American Banker articles from December 2004

American Banker archives from December 2004

For PFF: Location, Location, Location.
December 1, 2004... PFF Bancorp in Pomona, Calif., can thank a red-hot real estate market for its surging share price. Though its stock has been an investor favorite for years, the price has spiked nearly 20% in heavy trading since Oct. 21, when the company...

Privacy Case Has Smaller Calif. Banks On the Spot: Lose-lose? Stricter laws or a big-bank marketing benefit.(trade groups sue to overturn section of California Financial Information Privacy Act of 2003)
December 1, 2004... Some California community bankers feel they are in a no-win situation on the eve of an appeals court hearing of a lawsuit concerning whether federal law preempts the state's financial privacy statute. Three national trade groups had sued to...

More Fuel for Greater Bay Sale Skeptics.(Greater Bay Bancorp possible sale looks less likely)
December 1, 2004... A growing number of observers say the tide may be turning against a possible near-term sale of Greater Bay Bancorp. Troubles at its insurance unit and a federal income tax dispute have now piled atop lackluster earnings growth as obstacles....

Outgoing Nacha Chief Ponders Next Step for Payments Industry.
December 1, 2004... When Leonard J. Heckwolf became Nacha's chairman in January 2003, accounts receivable conversion was one of the least-used types of automated clearing house payments, online bill payment was a novelty for consumers, and bankers weren't sure...

Executive Changes.
December 1, 2004... SOUTHEAST SunTrust Banks Inc. of Atlanta said Michael Butler will become the president, chief executive officer, and chairman of its Chattanooga, Tenn., banking operations on Jan. 1. He will succeed Margaret Callihan, who will become...

In Brief: Small Firms Get SEC Extension.(Brief Article)
December 1, 2004... The Securities and Exchange Commission has granted an extension to small companies struggling to complete reviews of the procedures they use to guarantee the accuracy of financial reports. Companies with a public float of less than $700...

In Brief: Truth-in-Lending Cap Affirmed.(Brief Article)
December 1, 2004... The Supreme Court ruled Tuesday that the $1,000 cap on punitive damages in the Truth-in-Lending Act applies to a wide range of loan transactions. The case, Koons Buick Pontiac GMC v. Bradley Nigh, involved an effort by Mr. Nigh to trade in...

Groups Urge a Crackdown On Online Payday Lending.
December 1, 2004... Consumer advocates said Tuesday that online payday lending is growing rapidly and is more dangerous than traditional short-term lending. A report released by the Consumer Federation of America said that thousands of Web sites are offering...

Do They Think Banks Like Bankruptcies?(credit card interest rates)
December 1, 2004... Banks have been getting bad press for raising credit card interest rates -- sometimes doubling them -- and slapping fees on borrowers who have not met repayment terms or have developed credit problems the issuer learned of. Last week The New...

Mapping a Multiproduct Strategy for Points.(loyalty programs for financial services)
December 1, 2004... With most credit card issuers and banks offering rewards points to encourage use of credit and debit cards, some companies are contemplating loyalty programs that could be linked to a customer's entire banking relationship. Maritz Inc.,...

In Brief: Chain Renews Pact With Alliance Data.(New York and Co)(Brief Article)
December 1, 2004... Alliance Data Systems Corp. has renewed its agreement to provide private label card services to New York & Co., a women's apparel retailer. The Dallas private-label card issuer and processor has issued cards for the retailer for around 10...

In Brief: HSBC Buys Brazilian Finance Business.(CrediMatone SA)(Brief Article)
December 1, 2004... HSBC Bank Brazil SA has acquired most of CrediMatone SA, the consumer finance arm of Banco Matone SA, for about $11 million. The purchase, which the HSBC Holdings PLC subsidiary announced Monday, included CrediMatone's 47 branches and...

Ocwen Dropping Charter.(Brief Article)
December 1, 2004... Ocwen Financial Corp. has decided to turn in its federal thrift charter. Its Ocwen Federal Bank filed an "application for voluntary dissolution" on Nov. 24 with the Office of Thrift Supervision. The West Palm Beach, Fla., parent company...

Accredited Sets Bullish Guidance for '05, Beyond.(Accredited Home Lenders Holding Co)
December 1, 2004... Accredited Home Lenders Holding Co. said Tuesday that it expects to earn $6.90 per share next year, 34 cents more than the average analyst estimate. The San Diego subprime lender said its profit would grow 15% a year on average for the...

529 Plans' Growth Eases as Complications Mount.
December 1, 2004... Sales of 529 college savings accounts continued to lag in the third quarter as some analysts began to worry that the once hot product's complexity and regulatory uncertainties are sapping its momentum. Assets in 529 plans increased 5%, to...

Bank Holding Companies with Highest Concentration in Home Equity Loans: As of June 30, 2004. Dollars in thousands.(Illustration)
December 1, 2004... (Part 1 of 3) 1 Five Flags Banks Inc. Pensacola, Fla. 2 First American Bank Corp. Elk Grove Village, Ill. 3 Fremont Bancorp Calif. 4 Cornerstone Bancorp Inc. Palatine, Ill. 5 First...

In Brief: National City Hires An HSA Custodian.(Medical Mutual)(Brief Article)
December 1, 2004... National City Corp. in Cleveland said Tuesday that it has hired Medical Mutual to be a custodian of its health savings account program. HSAs let people establish tax-favored savings accounts for health-care expenses when they have a...

In Brief: IFMG Promotes Exec To Sales Manager.(Independent Financial Marketing Group)
December 1, 2004... Independent Financial Marketing Group Inc., a Purchase, N.Y., distributor of investment and insurance products through banks, has announced the promotion of Robert E. Summa to be its national sales manager. In his new post Mr. Summa is to...

In Brief: Aetna Adds Features To Long-Term Care.(Brief Article)
December 1, 2004... Aetna Group Insurance, a division of Aetna Life Insurance Co. in Hartford, Conn., announced Tuesday that it has enhanced its portfolio of group long-term-care insurance benefits and services. A shared-care benefit lets group members...

In Brief: AIG and a Subsidiary Settle Claims by U.S.(Brief Article)
December 1, 2004... American International Group Inc. in New York said Tuesday that it and a subsidiary, AIG Financial Products Corp., have settled claims by the Department of Justice and the U.S. Attorney for the Southern District of Indiana arising from certain...

In Brief: PacifiCare in Deal For Group Business.(Brief Article)
December 1, 2004... PacifiCare Health Systems Inc. in Cypress, Calif., has announced plans to buy Newport Beach, Calif.-based Pacific Life Insurance Co.'s group health insurance business, adding an estimated 140,000 members in 30 states. Financial terms of...

Fiserv Closes Two Core Processing Agreements.
December 1, 2004... Fiserv Inc. has landed two new banks as core-processing clients, winning praise from stock watchers. The additions to the Brookfield, Wis., company's roster are Countrywide Bank and Columbia Bank. Countrywide Bank, a division of...

In Brief: Regulators Pledge Open Mind on FACT Act.(Fair and Accurate Credit Transactions Act)(Brief Article)
December 1, 2004... Most sections of the Fair and Accurate Credit Transactions Act take effect today, but many of the rules on how to comply with the year-old law remain unfinished. Federal regulators told financial services officials last week that they...

In Brief: Bank of N.Y., U.S. Attorney Said in Talks.(Brief Article)
December 1, 2004... Bank of New York Co. Inc. is negotiating with the U.S. Attorney for the Eastern District of New York to avoid a criminal indictment for poor compliance controls, sources familiar with the matter said. The negotiations were reported Tuesday...

In Brief: OFHEO Raises Conforming Loan Limit 7.8%.(Office of Federal Housing Enterprise Oversight)
December 1, 2004... The Office of Federal Housing Enterprise Oversight will raise the maximum size of single-family mortgages eligible for purchase by Fannie Mae and Freddie Mac by 7.8% next year, to $359,650. The 2005 limit, which OFHEO announced Tuesday, is...

In Brief: Wachovia to Cut 829 Jobs in Birmingham.(Brief Article)
December 1, 2004... Wachovia Corp. has notified Alabama officials that it plans to eliminate 829 jobs at SouthTrust Corp.'s former headquarters and other locations in Birmingham. The cuts will begin next month and will be completed by March 2006. They are...

Royal Bank of Canada Plans More Cuts in U.S.
December 1, 2004... Royal Bank of Canada, the nation's largest, said Tuesday that it will keep retooling its U.S. banking operations next year to boost returns from an expansion that began three years ago but has been a drag on profits. The pledge came as the...

Fed Rating Revamp Fuels Fears Of Turf War.(Federal Reserve Board's bank holding company rating system)
December 2, 2004... When the Federal Reserve Board installed its new bank holding company rating system Wednesday, it kept a controversial provision that some felt let it override the supervisory ratings of a bank's primary regulator. The Fed had said all...

Lenders Seek SBA Reversal On Piggybacks.(Small Business Adminstration policies)
December 2, 2004... Now that the struggle over funding the Small Business Administration's flagship 7(a) program has been settled, lenders are turning to an issue that may be even more important to community banks: "piggyback" lending. Piggybacking, formally...

Small-Business Goals Link PayPal, Paymentech.
December 2, 2004... PayPal Inc., whose main business is providing the back-end payment engine for eBay Inc., has added a deal with Paymentech LP to an expansion plan that emphasizes small businesses. Analysts say the strategy could also be a response to a...

Committed To Riggs, But At What Cost?(PNC Financial Services Group's bid for Riggs National Corp.)
December 2, 2004... As more details emerge of Riggs National Corp.'s dealings with erstwhile dictators and renegade governments, observers are betting that PNC Financial Services Group Inc. will renegotiate the $779 million it offered for the embattled Washington...

In Brief: B of A Dispute over Arena Name Drags On.(Bank of America Corp.)(renaming of FleetCenter sports arena, Boston, Massachusetts)
December 2, 2004... Eight months after buying FleetBoston Financial Corp., Bank of America Corp. still has not reached an agreement to rename Boston's FleetCenter sports arena, or even to take Fleet's name off the building. The matter is becoming more...

In Brief: Farm Credit Will Pay $10M to Exit Deal.(Farm Credit Services of America ACA terminates deal with Rabobank Group)(Brief Article)
December 2, 2004... Farm Credit Services of America ACA of Omaha has agreed to pay Rabobank Group a $10 million fee to terminate its deal to sell itself to the Dutch giant. The fee, announced Wednesday, will be paid in four installments of $2.5 million over...

In Brief: Demand Up in Eight Of 12 Fed Districts.(Federal Reserve banks)(Brief Article)
December 2, 2004... Bankers reported strengthening demand for business loans in eight of the Federal Reserve System's 12 districts between mid-October and mid-November, the central bank said Wednesday. Seven districts had reported an increase through...

In Brief: Commerce to Survey Foreign Transactions.(Commerce Department's Bureau of Economic Analysis)(Brief Article)
December 2, 2004... The Commerce Department's Bureau of Economic Analysis is gearing up for a survey of international activity of domestic financial services providers. The bureau said it conducts the survey once every five years to compile international...

Executive Changes.
December 2, 2004... NEW ENGLAND Boston Private Bank and Trust Co. has named James C. Brown, its chief lending officer, to its senior management team. Mr. Brown joined the $1.8 billion-asset unit of Boston Private Financial Holdings Inc. in 1999. ...

In Brief: Equitex Closer to Deal for Digitel.
December 2, 2004... Equitex Inc. announced Wednesday that it was close to a definitive agreement to buy Digitel Network Corp., National Business Communications Inc., and their subsidiaries. Equitex, which had announced a letter of intent for a deal, provides...

In Brief: Nat City Wholesale Unit Carves Up Territory.(Brief Article)
December 2, 2004... First Franklin Financial Corp., the nonprime home lender, has doubled the number of regional senior vice presidents for its wholesale division's sales staff and narrowed their geographic focus. The San Jose, Calif., company is a unit of...

In Brief: Pay by Touch to Acquire ATM Direct.(Brief Article)
December 2, 2004... Pay by Touch Co., a biometrics vendor, has agreed to buy ATM Direct Inc. ATM Direct, a payment processor based in Irving, Tex., is seeking a patent for software that lets consumers use PIN debit for purchases over the Internet. Pay By...

Issuers Tout Credit Quality; Some Stress Credit Scores.(consumer credit)
December 2, 2004... At a time when credit card receivables growth has been slowing, issuers are touting improvements in credit quality, with some emphasizing more credit-score selectivity. Executives from two major issuers, attending an investor conference in...

In Brief: Oct. Exchange-Traded Fund Assets Up 5%.(October)(Brief Article)
December 2, 2004... Assets held in exchange-traded funds grew 5% in October, according to data released by the Investment Company Institute on Wednesday. The product's asset total rose to $190.51 billion in October, from September, and has grown 26.2% since...

Allianz Seeks Bank Alliances, Ethnic Marketing for Growth.(Allianz Life Insurance Company of North America)
December 2, 2004... Allianz Life Insurance Co. of North America plans to add bank distribution alliances and increase its multicultural marketing efforts next year, the executive named its sales and distribution director said Wednesday. Hayward L. Sawyer, who...

Pipeline.(Office of Federal Housing Enterprise Oversight report suggests appraisal values may have been overstated)
December 2, 2004... Underappraised? Appraisal values on refinancings motivated by lower rates or better terms may have been understated in recent years, according to the Office of Federal Housing Enterprise Oversight. The regulator for Fannie Mae and...

In Brief: SVPCo Adds Two Check 21 Adjustments.(Clearing House Payments Co., online check clearing system)(Brief Article)
December 2, 2004... Clearing House Payments Co.'s online check-clearing system has two new features for correcting errors in image-based clearing. One feature expedites re-credits to banks' customers. The other settles breach-of-warranty/indemnity adjustments...

In Brief: Web Use Up, Branch Use Down in Canada.(bank use)(Brief Article)
December 2, 2004... Bank of Montreal said a study it commissioned found that use of online banking is increasing and branch visits are decreasing in major Canadian cities. Forty-two percent of residents in five of the country's largest cities bank online,...

In Brief: Metavante Renews Dial-Up ATM Pact.(contract with Transaction Network Services Inc.)(automated teller machines)(Brief Article)
December 2, 2004... Metavante Corp. has renewed Transaction Network Services Inc.'s contract as the primary provider of networking services for its dial-up automated teller machines -- mostly at convenience stores and similar locations -- in the United States. ...

In Brief: Napoleon of Ind. Revs Up for FedForward.
December 2, 2004... Napoleon State Bank of Napoleon, Ind., is using check imaging and archiving software from Financialware Inc. of Indianapolis in preparation for using the Federal Reserve banks' FedForward image transmission service. FedForward sends check...

Pricing Competition Seen Hurting Discount Brokers.
December 2, 2004... Despite evidence of a pickup in retail trading last month, pricing pressure on trading commissions could cut into long-term revenues at the nation's discount brokerages, some observers warn. Sandler O'Neill & Partners LP said a research...

In Brief: B of A Fights $10B Suit Over Parmalat Role.(Bank of America )
December 2, 2004... Bank of America Corp. on Wednesday asked a federal judge in Asheville, N.C., to dismiss a $10 billion lawsuit over its dealings with the troubled Italian food giant Parmalat. The Charlotte company filed the motion at U.S. District Court for...

In Brief: Wells, ICICI Offer Remittances to India.(Brief Article)
December 2, 2004... Wells Fargo & Co. and ICICI Bank Ltd., India's second-largest banking company, have started offering a remittance service that lets customers send up to $3,000 a day from their U.S. accounts to accounts in India. The partnership was...

In Brief: Seacoast of Fla. Entering Orlando via Deal.(Brief Article)
December 2, 2004... Seacoast Banking Corp. of Florida plans to acquire the $288 million-asset Century National Bank of Orlando for $46.2 million. The deal, announced late Tuesday, would give the $1.7 billion-asset Seacoast three branches and $264 million of...

In Brief: Barclays Buys Juniper to Issue U.S. Cards.(Brief Article)
December 2, 2004... Canadian Imperial Bank of Commerce has sold its 98% stake in the U.S. card issuer Juniper Financial Corp. to the British banking company Barclays PLC for $293 million. The sale was announced Wednesday. Barclays also bought the 2% stake...

A 21st Century Leader With His Eye on Performance.(Jamie Dimon)
December 2, 2004... In an era when "do the right thing" means steering clear of regulators, Jamie Dimon has a broader view. For Mr. Dimon, the president and chief operating officer at J.P. Morgan Chase & Co., the right thing includes running the company as...

ShoreBank: An Influence From Second City To Third World.
December 2, 2004... ShoreBank Corp. may never fully achieve the promise of its corporate slogan, "Let's change the world," but it won't be for lack of trying. Founded in 1973 to help revive distressed neighborhoods in its hometown of Chicago, the $1.5...

In New Payments Era, Cooper Plays Hardball.(William A. Cooper)
December 2, 2004... A color chart conspicuously mounted on a wall in William A. Cooper's office illustrates the steady progress of TCF Financial Corp.'s stock and dividend performance since going public in 1986. "Business is a game, and money is how you keep...

Guenther Put Small Banks On the Public Policy Map.(Ken Guenther)
December 2, 2004... When Treasury Under Secretary Peter Fisher took the podium at an Exchequer Club luncheon in September 2002, he was angry with Ken Guenther. Without naming names, Mr. Fisher attacked community bank advocates clamoring for higher deposit...

Consolidation and Controversy Dominated 2004 Headlines.(banking industry)
December 2, 2004... Offense? Defense? Banks had to play both roles this year with equal energy. The return of the megamerger, which Bank of America Corp. heralded with its October 2003 deal for FleetBoston Financial Corp., gained steam with a flurry of deals...

The Industry in Its Own Words.
December 2, 2004... "I know there is skepticism about whether we can make the merger with FleetBoston pay off." Bank of America CEO Ken Lewis. Jan. 7 "Holy lightning!" Edward Clift, CEO of Merrill Merchants Bancshares in Bangor, Maine, on learning...

Wells Plans Even More Remittance Expansion: Two deals in a month for cash transfers to Philippines, India.
December 3, 2004... Wells Fargo & Co., which has announced two international remittance partnerships in a month, is planning to expand its business even farther. On Wednesday, Wells announced that it has teamed up with ICICI Bank Ltd., the second-largest bank...

Branch Boom's Hottest Market Is Colorado.(Company Profile)
December 3, 2004... When Community First Bank's 46 branches in Colorado open Monday, Coloradans will have another reminder that their state has become one of the hottest banking markets. Over the weekend the branches will be rebranded Bank of the West as...

Banker of the Year Awards.(Brief Article)
December 3, 2004... Keynote speaker Rep. Barney Frank appealed to the industry's self-interest to argue for a new approach to executive compensation. Coverage begins on page 11 Copyright 2004 Thomson Media Inc. All Rights Reserved....

Citing Rates, Fifth Third Retrenches.(Company Profile)
December 3, 2004... Fifth Third Bancorp on Thursday announced it is implementing a balance-sheet overhaul that could result in its taking charges of up to $340 million this quarter. The Cincinnati company said in a filing late in the day with the Securities...

Efficiency Drive at FDIC: An Early Read.(Brief Article)
December 3, 2004... The Federal Deposit Insurance Corp. has started a controversial program to judge the efficiency of its exams, but so far it lacks a key ingredient -- quality measures. FDIC officials say the program is already helping to improve examiner...

People.
December 3, 2004... Good Answer When Jim Hogan interviewed for the chief financial officer job at Sovereign Bancorp Inc. in early 2001, he said, he asked its chief executive, Jay Sidhu, whether he had "bet the bank" in making what many considered a risky deal...

In Brief: Lawmakers Query Fannie on Alleged Fraud.(Brief Article)
December 3, 2004... Three key members of the House Financial Services Committee are seeking more information about Fannie Mae's role in allegedly fraudulent loans originated by First Beneficial Mortgage Co. Fannie was ordered by the U.S. District Court for the...

In Brief: 2.2% Inflation Boost in OCC Assessments.(Brief Article)
December 3, 2004... Assessments charged by the Office of the Comptroller of the Currency will increase slightly next year to adjust for inflation. According to the 2005 fee schedule released Wednesday by the agency, assessments for most banks, including credit...

In Brief: Kanjorski: GSE, Subprime Bipartisanship?(government-sponsored enterprises )(Brief Article)
December 3, 2004... Rep. Paul Kanjorski said Thursday that two priority issues for the House Financial Services Committee -- regulatory reform of the government-sponsored enterprises and a subprime lending bill -- will test the new congressional makeup next year....

In Brief: A Push for Disaster Recovery Programs.(Financial Services Information Sharing and Analysis Center)(Government Emergency Telecommunications Service)(Brief Article)
December 3, 2004... Government officials urged bankers Thursday to join the federal Financial Services Information Sharing and Analysis Center and gain access to the Government Emergency Telecommunications Service. The urging came at a Federal Deposit...

In Brief: Call, Thrift Reports on FDIC Web Site.(Federal Deposit Insurance)(Brief Article)
December 3, 2004... The Federal Deposit Insurance Corp. announced Wednesday that all third-quarter call and thrift reports have been made public. The reports are available on the FDIC's Web site at www2.fdic.gov/Call_TFR_Rpts/search.asp. The banking and...

Will Visa's Dispute Rule-Change Be Copied?(Brief Article)
December 3, 2004... Visa USA's Interlink network has changed its policy on cardholder disputes for PIN debit transactions, allowing people to initiate a chargeback if they are not satisfied with the quality of goods and services. The rule brings to the PIN...

In Brief: Vt.'s Merchants to Pay Dividend.(Merchants Bancshares)(Brief Article)
December 3, 2004... Merchants Bancshares Inc. in South Burlington, Vt., plans to return $28.1 million of capital to its investors in the form of a $4.50 a share special dividend payable Dec. 17. To offset the financial drain, the $1.05 billion-asset company...

In Brief: Wis. Banks Settling Tax Issue.(Brief Article)
December 3, 2004... The Wisconsin Department of Revenue has reached agreements with 87 banking companies concerning taxes on their out-of-state subsidiaries. The number of banks that have settled with the state has risen from 26 in September, the Milwaukee...

When in Rome: Using Local Resources in a Growth Plan.(Clarkston Financial)
December 3, 2004... Clarkston Financial Corp. in Michigan wanted to expand to Milford, which is about 20 miles away from its hometown. But rather than opening a branch of its Clarkston State Bank, the company is chartering a new bank with local investors and a...

In Brief: Bank of N.Y.'s Wealth Brokerage Solution.(Brief Article)(Product/Service Evaluation)
December 3, 2004... Bank of New York introduced a full-service brokerage solution for high-net-worth investors Thursday. The solution, Private Client Investment Services, complements traditional discretionary account management services, the bank said. It...

In Brief: State Street Wins British Air Pension Pact.(Brief Article)
December 3, 2004... State Street Corp. announced that it has been appointed the investment service provider for the British Airways Pension Trustees fund. The Boston banking company is to supply global custody services, fund accounting, and securities lending...

In Brief: MFS Diversifies 529 College Plan Portfolio.(Brief Article)(Product/Service Evaluation)
December 3, 2004... MFS Investment Management said it has added its MFS International Diversification Fund to the menu of funds available in its 529 college savings plan portfolio. The Boston company administers the broker-sold MFS 529 Savings Plan sponsored...

Latest BB&T Agency Deal Broadens Ky. Beachhead.(Langan Insurance Benefits and Financial Services acquired)(Company Profile)
December 3, 2004... The latest agency deal by BB&T Insurance Services Inc. in Raleigh, N.C., fits its strategy of strengthening the banking company's employee benefits and property/casualty businesses and bolsters a business whose revenue has risen 78% this year....

A Budding Annual Rite: Debate on Regulation.
December 3, 2004... Too much or not enough? At each Banker of the Year dinner, the subject of industry regulation is one that seems to be batted around between guest speakers, and each time the debate seems to get a little sharper. The topic was front and...

American Banker's 2004 Banker of the Year Awards Dinner.
December 3, 2004... A storm had subsided by nightfall, but there was still plenty of electricity in the air at the fourth annual Banker of the Year awards dinner Wednesday evening at the New York Palace Hotel. In between the shrimp course and the entree, Rep....

Letters To The Editor.(Letter to the Editor)
December 3, 2004... Hawke on FDIC's, Other Agencies' Exam Authority To the Editor: In a story in your Nov. 16 issue concerning the risks facing banks ["FDIC Lists Risks, But Foresees Industry Record," page 5] you discuss the expectation that the FDIC may...

In Brief: AmNet Lending Up 56% in Year.(Brief Article)
December 3, 2004... AmNet Mortgage Inc.'s wholesale mortgage unit said Thursday that it funded $864 million of loans last month, 13% more than in October and 56% more than in November of 2003. The San Diego lender said new applications dipped 6% in November...

In Brief: Freddie: Home Prices Up 12.4%.(Brief Article)
December 3, 2004... Freddie Mac announced Thursday that home prices were 12.4% higher in the third quarter than a year earlier. In last year's third quarter prices climbed just 5.7%, it said. A similar index also built on data from both Freddie and Fannie Mae...

In Brief: Firm Hires Foreclosure Expert.(Berkman, Henoch, Peterson and Peddy PC)(Brief Article)
December 3, 2004... The author of a three-volume book on New York mortgage foreclosures has joined Berkman, Henoch, Peterson & Peddy PC. Bruce J. Bergman will be a principal in the Garden City, N.Y., law firm's mortgage and tax-lien foreclosure practice group,...

Sales Force Compensation Expenses on the Rise.(Company Profile)
December 3, 2004... Bringing in home purchase loans takes considerably more pavement-pounding than refinancings, so in a market dominated by purchase business, the costs of compensating salespeople have increased. Just ask Countrywide Financial Corp., whose...