American Banker articles from October 2002

American Banker archives from October 2002

Fund-Raiser Nets Criticism For Korsmo.(Brief Article)
October 1, 2002... Barely two weeks after the Federal Housing Finance Board adopted a new code of conduct for its directors, the agency's chairman, John T. Korsmo, is the main draw at a congressional fund-raiser that solicited donations from the officials he...

Thrifts Up for Grabs? North Fork CEO Thinks So.(Brief Article)
October 1, 2002... Low interest rates and a weak economy have created a brutal environment for traditional thrifts and may force several to sell themselves before long, says John Kanas, the chairman and chief executive officer of North Fork Bancorp. Inc. ...

Ga. Predator Law Drives Out Some Lenders.(Brief Article)
October 1, 2002... As the country's strictest law against predatory lending takes effect in Georgia today, mortgage companies large and small are scaling back credit there. From major players like Chase Manhattan Mortgage Corp. of Edison, N.J., to smaller...

The Start-Your-Own-Agency Option.(Brief Article)
October 1, 2002... Buying insurance agencies has become a competitive sport. Today's Insurance Products special report focuses on why some banks getting into the business have decided to start their own instead of making deals. Also in this issue: how...

Royal Bank Of Scotland Pays Big for Philly Target: $450M deal is first in effort to 'fill in' Mid-Atlantic region.(Brief Article)
October 1, 2002... Royal Bank of Scotland Group PLC on Monday followed through on its often-repeated pledge to keep expanding on this side of the Atlantic by announcing a deal to broaden its reach in the Philadelphia area. The Edinburgh-based company's U.S....

TODAY'S NEWS.(Brief Article)
October 1, 2002... State Street appointed a chief financial officer seasoned in securities processing after a six-months search. Page 2 The big three in syndicated loans held their ground in the third quarter, but Lehman made a big leap in the ranking. Page 3...

State Street Fills 6-Month Vacancy in Its CFO Slot.(Brief Article)
October 1, 2002... State Street Corp. on Monday named Edward J. Resch as its chief financial officer, a position that had been vacant since March, when Ronald L. O'Kelley retired from the Boston banking company. Mr. Resch, 50, who will join the $80...

Lehman Advances in Syndicated Loan Rankings.(Brief Article)
October 1, 2002... The three biggest syndicated-loan arrangers -- J.P. Morgan Chase & Co., Bank of America Corp., and Citigroup Inc. -- held their ground during the third quarter, but Lehman Brothers continued to advance in the rankings. The U.S. syndicated...

Anti-$130,000 Club Adds Shelby.(Brief Article)
October 1, 2002... A key Senate Banking Committee member on Monday joined the growing chorus of policymakers publicly stating their opposition to an increase in per-account deposit insurance. "I do not support raising coverage to $130,000," said Sen. Richard...

Bank Profits Likely to Ebb In Second Half, OCC Says.(Brief Article)
October 1, 2002... Because of weaker loan demand and continued credit quality problems, banks are unlikely to match their strong second-quarter earnings figures for the rest of the year, the Office of the Comptroller of the Currency said Monday. Net interest...

Nara to Acquire Industrial Bank of Korea's N.Y. Office.(Brief Article)
October 1, 2002... Continuing its New York expansion, Nara Bancorp is planning to buy the Manhattan branch of a Seoul-based bank. The $793 million-asset parent of Nara Bank said Thursday that it would acquire the branch, which has $58 million of deposits and...

Credit Union Robbery Suspect in Plea Talks.(Brief Article)
October 1, 2002... Federal prosecutors are negotiating a deal with the man they believe to be the Credit Union Bandit that would send him to jail until he is almost 80 years old. Richard Matzke, 57, has been charged with robbing credit unions in six...

MasterCard Says 5-Year-Old Ad Campaign Is Still Fresh.(Brief Article)
October 1, 2002... MasterCard International has been busy congratulating itself on the fifth anniversary of its Priceless advertising campaign. For MasterCard, which had previously churned through several advertising agencies and less-than-successful...

National Processing Shakeup Unforeseen.(Brief Article)
October 1, 2002... National City Corp.'s announcement Monday that it had ousted both the chairman and chief executive officer of its majority-owned transaction processor and replaced them with the parent company's technology and operations chief came as a...

Religious Fund Assets Grew 21% in 3 Years.(Brief Article)
October 1, 2002... The number of religious mutual funds has grown 121% in the past three years, according to Thomson Financial's Wealth Management Group. The total increased from 34 in March 1999 to 75 in March 2002, the company said last month. During the...

Banks, Asset Firms Gear Up for 4Q Charity.(Brief Article)
October 1, 2002... Christmas is the season for giving, but some financial institutions are revving up products and services in the hope that the whole fourth quarter will be a season for charitable giving, despite the dismal markets. "The annual...

Insurers Turn to Capital Markets for Risk Sharing.(Brief Article)
October 1, 2002... As claims from Sept. 11 and other major events pull capital out of the worldwide insurance marketplace, carriers are turning to alternative products that use the capital markets as a source of funds. "It's been a very innovative year," said...

In Brief: MIT to Use PayMode Product from Clareon.(Brief Article)
October 1, 2002... The business-to-business payments software seller Clareon Corp. said Monday that the Massachusetts Institute of Technology had bought its primary product, PayMode, and will use it to make payments to suppliers. Clareon says that PayMode...

In Brief: Deluxe Teams Up With Digital Insight.(Brief Article)
October 1, 2002... Deluxe Financial Services, the check printing subsidiary of Deluxe Corp., and Digital Insight Corp., which sells Internet banking software and services, said Monday that they had integrated Deluxe's One online check-ordering software into...

In Brief: Small-Biz Reporting Service from BB&T.(Brief Article)
October 1, 2002... BB&T Corp. has introduced a Web-based reporting service that gives small- business customers real-time access to the credit and debit card transactions they make, the bank announced Monday. BB&T Merchant Connection lets customers review...

In Brief: AmTrade Is Ninth Bank Failure of Year.(Brief Article)
October 1, 2002... In the ninth bank failure this year, $11.9 million-asset AmTrade International Bank in Atlanta was closed Monday after a plan to voluntarily dissolve itself collapsed. David G. Sorrell, the acting commissioner of the Georgia Department of...

In Brief: N.Y. Sues Five in Salomon 'Spinning'.(Brief Article)
October 1, 2002... New York Attorney General Eliot Spitzer's office on Monday filed suit against five executives to recoup profits it says they received from Salomon Smith Barney as the result of so-called IPO spinning and "phony stock ratings." The suit...

In Brief: Bank One Adding San Antonio Outlets.(Brief Article)
October 1, 2002... Bank One Corp. will open three new branches in San Antonio this week and will continue to open three or four a year for an eventual total of about 26, according to area manager Thomas Russe. The quick building schedule is designed to...

In Brief: It's Back to Japan For B of A Executive.(Brief Article)
October 1, 2002... Bank of America Corp. said Monday that Chuck Doherty had become the head of its global markets group in Japan, overseeing the sales and delivery of fixed- income and debt capital markets products there. Mr. Doherty, who has been with Bank...

In Brief: GSEs Top Risk-Based Capital Standard.(Brief Article)
October 1, 2002... Fannie Mae and Freddie Mac both exceeded their risk-based capital requirements through the first half of the year, the Office of Federal Housing Enterprise Oversight announced Monday. OFHEO is in charge of regulating the safety and...

Editor's Note.(Brief Article)
October 1, 2002... This year's special report on insurance products examines ways in which banks try to sell insurance. It's an alluring, though challenging, business for banks. Given their druthers, banks wishing to get into insurance sales usually would...

Tough Agency Deal Market Makes Building Look Better.(Brief Article)
October 1, 2002... Though most banks considering insurance sales would rather buy an agency than build one from scratch, competition may make buying the less attractive option. It did for Hudson United Bancorp of Mahwah, N.J., which said in July that it...

Why Two-Year Buying Slide Should End.(Brief Article)
October 1, 2002... Bank companies are among the most active buyers of insurance agencies, a trend expected to continue. The number of deals fell slightly in 2000 and 2001 but should end this year higher because for one thing, buyers have grown more...

Life Carriers Tailor Products for Bank Rep Sales.(Brief Article)
October 1, 2002... For years, bank platform employees and brokers have sold annuities, an insurance product that acts like an investment. But most have yet to cross over and sell a pure insurance product that also has investment ties: life insurance. Industry...

Small Businesses Willing to Switch P&C Carriers.(Brief Article)
October 1, 2002... The spiraling costs of commercial property/casualty insurance has given bank-owned agencies an opportunity to increase revenues by cross-selling this product to small-business customers. But successfully pitching these policies to...

States Push an Alternative to a Federal Charter.(National Association of Insurance Commissioners urges states to pass laws that would standardize state insurance regulation)(Brief Article)
October 1, 2002... In its drive to ward off a federal insurance charter, the National Association of Insurance Commissioners is urging states to pass laws that would standardize state insurance regulation. Its latest and most ambitious effort encourages all...

A Checklist for Choosing an Annuity Provider.(Brief Article)
October 1, 2002... Just a few years ago most bank customers shunned fixed-income investments in favor of equity-based products like variable annuities. The stock market boom of the late 1990s gave even conservative financial consumers illusions of 20% returns....

Top 100 Individual Property and Casualty Companies.(Statistical Data Included)
October 1, 2002... By net premiums written in the first quarter of 2002. Dollars in thousands. (part 1 of 2) 1 State Farm Mutual Auto Insurance Co. Bloomington, Ill. 2 Allstate Insurance Co. Northbrook, Ill. 3 Nationwide Mutual...

Top 100 Individual Life, Accident, and Health Companies.(Brief Article)
October 1, 2002... By net life contracts written in the first quarter of 2002*. Dollars in thousands. (part 1 of 2) 1 Metropolitan Life Insurance Co. Tampa 2 Prudential Insurance Co. of America Newark, N.J. 3 Equitable Life...

Top 100 Individual Health Companies.(Statistical Data Included)
October 1, 2002... By net income in the first quarter of 2002*. Dollars in thousands. (part 1 of 2) 1 Oxford Health Plans New York Inc. Trumbull, Conn. 2 Aetna Health Inc. Blue Bell, Pa. 3 Blue Cross and Blue Shield of Georgia Inc....

Citigroup Shoring Up Its Right Flank.(reportedly wants to hire a senior-level executive with solid, preferably right-wing, Republican credentials)(Brief Article)
October 2, 2002... Citigroup Inc. is retooling its federal affairs operation with an eye toward countering the perception that it is too close to the Democratic Party. The financial services giant reportedly wants to hire a senior-level executive with solid,...

Weill Taps Verizon Exec for COO; Will Quit Two Outside Boards.(Citigroup chairman Sanford Weill chooses outside director Michael T. Masin to be chief operating officer)(Brief Article)
October 2, 2002... Fabled for its deep well of internal management candidates, Citigroup Inc. reached beyond its walls to fill a top-tier position, naming an outside director, Michael T. Masin, as vice chairman and chief operating officer. In a related move...

Key, Meyer Look Past Turnaround.(KeyCorp. CEO Henry L. Meyer III)(Brief Article)
October 2, 2002... Since becoming KeyCorp's chairman and chief executive officer last year, Henry L. Meyer 3d has replaced top executives, slashed expenses, and added to bad-loan reserves to stabilize earnings and boost revenues. After years of shrinkage at...

No Mistaking GSEs for Twins in Multifamily.(Brief Article)
October 2, 2002... In multifamily mortgage banking, a lender's size matters -- but mainly in choosing which government-sponsored secondary-market buyer to do business with. Fannie Mae and Freddie Mac, often spoken of as if interchangeable in the...

In Brief: Push to Help SBA Guarantee More Loans.(Brief Article)
October 2, 2002... Key senators said Tuesday that they will pressure President Bush to let the Small Business Administration back more loans. The SBA recently announced that it would lower the maximum on loans eligible for federal guarantees. It cited budget...

In Brief: Bies: GSE Disclosure Has to Go Further.(Brief Article)
October 2, 2002... Federal Reserve Board Governor Susan Bies said Tuesday that a recent agreement with regulators under which Fannie Mae and Freddie Mac promised to increase their public disclosures does not go far enough. Though she praised the deal to have...

In Brief: Bush Urges Terror Insurance Bill This Week.(Brief Article)
October 2, 2002... President Bush on Tuesday asked top lawmakers to reach an agreement by the end of the week on legislation that would insulate the insurance industry from losses due to terrorist attacks. In a meeting at the White House, the president told...

Subprime Plan Starts Right-to-Know Debate.(Brief Article)
October 2, 2002... A proposal to require that banks and thrifts include information about subprime lending programs in their quarterly call reports has bankers and activists clashing over whether that data should be made public. Under the proposal, put...

In Brief: Reich Nomination Hearing Set.(Senate hearing on the nomination of John M. Reich as vice chairman of the Federal Deposit Insurance Corp.)(Brief Article)
October 2, 2002... The Senate Banking Committee announced it will hold a hearing Thursday on the nomination of John M. Reich as vice chairman of the Federal Deposit Insurance Corp., nearly two years after the former Senate aide and Florida banker was originally...

In Brief: Approval Likely on Gambling Bill.(US House of Representatives bill to bar bank instruments including credit cards from being used for illegal gambling)(Brief Article)
October 2, 2002... The House of Representatives was expected to give approval late Tuesday to a bill that would bar any bank instrument, including credit cards, from being used to make payments for illegal gambling. As of Tuesday afternoon the bill was on...

Nixing Wal-Mart's Bid to Buy Bank, Davis Cites GLB.(Brief Article)
October 2, 2002... An effort by Wal-Mart Stores Inc. to buy a California bank died late Monday night, when Gov. Gray Davis signed a bill closing the loophole in state law that the retail giant had hoped to exploit. The bill, which the California Legislature...

Comment/In Brief: Commercial of Pa. Restructuring.(Commercial National Financial Corp. to restructure trust operations)(Brief Article)
October 2, 2002... Commercial National Financial Corp. on Tuesday announced a corporate restructuring under which it would transfer its trust operations from its bank subsidiary to a new trust unit. Louis T. Steiner, the president and chief executive officer...

Comment/In Brief: First Mariner Naming-Rights Win.(First Mariner Bank gains naming rights to the Baltimore Arena)(Brief Article)
October 2, 2002... First Mariner Bank has won the naming rights to the Baltimore Arena and expects to change the name to First Mariner Arena by the end of November. The $800 million-asset subsidiary of First Mariner Bancorp will pay $75,000 a year to the...

Comment: Here's One Freebie Offer Not Too Good to Be True.(Brief Article)
October 2, 2002... When I meet my former Rutgers and Stonier students, they often tell me that what they remember most from my class, years later, is TINSTAAFL. I have always used this acronym for "There is no such thing as a free lunch" to explain that...

MC and Visa Trying to Elbow EFTs Out of Debit.(Brief Article)
October 2, 2002... A decade ago, when setting up their PIN-debit transaction processing networks, MasterCard International and Visa U.S.A. envisioned them as systems of last resort. Banks were expected to use them to fill in the dead zones beyond the reach of...

State St. Unit Eyes Overall Monitoring Of Ore. 529 Plans.(Brief Article)
October 2, 2002... State Street Corp.'s college savings unit is negotiating the terms of a contract to oversee Oregon's 529 college savings plans, and this could indicate how the rising number of states with multiple plans will need to administer them. ...

BB&T Follows Fla. Thrift Buy with an Agency Deal.(Brief Article)
October 2, 2002... BB&T Insurance Services is following close on the heels of its parent banking company with the planned acquisition of a Florida insurance agency -- its first in that state. The Raleigh, N.C., insurance unit of $76.3 billion-asset BB&T...

Tech Scene: Web Services Middleware Finds a Fan at Merrill.(Brief Article)
October 2, 2002... The latest buzz term in tech circles is Web services, which -- objectively speaking -- is basically a type of middleware that lets disparate computing systems talk to one another over the Internet, both within a company and between companies....

Fannie Narrows Duration Gap and Shares Rally.(Fannie Mae )(Brief Article)
October 2, 2002... Fannie Mae reported Tuesday that the duration gap of its mortgage portfolio narrowed to negative-10 months in September, a development that sparked a relief rally in shares of the government-sponsored enterprise. A duration gap measures...

PNC Board Adds Ex-Homeside CEO.(PNC Financial Services Group Inc., Joseph J. Whiteside appointment)(Brief Article)
October 2, 2002... PNC Financial Services Group Inc. on Tuesday appointed Joseph J. Whiteside, the former chief executive officer of Homeside Lending Inc., as a vice chairman of the Pittsburgh-banking company. Mr. Whiteside, 61, joined the company Tuesday,...

Prolonged Telecom Woes Seen at Bank of New York.(Brief Article)
October 2, 2002... It is no secret that Bank of New York Co. has telecommunications credit problems, but the size of those problems and how long it could take to work them out has caused concern even among those analysts bullish on the company. On Tuesday,...

Wells Offers Web Hand-Holding.(Wells Fargo and Co. introduces Internet customer-service system)(Brief Article)
October 2, 2002... Wells Fargo & Co. said Tuesday that it had introduced an Internet customer-service system that lets commercial customers perform online troubleshooting with service representatives in real time. The service enables a wholesale or...

$1B of Profits A Month Salves Many Wounds.(Citigroup)(Brief Article)(Statistical Data Included)
October 3, 2002... Despite a renewed onslaught by regulators and law enforcers, Citigroup Inc. has retained a loyal following among some analysts and investors who cling to the notion that today's ugly headlines will give way to better times. Citi investors...

A Messy Cleanup Quarter for Comerica.(Brief Article)(Statistical Data Included)
October 3, 2002... Comerica Inc.'s announcement that it would miss earnings estimates and will restate second-quarter earnings was troubling on several levels, perhaps most because it suggested that a hoped-for improvement in commercial credit quality has...

Nacha ACH Project Reaches Building Stage.(automated clearing house)(Brief Article)
October 3, 2002... Moving forward with what could become a major new method for Web payments, Nacha's board of directors has agreed to build and test a system that would use the automated clearing house to transfer money from consumer or business deposit accounts...

TODAY'S NEWS.(Brief Article)
October 3, 2002... Bank of New York said its third quarter profits would be lower than expected because of a severe deterioration in telecom loans. Back page More than half the lenders in a recent poll said they feared the stock market decline could signal a...

N.Y. Election Politics Favor Stiff Predator Bill.(Brief Article)
October 3, 2002... New York Gov. George E. Pataki, who is in the midst of a reelection race, is expected to sign a sweeping anti-predatory-lending bill soon. The State Legislature approved the measure three months ago, but the Democratic-controlled Assembly...

Survey Finds Lenders Are Worried About Signs of Double-Dip.(Brief Article)(Statistical Data Included)
October 3, 2002... More than half the lenders in Phoenix Management Services' latest survey on attitudes toward the economy said they feared that the recent stock market decline could signal a return to recession. Nearly 20% of the 83 respondents said that...

OTS Challenges California Card Law.(Office of Thrift Supervision)(Brief Article)
October 3, 2002... Adding its voice to a contentious California court battle, the Office of Thrift Supervision released a legal opinion Wednesday arguing that a state credit card law should not apply to federally chartered thrifts. The law requires card...

Laundering, Loan Settlement Issues To Be Aired on Hill.(Brief Article)
October 3, 2002... Lawmakers in the House today are expected to demand details from the Bush administration about plans to overhaul the home mortgage settlement process, while members of the Senate will quiz regulators about anti-money-laundering efforts. ...

Governance, FDIC Reform On New ABA Head's Agenda.(American Bankers Association)(Brief Article)
October 3, 2002... A year after the American Bankers Association's annual convention was canceled because of the Sept. 11 attacks, more than 1,300 bankers from across the country are expected to gather in Phoenix to hear from industry and political leaders. ...

School Asks Banks to Bid On Student Loan Program.(University of Maryland)(Brief Article)
October 3, 2002... The University of Maryland, Baltimore is hoping to become one of the few colleges in the country to lend directly to students, and it is seeking a bank partner to help make it happen. The school is taking bids from lenders willing to...

Spare Change: Hard ID-Check Lesson For Stockmans of Calif.(Stockmans Bank)(Brief Article)
October 3, 2002... It's easy to see how a teller at Stockmans Bank in Elk Grove, Calif., mistook one customer for another: The clients have the same last name and both are franchisees of the same fast-food chain. But this understandable case of mistaken...

Executive Changes.(banking industry)(Brief Article)
October 3, 2002... MIDWEST Enterprise Financial Services Corp. in Clayton, Mo., has hired Peter F. Benoist as the chairman and chief executive officer of its principal subsidiary, Enterprise Bank. He reports to Kevin Eichner, the $806 million-asset...

In Brief: Target Renews Pact With Nat City Unit.(National Processing Co.)(Brief Article)
October 3, 2002... National Processing Co. said Wednesday that Target Corp. had renewed its EBT, credit, and debit card processing contract, which covers all bank card transactions except those made on the Target Visa. The National City Corp. subsidiary has...

In Brief: New United Visa Card from Bank One.(Brief Article)
October 3, 2002... Bank One Corp. said Tuesday that it had enhanced the set of products and benefits offered through its cobranding partnership with United Airlines. Bank One said that, working with the frequent flyer division of United, it had introduced...

In Brief: Mall Firm Expands Gift Card Program.(Simon Property Group)(Brief Article)
October 3, 2002... Simon Property Group Inc., which owns and manages shopping malls, is expanding its gift card program by introducing the Simon Visa Gift Card to 43 additional malls. The company said Tuesday that it has piloted the cards for a year at four...

In Brief: Discover Offering Holiday Drawings.(Discover Financial Services)(Brief Article)
October 3, 2002... Taking a page from rival Visa U.S.A., Discover Financial Services Inc., the credit card unit of Morgan Stanley, has introduced a sweepstakes to re-ward cardholders for putting their purchases on Discover cards during the holiday shopping...

In Brief: Genpass, Whitney Continue ATM Pact.(Genpass Service Solutions, Whitney National Bank)(Brief Article)
October 3, 2002... Genpass Service Solutions has signed a three-year renewal of its contract to service Whitney National Bank's network of more than 200 automated teller machines. The New Orleans-based subsidiary of Whitney Holding Co. has $6 billion of...

Top U.S. Individual Life, Accident, and Health Insurance Companies: By net admitted assets as of June 30, 2002. Dollars in thousands.(Illustration)(Statistical Data Included)
October 3, 2002... (part 1 of 2) Rank 1 Metropolitan Life Insurance Co. Tampa 2 Prudential Insurance Co. of America Newark, N.J. 3 Teachers Insurance & Annuity Association of America New York 4 Northwestern Mutual Life Insurance...

Big Growth Seen in Variable Life but Not at Banks.(Brief Article)(Statistical Data Included)
October 3, 2002... Sales of variable life insurance could reach $10 billion by 2006, according to Tillinghast Towers Perrin -- but most of these sales will not come through banks. The growth prediction comes during a year when insurers estimate a 35% sales...

Entangled in Death Benefit Guarantee Woes.
October 3, 2002... Allmerica Financial Corp. is the latest company to face financial problems related to guaranteed death benefits on variable annuity products -- and industry observers expect more to surface. As the bear stock market makes these benefits...

Hype Takes a Holiday as Techies Emphasize Basics.(banking industry conference)(Brief Article)
October 3, 2002... Two or three years ago it seemed that every online banking conference was full of swagger, with technologists placing multiple bets on the various emerging technologies at their fingertips, confident that most if not all would pay off. At...

E-Trade Widens $9.99 Rate Offer.(E*TRADE Securities Inc.)(Brief Article)
October 3, 2002... E-Trade Securities LLC said Wednesday that it is offering its lowest commission rate, $9.99 per stock trade, to more customers. Any customer averaging at least 27 trades per quarter can receive these benefits, the company said. The previous...

Shake-Up Set for Wachovia's Corporate Unit.(Wachovia Corp. announce reorganization of division and job cuts)(Brief Article)
October 3, 2002... Wachovia Corp. plans an undisclosed number of job cuts and other changes in its corporate and investment banking division as it tries to improve profits in the economic and market slowdown. The restructuring is part of a new three-year...

Telecoms Bite into Bank of N.Y. Earning.(Bank of New York Company Inc. earnings report)(Brief Article)
October 3, 2002... Bank of New York Co. warned late Wednesday that third-quarter profits would be lower than expected because of a steep deterioration in loans to telecommunications firms. The company said it would increase it quarterly loan-loss provision...

In Brief: 75 State St. Corp. Employees Losing Jobs.(Brief Article)
October 3, 2002... State Street Corp. confirmed Wednesday that it is laying off 75 employees in professional-support jobs. The cuts, which were announced Tuesday to employees in the marketing, legal, and facilities departments, are meant to increase...

In Brief: Judge Finds Again for Ace Cash Express.(ACE Cash Express Inc. lawsuit over illegal loans)(Brief Article)
October 3, 2002... Ace Cash Express announced Wednesday that the District Court of Southern Indiana had again dismissed a lawsuit that claimed it was making illegal loans in Indiana. Vonnie T. Hudson, an Indiana resident, complained that Ace was making loans...

In Brief: Mortgage Applications Set Another Record.(Mortgage Bankers Association of America report on mortgages)(Brief Article)(Statistical Data Included)
October 3, 2002... The Mortgage Bankers Association's composite index of applications jumped 8.6% last week, on a seasonally adjusted basis, to 1,285.4, the highest level ever, the group said Wednesday. It was the 10th straight week over 1,000. ...