American Banker articles from August 2002

American Banker archives from August 2002

TODAY'S NEWS.(Brief Article)
August 1, 2002... Allfirst's earnings were either significantly up or significantly down in the first half, depending on your point of view. Page 2 WASHINGTON Top brass at Morgan Chase anted up more than $2.69 million of their own money to buy the...

Powell Panel To Mull More Disclosure.(Federal Deposit Insurance Corp. Chairman Don Powell)(Brief Article)
August 1, 2002... Financial services executives were wrong if they thought reforms to expose their companies' inner workings had ended with the signing of the Sarbanes-Oxley Act this week. At least that is the gist of remarks Wednesday from Federal Deposit...

Corporate Debt Mix Keeps Shifting -- Here's Why.(Brief Article)(Statistical Data Included)
August 1, 2002... Big corporate borrowers increased their use of bonds instead of costlier bank loans in the second quarter, continuing a decades-long trend that has cut into banks' loan growth and lending revenues. But though the trend is old, one major...

Rabobank's Retail Push Starts with Calif. Deal.(Brief Article)
August 1, 2002... Best known in the United States as a major lender to agricultural corporations, the Dutch giant Rabobank Group is now setting its sights on individual farmers in the country's largest farming state, California. The $321 billion-asset...

Case List Grows, But Laws on 3d-Party Liability Still Murky.
August 1, 2002... Lenders' third-party relationships are becoming a key leverage point for regulators looking to clamp down on what they consider to be abusive practices. In two high-profile cases this summer, the government has held lenders liable for...

Restatement Changes Allfirst Dip into a Gain.(Allfirst Financial Inc)(Brief Article)(Statistical Data Included)
August 1, 2002... Allfirst Financial Inc.'s first-half earnings were either significantly up or significantly down, depending on your point of view. The $17.5 billion-asset company, rocked this year by the discovery of massive losses in its currency-trading...

In Brief: Freddie: Cash-Out Refis Up Sharply in Quarter.(Freddie Mac )(Brief Article)
August 1, 2002... Cash-out refinancings increased sharply in the second quarter and reached their highest levels in almost two years, Freddie Mac said Wednesday. The government-sponsored enterprise reported that 67% of the loans refinanced in the quarter...

Morgan Chase Execs Buy Stock; Most Gain.(Brief Article)(Statistical Data Included)
August 1, 2002... Several of J.P. Morgan Chase & Co.'s top executives anted up more than $2.69 million of their own money to buy the company's shares last week, and so far their investment has gained 12%. William B. Harrison Jr., the chairman and chief...

Humboldt of Calif. To Sell 2 Branches.(Humboldt Bancorp)(Brief Article)
August 1, 2002... Humboldt Bancorp, which has been trying to free up capital for acquisitions in Northern California, announced Wednesday that it had agreed to sell two Los Angeles-area branches. The $982 million-asset parent of Humboldt Bank said that it...

Executive Changes.(banking industry)(Brief Article)
August 1, 2002... NEW ENGLAND Medford Savings Bank in Massachusetts has promoted Anne Barry to vice president in charge of residential lending in Brookline, Newton, Waltham, Watertown, and Cambridge. Ms. Barry had been an assistant vice president and...

Targeting Retirees, Encore of Houston Is Back in the Black.(Encore Bank)(Brief Article)(Statistical Data Included)
August 1, 2002... About a year into a sweeping restructuring focused on courting affluent senior citizens and solid consumer borrowers, Houston's Encore Bank is making money again, according to the privately held company's chief executive officer, James S....

Black-Owned Bank Heeds Protests, Gets New Deal.(Family Savings Bank )(Brief Article)
August 1, 2002... When Family Savings Bank announced this year that it was being sold to FBOP Corp. of Illinois, there was an uproar in Los Angeles' black community. Now the Los Angeles thrift has scotched the FBOP deal and agreed instead to merge with a...

MetLife: More to Come After Key Bank Hire.(MetLife Investors Group)(Brief Article)
August 1, 2002... MetLife Investors Group Inc., which recently laid off bank wholesalers, has added an executive to focus on bank sales and says it is committed to expanding annuity distribution. In April the Newport, Calif., unit of MetLife Inc. went from...

B of A Private Bank Hiring, Expanding in Midwest.(Brief Article)
August 1, 2002... While most private banks are quietly waiting out the difficult economic climate, Bank of America Corp.'s private banking unit plans to hire 40 client advisers as part of an ambitious Midwest expansion plan. This year the private bank,...

In Brief: Card Portfolio Sales Accelerate.(Brief Article)(Statistical Data Included)
August 1, 2002... Credit card portfolio sales from Jan. 1 through mid-July have already surpassed the total for last year, according to Robert K. Hammer, the chairman of R.K. Hammer Investment Bankers. Mr. Hammer, who tracks credit card portfolio sales that...

In Brief: Equifax to Run Shared Database.(Brief Article)
August 1, 2002... The credit reporting agency Equifax Inc. will run the newly established database of Regulatory DataCorp International, a joint venture of several banks that offers due diligence services designed to meet the USA Patriot Act and other standards....

Despite Ills, Providian Results Draw Cheers.(Brief Article)(Statistical Data Included)
August 1, 2002... Providian Financial Corp.'s stock rose steeply on Wednesday after analysts praised the company's second-quarter results. The endorsements came despite some bad news in its earnings conference call. Subprime loans -- the kind that are...

In Brief: American Home's Profits Up 17%.(Brief Article)(Statistical Data Included)
August 1, 2002... American Home Mortgage Holdings Inc.'s second-quarter net income rose 17% from a year earlier, to $6.5 million. Per-share earnings fell 17%, to 49 cents per share, the company said Wednesday. For the first half, net income rose 63%, to...

In Brief: MBA: Applications Jumped 23.3%.(Mortgage Bankers Association)(Brief Article)(Statistical Data Included)
August 1, 2002... Mortgage applications surged 23.3% last week as refinancing activity reached its highest level since last fall, according the Mortgage Bankers Association. The percentage of applications for refinancing increased to 67.6%, the highest...

In Brief: Printcafe Signs Up Mellon.(Mellon Financial Corp. to use printing software)(Brief Article)
August 1, 2002... Printcafe Software Inc. announced that Mellon Financial Corp. will use EnterpriseSite to manage its Internet commercial print procurement. John Obrist, the Pittsburgh banking company's vice president and director of corporate sourcing, said...

In Brief: CheckFree-Syllog Swift Links.(Brief Article)
August 1, 2002... CheckFree Corp. and Syllog Inc. have set up new links to the Swift multinational network of financial institutions. Through the new interface and using CheckFree's Recon Securities system, CheckFree's buy-side institution clients can get...

Dresdner Kleinwort Tries Out System for Mobile Staffers.(investment banks try Aspelle Ltd. system)(Brief Article)
August 1, 2002... A Dresdner Kleinwort Wasserstein spinoff said a clutch of financial companies are testing a remote-access system it developed with Microsoft Corp. for the investment bank's mobile work force. Aspelle Ltd. says its system was "built from the...

Wells to Buy Another Asset Firm.(Wells Fargo & Co.)(Brief Article)
August 1, 2002... Wells Fargo & Co. on Wednesday announced a deal for a California asset management company, eight days after completing a similar one. The San Francisco company is hoping to take advantage of the market volatility, which has reduced the...

Amex Analysts Say 'Buy,' And Investors Take Heed.(American Express Co.'s stock)(Brief Article)
August 1, 2002... American Express Co.'s stock gained momentum on Wednesday after getting two votes of confidence from analysts. Lehman Brothers upgraded shares of the company to "strong buy" from "market perform" a day after Friedman Billings Ramsey...

In Brief: Fleet Up 10.6% on Talk of Sale to Citi.(FleetBoston Financial Corp.'s stock)(Brief Article)
August 1, 2002... FleetBoston Financial Corp.'s stock shot up 10.6% Wednesday, mostly in the last hour of trading, as rumors the company might be in play continued to make the rounds. Market watchers again spoke of Citigroup Inc. as a possible buyer. ...

In Brief: Household Upgraded by Morgan Stanley.(Household International Inc)(Brief Article)
August 1, 2002... Two days after it announced major changes to its executive leadership, a Morgan Stanley analyst upgraded Household International Inc. from "equal weight" to "overweight." In a report issued Wednesday, Kenneth Posner wrote that he could...

In Brief: S&P Downgrades Charles Schwab.(Brief Article)
August 1, 2002... Standard & Poor's Corp. on Wednesday lowered its debt ratings on Charles Schwab Corp. and its subsidiaries, but also revising its earnings outlook for the San Francisco company to "stable" from "negative." S&P lowered Schwab's senior debt...

In Brief: Senate Banking OKs Fed Nominees, 20-1.(Brief Article)
August 1, 2002... The Senate Banking Committee on Wednesday voted 20-1 to approve two Federal Reserve Board nominees: Ben Bernanke, an economics professor at Princeton University, and Donald Kohn, a senior Fed aide. The approvals cleared the way for a final...

In Brief: Cardtronics, CashWorks in ATM Pact.(Brief Article)
August 1, 2002... Cardtronics LP, one of the largest deployers of automated teller machines for U.S. merchants, has signed a distribution agreement with CashWorks Inc. of Dallas to offer check cashing through its ATMs. Cardtronics' nationwide network...

Fisher's Case Vs. 'Auto-Pilot' Bankers.(Peter Fisher, case-by-case credit analysis)(Brief Article)
August 2, 2002... A top Treasury Department official said this week that regulators need to push banks to back up advanced risk management techniques with old-fashioned, case-by-case credit analysis. Peter Fisher, the under secretary for domestic finance,...

OFHEO Takes Lead on GSE Disclosure -- for the Moment.(Office of Federal Housing Enterprise Oversight; government-sponsored enterprises)
August 2, 2002... After a series of concessions, deals, and disclosures spurred by the White House's crucial ongoing support, the Office of Federal Housing Enterprise Oversight is now setting the agenda for changes at the government-sponsored enterprises. ...

Where the Growth Is: MBNA Adds In Britain.(acquisition of Alliance and Leicester)(Brief Article)(Statistical Data Included)
August 2, 2002... The deal that MBNA Corp. announced Thursday to buy the $1.25 billion credit card portfolio of Alliance & Leicester, a major British financial institution, is a new sign that consumer lenders hungry for growth are looking abroad. Another...

Today's News.
August 2, 2002... WASHINGTON Page 4 COMMUNITY BANKING Florida bankers are relieved that Treasury scaled back a proposed rule affecting foreigners' accounts. Page 5 VIEWPOINTS Model for failure; banks' role in market cleanup; view from the...

In Focus: PNC Troubles Raise Specter Of a BlackRock Breakaway.(PNC Financial Services Group)(Brief Article)
August 2, 2002... BlackRock Inc., the asset management operation that has been majority-owned by PNC Financial Services Group since 1995, is considered by many to be the crown jewel in the Pittsburgh company's portfolio. Now, with PNC's reputation damaged...

Guyaux to Become President of PNC.(Joseph C. Guyaux, PNC Bank and PNC Financial Services)(Brief Article)
August 2, 2002... Three weeks after being slapped with regulatory restraints for weak management controls, PNC Financial Services Group Inc. said Thursday that it would promote Joseph C. Guyaux to president of the company and of PNC Bank. Mr. Guyaux, 52,...

People.(includes multiple records)(Brief Article)
August 2, 2002... No Sun? No Thanks PNC Financial Services Group Inc.'s run-in with regulators has generated the usual speculation about its management team's job security -- particularly that of chief executive Jim Rohr -- and about whom the Pittsburgh...

Flash Points.(Citigroup, J.P. Morgan and Company Inc.)(Statistical Data Included)
August 2, 2002... Politicians It was another intense week as lawmakers -- and one otherwise reliably pro-business editorial page -- criticized financial services firms for contributing to Enron's crash. The Wall Street Journal's lead editorial Monday...

Trade Groups' Heads Getting Bigger Paychecks.(Brief Article)(Statistical Data Included)
August 2, 2002... The executives heading 12 of the industry's leading trade associations made an average of $710,061 in 2000, up 7.4% from the previous year, according to the most recently available public documents. Leading the pack is Matthew Fink of the...

City National Has (Small) N.Y. Plan.(new office)(Brief Article)
August 2, 2002... Though City National Corp. is going to the other side of the country to establish its first non-California branch, it does not expect its East Coast franchise to grow beyond a small office in midtown Manhattan. On Wednesday the $11...

Treasury Tax Plan Revised To Exclude Latin America.(Brief Article)
August 2, 2002... For 18 months Alex Sanchez has argued that a Clinton administration proposal to impose stricter reporting requirements on foreign customers' deposits would devastate Florida banks. The chief executive officer of the Florida Bankers...

The Superior Bank Failure Model: Partnering with the Government.(Statistical Data Included)
August 2, 2002... First of two parts The failure of Superior Bank on July 27, 2001, will cost the Savings Association Insurance Fund $350 million to $526 million, according to projections by the Federal Deposit Insurance Corp. Less than five months after...

Letter to the Editor: Electronic Banking And Customer Relationships.
August 2, 2002... To the Editor: Will the network nonsense never end? First there was Richard M. D'Ottavio's article ("EFT Networks Are Now Focusing on Profit, So Shop for Best Deal," July 12, page 9), followed by Ronald V. Congemi's letter ("Regional...

Swell Products Don't Matter If People Can't Figure Out How to Buy Them.(Brief Article)(Column)
August 2, 2002... Sorry to destroy the image of high-priced technology consultants, folks, but this consultant does the family's grocery shopping occasionally. After reading an ad in the Dallas paper for Texas peaches I searched high and low at my...

Banks Should Be Leaders In Market Clean-Up Drive.(Column)
August 2, 2002... In all the clamor for the Securities and Exchange Commission and other agencies to get tough about accounting standards and ethical lapses, what is still missing is a discussion of the role banks and other financial institutions can play in the...

The Right High-Net-Worth Model.(Brief Article)
August 2, 2002... What do you do after the acquisition binge is over? If you are a bank pining for top-line growth, one of your best bets is to go after investment products. This is not an area in which most banks have excelled. Fewer than 5% of branch...

GSEs May Be Getting Too Big, But MBS Holders Have No Fear.(Fannie Mae and Freddie Mac)(Statistical Data Included)
August 2, 2002... Fannie Mae and Freddie Mac are two of the most highly leveraged, undercapitalized, overpoliticized, and least diversified financial institutions on Earth. Despite this, I own -- without hesitation -- more than $14 billion of...

Mercantile of Md. to Offer Third-Party Funds.(Brief Article)
August 2, 2002... Mercantile Bankshares Corp. of Baltimore plans to sell third-party products to expand its investment and wealth management business beyond Maryland, Virginia, and Delaware. The $9.9 billion-asset company's brand name is not well enough...

In Brief: S&P Turns Negative On American Skandia.(Brief Article)
August 2, 2002... Standard & Poor's put its financial strength rating and counterparty credit for American Skandia Life Assurance Co. on CreditWatch with negative implications Tuesday. American Skandia president and chief executive officer Wade Dokken...

In Brief: Pacific Life Buys Bank, Adds Funds.(Brief Article)
August 2, 2002... Pacific LifeCorp. has closed its purchase of College Savings Bank and launched a family of mutual funds that integrate the New Jersey bank's products. College Savings, of Princeton, specializes in 529 plans and other college- savings...

Awareness, Other Numbers Growing for 529s.(Brief Article)(Statistical Data Included)
August 2, 2002... Mutual Fund Market News Section 529 plans had $10 billion of assets at the end of 2001 and could reach $100 billion by 2005 and more than $380 billion by 2010, according to Financial Research Corp. For now, 529s are still the...

In Brief: Construction Outlays Slid in June.(Brief Article)(Statistical Data Included)
August 2, 2002... June construction spending was off 3.7% from a year earlier and 2.2% from May, at an annual rate of $820.8 billion, the Census Bureau reported Thursday. That was "significantly weaker than expected," according to Steve Stanley, an...

In Brief: Mortgage Rates Creep Higher.(Brief Article)(Statistical Data Included)
August 2, 2002... Freddie Mac said Thursday that the average rate on new 30-year mortgages rose to 6.43% this week, from 6.34% last week -- the lowest figure it had ever recorded. It was 7% a year ago. Other rates also rose from near 30-year lows. The...

In Brief: Affordability of Housing Declines.(Brief Article)(Statistical Data Included)
August 2, 2002... Housing became harder for Americans to afford in the second quarter, but most families could still buy a home, the National Association of Realtors said Thursday. Its quarterly affordability index dropped to 132.6, down 2.3 percentage...

Spectrum's Owners Say 'Evolution' Prompted Sale.(Brief Article)
August 2, 2002... Spectrum LLC, the electronic bill presentment and payment consortium that started with a bang three years ago in taking on CheckFree Corp., is ending with a whimper. People at the big-bank trio that founded Spectrum in 1999 have dropped...

More Competition from Microsoft.(launches Money 2003 software)(Brief Article)(Statistical Data Included)(Product Announcement)
August 2, 2002... Microsoft Corp.'s latest version of its popular Money software, released Thursday, looks even more like a complete online financial services kit. New features of Money 2003 include one year of free online bill payment through the company's...

ICBA Bancard Adds Client Bank Options.(Brief Article)
August 2, 2002... ICBA Bancard, the payment services subsidiary of the Independent Community Bankers of America, has added two options for the community banks that contract with it for credit card services. The first, Participation Plus, lets customer banks...

Correction.(Correction Notice)
August 2, 2002... In the July 18 issue, a page 1 story about Metris Cos. Inc. understated the rise in its delinquency rate from the first quarter to the second. An editing error was to blame. The rate rose by 40 basis points, not 4. Copyright c 2002 Thomson...

AmSouth Downgraded In Spite of Credit Gains.(Brief Article)(Statistical Data Included)
August 2, 2002... Charles N. Ernst, an analyst with Putnam Lovell Securities Inc., on Thursday downgraded AmSouth Bancorp from "buy" to "hold," calling the company's improved credit-quality picture unsustainable if economic uncertainty continues. Mr. Ernst...

In Brief: Citi's Weill a No-Show at Boston Meeting.(Brief Article)
August 2, 2002... Sanford I. Weill, the chairman and chief executive officer of Citigroup Inc., failed to show up Thursday for a Boston luncheon arranged by Merrill Lynch & Co.'s top banking and brokerage analyst. The analyst, Judah Kraushaar, told...

In Brief: Enron-Inspired Bankruptcy Bill in Senate.(Brief Article)
August 2, 2002... Sen. Richard Durbin, D-Ill., on Thursday joined forces with Rep. William Delahunt, D-Mass., to introduce a new bankruptcy bill -- this one inspired by corporate collapses. Sen. Durbin's bill, identical to one introduced last week by Rep....

In Brief: B of A Changes Syndication Sales Terms.(Bank of America Corp.)(Brief Article)
August 2, 2002... Bank of America Corp. said Thursday that it is changing the assignment provisions in its standard syndicated loan documentation. With the change, the company will not be able to assign future loans and obligations without approval of a...

In Brief: NYC Office Vacancies Double WTC Loss.(Brief Article)
August 2, 2002... Deterioration of the Manhattan office market continued in the second quarter, with the amount of unoccupied downtown office space reaching almost double the amount of space lost at the World Trade Center, according to a new survey. The...

In Brief: Loan Applications Jumped 44% in '01.(Brief Article)(Statistical Data Included)
August 2, 2002... Federal regulators on Thursday released data collected last year under the Home Mortgage Disclosure Act and the Community Reinvestment Act. The HMDA data includes the volume of applications for home mortgage and home improvement loans, as...

Tape Steers Cashiers to PIN Use.(Wal-Mart Stores Inc. lawsuit)(Brief Article)
August 2, 2002... A smattering of documents unsealed Thursday in the merchant class action against Visa U.S.A. and MasterCard International included evidence that the card associations say undermines the claims of the leading plaintiff, Wal-Mart Stores Inc. ...

Banks and S&Ls with Highest Nonperformer Ratios in 1Q 2002.(Illustration)(Statistical Data Included)
August 2, 2002... Nonperforming loans and leases as % of gross loans and leases. Dollars in thousands. (part 1 of 4) Rank 1 Farmers Bank Hamburg, Ark. 2 First American Savings Bank FSB Omaha 3 Eastern Savings Bank FSB Hunt...

LaSalle Forms Biz Banking, Advice Groups.(Brief Article)
August 5, 2002... LaSalle Bank of Chicago plans to use two newly created divisions -- one will provide commercial banking services to U.S. subsidiaries of foreign companies, while the other will offer balance-sheet advice for small community banks -- to expand...

Affinity Program for a Slow Economy -- Cash.(An American Express credit card that pays consumers cash equal to a percentage of their transactions)(Brief Article)
August 5, 2002... Though frequent-flier points are still popular reward features on credit cards, American Express Co. has decided that in this era of curtailed travel and frugal spending, cash is looking more attractive. So when it came out last week with a...

Treasury Pick Likely to Take Emphasis Off Consumers.(Wayne Abernathy, a longtime aide to Sen. Phil Gramm)(Brief Article)
August 5, 2002... The nomination of Wayne Abernathy, a longtime aide to Sen. Phil Gramm, to a key post in the Treasury Department's financial services policy shop signals a move away from consumer issues but does not mean a big shift to the right, observers...

Wachovia Agency Deal Signals N.C. Face-Off: BB&T is also said to have shown an interest.(Wachovia Corp. announces acquisition of Cameron M. Harris and Co.)(Brief Article)(Statistical Data Included)
August 5, 2002... BB&T Corp. and Wachovia Corp. have spent the past few years buying insurance agencies up and down the East Coast. Now Wachovia's deal to buy the Cameron M. Harris & Co. agency puts the two in head-to-head competition in a key geographic...

Today's News.
August 5, 2002... WASHINGTON Page 3 COMMUNITY BANKING Activists want regulators to cut the CRA rating of Brickyard Bank because of its partnership with a payday lender. Page 4 INVESTMENT/INSURANCE PRODUCTS States are scrambling to add 529 plan...

Ececutive Changes.(financial services industry)(Brief Article)(Statistical Data Included)
August 5, 2002... MIDDLE ATLANTIC RBC Capital Markets, the New York-based corporate and investment banking subsidiary of Royal Bank of Canada, has hired Miguel A. Roman as a managing director and the head of leveraged loan syndications. He reports to...

Washington People.(Brief Article)
August 5, 2002... The Six-Degree Suit Just as all actors seem to have a link to Kevin Bacon, it appears that all of the past decade's notorious news events can be tied to a bizarre court case between the Federal Deposit Insurance Corp. and the millionaire...

In Focus: Will CRA-Grading Study Spur Agencies to Raise Standards?(Community Reinvestment Act )(Statistical Data Included)
August 5, 2002... Consumer activists have long complained that federal banking regulators hand out A's on Community Reinvestment Act exams as generously as professors at pricey MBA programs do on midterms. But a study issued last week by the Greenlining...

Brickyard of Ill. Pressured Over Payday Lending.(Brickyard Bank partnership with Check 'n Go protested)(Brief Article)
August 5, 2002... Activists in Illinois are urging federal regulators to downgrade the Community Reinvestment Act rating of Brickyard Bank in Lincolnwood as punishment for its relationship with payday lender Check 'n Go. Since September, $192 million-asset...

Microsoft Funds for Minority Aid.(Microsoft makes 2 million dollar deposit into Adams National Bank)(Brief Article)(Statistical Data Included)
August 5, 2002... Microsoft Corp.'s deposit of $2 million at Adams National Bank in Washington late last month was a continuation of the software giant's effort to encourage minority-owned businesses to invest in technology. Since 1999 Microsoft has...

Is the 529 Market Becoming a Free-for-All?(salary reduction savings plans, market analysis)(Brief Article)
August 5, 2002... When the Internal Revenue Service unveiled the Section 529 tax-deferred college savings vehicle in 1997, it touched off a scramble by banks and other financial services companies seeking to become states' exclusive 529 providers. But...

Preferred Issues: Calif. Tax Compromise Would Cost $300M.(California; banks, savings and loan associations)(Brief Article)
August 5, 2002... About a third of banks and thrifts operating in California will be on the hook for $300 million of additional taxes if a bill now stalled in the state Assembly is passed. In May, when the state said plunging capital gains taxes had created...

Brazil's Currency Crisis Worries Bank Investors.(Brazil, banking investments; analysis)(Brief Article)
August 5, 2002... Investors in some big bank stocks are eager for information on bank exposure in Brazil, whose currency, the real, last week suffered its biggest one-day drop since 1999. While the news out of Brazil continued to be volatile, the currency...

Some See Loan Volume Record Within Reach.(Brief Article)(Statistical Data Included)
August 5, 2002... In the first half of the year the housing and mortgage markets exceeded the most optimistic expectations -- selling more homes, refinancing more loans, and taking more applications every month. And with more than $1 trillion of mortgages...

In Brief: New Collections Chief at Charter One.(Cathy Lequin)(Brief Article)
August 5, 2002... Charter One Mortgage Corp. announced Friday that it had appointed Cathy Lequin as its vice president in charge of default administration. Ms. Lequin is in charge of collection, foreclosure, and loss mitigation at the Charter One Financial...

In Brief: Basis100 Blames Loss on Recording Lag.(reports second quarter 2002 figures)(Brief Article)(Statistical Data Included)
August 5, 2002... Basis100 Inc., a mortgage lending technology vendor, on Thursday reported a second-quarter net loss of $1.4 million, versus net earnings of $1.1 million for the previous quarter and $100,000 for the second quarter of last year. Revenues...

Back-to-Banking Plan: S1 Shopping Edify Assets.(Brief Article)(Statistical Data Included)
August 5, 2002... Selling the remaining assets of Edify Corp., a company it purchased in 1999, would likely be a relief for S1 Corp, which has never gotten the boost from Edify that it had hoped. Jaime Ellertson, the Atlanta-based Internet banking vendor's...

Citizens of Mich. Eyes Imaging.(new Citizens Banking Corp. technology chief Roy Eon plans check imaging)(Brief Article)(Statistical Data Included)
August 5, 2002... The new technology chief at Citizens Banking Corp., a $7.5 billion-asset multibank holding company in Flint, Mich., says that check imaging is high on his list of applications to develop. Roy Eon, who joined the company last week as the...

In Brief: National City Names Retail Chief.(Peter E. Raskind)(Brief Article)
August 5, 2002... National City Corp. has promoted its head of consumer finance to lead its retail sales division. Peter E. Raskind, 45, succeeded A. Joseph Parker, 47, who is on personal leave, the company said. Mr. Raskind, will be responsible for its...