced in March that would use North Carolina's predatory-lending law as the model for a federal standard.

Mitchell Feinstein, the chairman of the National Home Equity Mortgage Association, said that most subprime lenders adequately match the credit risk of potential borrowers. He said that some states' predatory-lending laws are too restrictive.

"We're talking about a $400-billion industry and the number of people who are duped by people with bad intentions is small," Feinstein said.

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Rates on 30-Year Mortgages Fall Again

2005-01-14T11:17:00.000-05:00

WASHINGTON - Rates on 30-year mortgages fell for a second straight week, helping to get the housing industry off to a good start in the new year.

Freddie Mac's weekly survey of mortgage rates released Thursday showed that rates on 30-year, fixed rate mortgages averaged 5.74 percent for the week ending Jan. 13, down from 5.77 percent last week.

Low mortgage rates have powered home sales. Analysts believe sales hit a record high for all of 2004 and the housing market is expected to post another good year in 2005.

Amy Crews Cutts, the mortgage company's deputy chief economist, noted that 30-year mortgage rates averaged 5.84 percent for all of last year, a significant improvement over an average of 9.5 percent for the past 30 years.

"The onset of 2005 bodes well for the housing industry," she said.

She said rates are likely to end the year above 6 percent, reflecting in part the credit tightening campaign of the Federal Reserve, which is raising rates to keep inflation in check.

Some analysts believe rates on 30-year mortgages could climb to around 6.5 percent by the end of this year, which would still be considered low by historical standards.

Rates on 15-year, fixed-rate mortgages, a popular option for refinancing, dipped this week to 5.19 percent, down from 5.21 percent last week. For one-year adjustable-rate mortgages, rates remained unchanged at 4.10 percent.

Freddie Mac added another type of mortgage to its weekly survey: a five-year, "hybrid" adjustable- rate mortgage. It's fixed for five years and then adjusts each year thereafter. The rate on that mortgage averaged 5.05 percent this week, up slightly from 5.03 percent last week.

The nationwide averages for mortgage rates this week do not include add-on fees known as points. The thirty-year, 15-year and one-year adjustable mortgages each carried a 0.6 point fee. The five-year adjustable mortgage carried a 0.5 point fee.

A year ago, rates on 30-year mortgages averaged 5.66 percent with 15-year mortgages at 4.97 percent and one-year ARMs at 3.62 percent. There isn't a figure for five-year adjustable mortgages because Freddie Mac just began tracking those rates this year.

For fast and easy mortgage information visit http://www.mortgagesort.com

Home sales increase in 2004 - 2005-01-11 - The Business Journal (Minneapolis/St. Paul)

2005-01-12T07:21:00.000-05:00

A record number of Twin Cities homes were sold in 2004, the four area Realtor associations announced Tuesday.

In 2004, 58,233 homes were sold, a 3 percent increase from 2003, according to a Realtor Association press release. The median home price in 2004 was $215,900, an 8 percent increase from the previous year.

There were 64,325 pending sales in 2004, up 6.4 percent compared to 2003; and there were 97,737 new listings in 2004, a 13 percent increase from the previous year.

The statistics include single-family detached, condiminiums, townhouses and twin homes, based on existing home sales reported by the Regional Multiple Listing Service of Minnesota Inc.

Home sales

2005-01-12T07:20:00.000-05:00

Home run for home sales
Median county price for existing homes skyrockets to $174,815

Glen Creno and Catherine Reagor Burrough
The Arizona Republic
Jan. 12, 2005 12:00 AM

Voracious investors and move-up buyers pushed sales and prices of existing homes to record highs in Maricopa County in 2004.

Last year, 102,115 existing Valley homes changed hands, a 38 percent jump from 2003's record of 73,785, according to the Arizona Real Estate Center at Arizona State University. The median price of a used Valley home climbed almost 13 percent last year to reach an annual record of $174,815.

Investors betting on quick gains in value and buyers looking to cash out and move to bigger and better houses are driving sales. First-time buyers are finding it increasingly difficult finding a house they can afford, especially with inventory so tight.

Anita and Pierre Cavalcanti sold their $252,000 home in Litchfield Park in just two days. They are moving to Biloxi, Miss., to be near their daughter.

"We really like Phoenix and would like to move back at some point, but by then we probably won't be able to afford the home we sold," Anita said.