News Bulletins Archive

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December 2001

CitiFinancial Still Accused of Abuses
CitiFinancial has continued to engage in abusive lending practices in Chicago despite promises by the subprime lender to clean up its act...
(December 28, 2001)

HOEPA Trigger Dropped to 8%, from 10%
The Federal Reserve Board unanimously approved a final rule that will expand the reach of its anti-predatory lending regulations...
(December 28, 2001)

BoNY Lends Juice to CIBC's On-Line Letters of Credit
The Bank of New York often looks far overseas to grow its business, with trade operations scattered throughout Hong Kong, Shanghai, Seoul, Pusan, Osaka, Tokyo and Singapore, just to name a few...
(December 28, 2001)

FDIC Is Getting $460MM on SB
Two wealthy financial families have agreed to pay the Federal Deposit Insurance Corp. a record $460 million to head off an anticipated civil complaint that would hold them responsible for the failure of their now–defunct thrift‚ Superior Bank...
(December 27, 2001)

FHA Scores Fall Sharply
Credit scores on Federal Housing Administration–insured loans have been deteriorating over the past five years and over 40% of FHA originations fit into the category of subprime loans...
(December 27, 2001)

Online Loan Trading: Pedestal Facing Cuts, Future in Doubte
Pedestal Inc., a B2B mortgage trading venue that raised $60 million in venture capital money, is on the verge of announcing a major layoff...
(December 26, 2001)

Defaults Will Rise, According to CSW Executive
There are rough seas ahead, according to an executive with Case Shiller Weiss here. Terrance E. Loebs, vice president of sales, marketing and customer support for the companyounced that it increased the size of a previously announced public offering last month in a deal that raised $64.8 million...
(December 26, 2001)

Survey Finds New Reaction On How To Handle ID Theft
Thornburg Mortgage announced that it increased the size of a previously announced public offering last month in a deal that raised $64.8 million...
(December 21, 2001)

Starwood Reports Drop in Earnings
Starwood Hotels & Resorts here has reported an earnings decline for the third quarter, with earnings-per-share declining to $0.14, compared to $0.50 for the third quarter of 2000...
(December 21, 2001)

OTS Wants to Ease Some Restrictions
The Office of Thrift Supervision is proposing to relax its lending restrictions on small business and community development lending...
(December 21, 2001)

HUD Scales Back Increase in FHA Net Worth Rule
The Department of Housing and Urban Development has raised the net worth requirements for Federal Housing Administration single-family loan correspondents from $50,000 to $63,000...
(December 21, 2001)

Ohio Legislature Closes Loophole On Bankruptcies
Credit unions that make mortgage loans in Ohio are getting relief from a problem stemming from bankruptcy cases...
(December 20, 2001)

Weak Credit Quality Clouds Outlook
Going into the third quarter‚ most banks and thrifts expected to meet earnings estimates‚ and the banking industry was enjoying solid year–over–year income growth...
(December 20‚ 2001)

IThornburg Mortgage Raises $65 Million
Thornburg Mortgage announced that it increased the size of a previously announced public offering last month in a deal that raised $64.8 million...
(December 20‚ 2001)

CLF Borrowing Limit Is Raised To $1.5 Billion
With little fanfare this time around, the president signed into law a bill that will set the borrowing limit for the Central Liquidity Facility, the emergency loan fund for credit unions known as CLF... (December 19‚ 2001)

IDC Launches New e-Payments Unit
In anticipation of a boom in Internet spending within the next 4 years, International Data Corp. has created an ePayments service... (December 19‚ 2001)

Financial Stability in Emerging Markets: What Have We Accomplished and What Remains To Be Done?
Economic crises in emerging–market economies were a prominent feature of the economic landscape during the second half of the 1990s... (December 18‚ 2001)

Selling Strategy: Now could be the time to Sell
The right moves taken today can help banks get the best deal for themselves‚ their equity holders and their employees... (December 18‚ 2001)

Holding onto customers: Retention Marketing Can Help Firms Weather Economic Storm
Firms that target marketing budgets against high–value customers with a focus on maintaining and growing relationships can reap short– term results‚ long–term benefits... (December 18‚ 2001)

Analysts Cautious About Finance Stocks
With a glum economic outlook sinking in‚ picking "select stocks‚" including housing finance firms‚ makes more sense than focusing on the entire financial services industry‚ according to a Morgan Stanley report... (December 18‚ 2001)

Cyber Merchant Cries Foul
An online credit card processor is suing Visa U.S.A. over the card association’s charge back policies... (December 17, 2001)

Experian to use NextGen FICO Scores
Experian‚ the credit repository headquartered here‚ has teamed with Fair‚ Isaac & Co. Inc.‚ San Rafael‚ Calif.‚ to create “the next generation of credit scoring models.”... (December 17, 2001)

D.C. Mayor Offers Predatory Lending Fix
A four–month suspension of a Washington‚ D.C. predatory lending law went into effect last week‚ but Mayor Anthony Williams is already pressing the city council to pass a new bill that will appease lenders and protect consumer... (December 17‚ 2001)

RESPA Settlements of Alleged Violations Bring $2MM
Using its enforcement powers‚ the Department of Housing and Urban Development has secured $2 million in settlements with several lenders and vendors for alleged violations of the Real Estate Settlement Procedures Act... (December 17‚ 2001)

Technology Roundtable Getting your money’s worth
It’s easy to spend a lot of money on technology, and banks certainly do – to the tune of billions of dollars a year... (December 14, 2001)

Cyber Fraud ’I didn't do it’
MasterCard and Visa are having a hard time fighting Internet and telephone fraud... (December 14, 2001)

Call Centers Lending: Go Ahead, Call Me Bank of America looks to deliver loans on the phone
Calling in a financial services request rates pretty low on the list of things consumers want to do with their free-time... (December 14, 2001)

California Banker Will Lead OTS
The U.S. Senate has confirmed James E. Gilleran to be the new Office of Thrift Supervision director... (December 14, 2001)

November’s Consumer Price Index indicates worsening conditions of apparel prices
Commerce Department data issued this morning indicate worsening apparel price conditions... (December 14, 2001)

Banks Push Gift Cards
Whether saluting an employee of the month with a "Spirit Award," hailing a worker for perfect attendance, or just recognizing a diligent employee for a job well done... (December 13, 2001)

NetBank Has Long Had Sights on Mortgage Banking
For the founders of NetBank, the mortgage banking business had always been a part of their plans, the current chief executive of the Internet retail banking firm here said... (December 13, 2001)

Sports sponsorship: Roaring Into Pro Hoops
First Tennessee is counting on the whole Mid-South region becoming a bear market now that the NBA Grizzlies have moved to Memphis from Vancouver... (December 13, 2001)

Sterling and Union Planters Closing Warehouse Units
Within the next 90 days, Sterling Bank & Trust FSB plans to exit the warehouse lending industry, according to warehouse industry sources... (December 13, 2001)

Despite Long-Term Rate Uncertainty, Refi Boom Might Continue
Recent gyrations in long-term interest rates make it more difficult than ever to predict where rates are headed... (December 13, 2001)

IL Consumer Groups Team Up to Stop Predatory Lenders
Creating a dragnet to catch possible predatory mortgage lenders, the Illinois Office of Banks and Real Estate and the Department of Financial Institutions have entered into a joint partnership... (December 13, 2001)

American Express to cut up to 6,500 more jobs
American Express Co. today announced it will cut up to 6,500 more jobs, mostly in its travel business, and take pre-tax charges of as much as $280 million largely due to the drop in travel after the Sept. 11 attacks... (December 12, 2001)

GAC's QuickClose provides HE lenders online services
General American Corp. here, has created its "QuickClose" unit aimed at giving home equity lenders a "low-cost, fast-service solution."... (December 12, 2001)

RFC: $11B Mark In WH Business
Residential Funding Corp., the nation's largest warehouse lender, has broken the $11 billion market in commitments as demand for increased lines continues to swell... (December 12, 2001)

Fed Expected to Cut Interest Rates
The Federal Reserve is close to wrapping up its most aggressive interest rate cutting exercise since the early 1980s, many economists believe... (December 11, 2001)

Mortgage: Citi's Mortgages Get Wired Statements move on-line
Citi customers are used to paying the mortgage on-line but still rely on paper to view it... (December 11, 2001)

Fear may boost online business
The holiday shopping season is supposed to be a time for traditional retailers to be as jolly as St. Nick. But they may end up with a lump of coal this winter... (December 11, 2001)

Intell-a-Check Strengthens Management Team
Intell-A-Check, Corp., a leader in electronic payment solutions, today announced the appointments of Raymond Johnson as vice president of sales and Steve Bey as director of information technology... (December 11, 2001)

USB Sells Common Stock Stake in New Century
U.S. Bancorp, Minneapolis, has sold the 565,000 shares of common stock it held in New Century Financial Corp., a subprime mortgage lender based here... (December 10, 2001)

Household Sued By CA Regulators
Household Finance Corp. of California and Beneficial California Inc., both subsidiaries of Household International Inc., are being sued by the California Department of Corporations... (December 10, 2001)

Consumer Credit Rises $7 billion in October
Consumer credit soared in October, according to the Federal Reserve, thanks to Americans taking advantage of no-interest loans to buy automobiles.... (December 10, 2001)

Customer Retention: NetBank's Attention to Retention
You'll have to excuse Mike Fitzgerald's swagger when he says he'll happily talk all day about how difficult it is to spin profit off of the Web... (December 07, 2001)

Security: Tripping a New Alarm
Visa USA hopes the jig is up for burglars who troll the Web's back alleys, stealing the identities of unsuspecting consumers... (December 07, 2001)

Collection Manager Banned
NCUA said Wednesday it banned John Humpage, the former collection manager of defunct Santa Fe-Topeka CU, from the credit union industry... (December 07, 2001)

More Than 70 CUs Have Turned To Counseling Service
Credit unions have a proven track record of aiding financially stressed members, but often there is little they can do for those pressured into bankruptcy by inflexible commercial lenders... (December 06, 2001)

ID Fraud Stings Online Card Issuer
Identity fraud has caused such losses at one of the most aggressive and best-known online issuers of credit cards that regulators have... (December 06, 2001)

November comparable store sales provided stark evidence of worsening retail apparel deflation while mass merchandisers were generally unable to convince customers to make purchases in apparel... (December 06, 2001)

FBI Shows Little Interest in Prosecuting Loan Fraud
In an unusual twist, a loan officer in Palm Beach County, Fla., has been sentenced to 20 months of house arrest and ordered to pay $17,000 in restitution... (December 05, 2001)

Citi e-bill pilot gets off ground
The real estate lending business of Citigroup, CitiMortgage Inc., has successfully launched a pilot project... (December 05, 2001)

Mortgage Volume Props Up Profitability; Delinquencies Rise
The ongoing mortgage boom helped the nation's biggest credit unions maintain their profitability in the third quarter even while yields on income-earning assets continued to plummet... (December 04, 2001)

Leadership Can't Be Bought
Troubled companies have turned to super heroes to bail them out. J. P. Morgan Chase & Co. has taken retired General Electric CEO Jack Welch on as an advisor... (December 04, 2001)

Subprime's challenges
Mr. Jacob, president and co-founder of the Southfield, Mich.-based oanGiant.com, has written a report on how he believes the challenging subprime mortgage origination and lending business should be approached... (December 03, 2001)

LendingTree controversy epitomizes trends
It's a good thing that some controversies don't go away, when revisiting those disputes makes the mortgage industry pay more careful attention to powerful trends... (December 03, 2001)

November 2001

Lower rates to continue?
Wholesalers and loan brokers keep your engines warm—it looks as though more rate cuts are in the works... (November 30, 2001)

Treasury seeks B&C; standard
The Treasury Department wants to take a leadership role in developing a national best practices standard for subprime lending that is enforceable and tough... (November 30, 2001)

Anthrax Fears Renew Interest In Delivering Statements Electronically
With the country mired in uncertainty following the recent terrorism acts that have included anthrax being sent through the mail system, more credit unions are... (November 30, 2001)

Consumer Groups, Payday Lenders Divided On Study
High-cost payday loan companies are increasingly skirting state usury laws by partnering with federally chartered banks that are exempt from state limits... (November 29, 2001)

Analysis Finds CUs Adding To Mortgage Portfolios
A down year in mortgage originations last year still did not prevent credit unions from adding to their mortgage portfolios... (November 29, 2001)

Toronto Is Hub of Canada's Thriving Financial Services Industry
With a concentration of 1,700 financial services firms, Toronto is largely recognized as Canada's financial services center.... (November 29, 2001)

Court Rules On ID Theft
The U.S. Supreme Court ruled 9-0 last week against the appeal of a victim of identity theft and in favor of the credit bureau.... (November 29, 2001)

Despite Enthusiasm for Paperless Loans, Few Have Been Done
A year ago at the New England Mortgage Banking Conference, Mark Bellenger predicted that by the end of the year, his firm would do its first true electronic closing.... (November 29, 2001)

Fannie Says Industry Still on $1.8T Pace
Although economic forecasts have been turned upside down by the Sept. 11 terrorist attacks, Fannie Mae economists still believe 1-4 family mortgage originations will hit $1.83 trillion - a new record - this year... (November 28, 2001)

Small Business Owners Use Same Bank for Work and Home
A study conducted by Informa Research Services Inc. here shows that 72% of small business owners use the same institution for their business and personal banking needs... (November 28, 2001)

Wachovia's Asset Chief Aims for Healthy Merger Mix
Stanhope A. Kelly is trying to creatively combine the private banking units of Wachovia And First Union into a well-blended dish with its own distinctive flavor... (November 28, 2001)

Inside View: Importance of Online Banking
Midsize corporations in North America are using their financial institutions' online banking services more often these days... (November 27, 2001)

EBPP Fans Cling to Their Dream
In the early days of online banking, as technology-wary bankers struggled to decide if they should provide dial-up service or the more risky Internet access... (November 27, 2001)

Pedestal Adds Product Offering
Pedestal Inc. and Wells Fargo Home Mortgage Inc. have announced they have expanded the SellLoans.com correspondent loan pricing and committing system to include a "best efforts" sales option... (November 26, 2001)

Freddie's New Platform Makes Selling Loans Easier
Freddie Mac recently announced a change designed to make it easier for originators to sell loans online... (November 26, 2001)

Net Banks Hike Fees, Minimums
Internet banks have lost some of their price advantage over brick- and-mortar ones, a Bankrate.com study indicates.... (November 26, 2001)

Holiday 2001 retail merchandise sales, exclusive of automobile sales, will include improved sales of televisions and other higher priced, non-fashion consumer goods... (November 26, 2001)

Relief from uncertainty?
In the past two months, it seems that many of us have been looking for some relief from the "uncertainty" that so many pundits have been telling us... (November 21, 2001)

Customer Management: Using Existing Data to Help Banks
Leaving data on the table, gathered but untouched, is almost as bad as leaving money there... (November 21, 2001)

Jubilant American Express
Banks seeking to exit the credit card business may get more for their portfolios as a result of the court decision that allows MasterCard and Visa members to link up... (November 21, 2001)

Fed on the Defensive
The Federal Reserve is in the unusual position of having to be a street fighter. Until a few years ago, it had the electronic payments system pretty much to itself... (November 20, 2001)

SBA: Funding for $400M of SBA Disaster Loans
Congress has allocated more money to the Small Business Administration for disaster relief loans in response to the Sept. 11 terrorist attacks... (November 20, 2001)

NetBank Marks 5th Anniversary
NetBank opened its virtual doors five years ago last month, a time when skepticism about online-only enterprises had yet to give way to adoration... (November 20, 2001)

Anti-Terrorism Laws Raise Privacy Debate
The anti-terrorism legislation being debated by Congress will have little impact on credit unions, except to require some more vigilance... (November 19, 2001)

Anti-predatory bill signed in California despite doubts
Despite his reservations about it, California Governor Gray Davis has signed into law a predatory lending measure, Assembly Bill 489... (November 19, 2001)

Lenders Should Document Credit Report Requests
It is important for mortgage originators to keep some sort of paper record of the consumer's verbal approval to pull a credit report... (November 16, 2001)

Fiserv Overhauls Business Units
Fiserv, Inc. has created a new business unit that it says is targeted toward meeting the complete origination software needs... (November 16, 2001)

Analyst Reduces Earnings Estimate for Household
Morgan Stanley has decreased its 2002 earnings-per-share projection for subprime mortgage and credit card lender Household International here... (November 16, 2001)

CFO Survey: Corporate America's Reaction to September 11 Attacks
A special survey of CFOs to gauge corporate America's reaction to the September 11th terrorist attacks found that 57 percent expect the events to negatively impact their company's earnings over the coming year... (November 15, 2001)

In Wartime, Homeowners Can Usually Expect Relief from Lenders
If history is any gauge, America's homeowners who are affected even indirectly by the war against terrorism will be well taken care of... (November 15, 2001)

Oakland Passes Predatory Rules
The Oakland city council voted unanimously to pass a predatory lending ordinance, limiting the practices of high-cost home loan lenders... (November 15, 2001)

B&C; Lending Also Benefits from Low Rate Environment
Subprime mortgage origination volume is benefiting from the lower interest rate environment... (November 15, 2001)

World Trade Center Tragedy May Spur Technology Investment
One result of the attack on the World Trade Center has been growing awareness among financial services companies of the need for stronger system backups... (November 15, 2001)

Americans Prefer Checks to Cards for Paying Online
The National Consumers League is encouraging Americans to use their credit cards to make online purchases during the upcoming holiday season... (November 14, 2001)

Freddie Mac's New Online Platform Makes Selling Loans Easier
Freddie Mac recently announced a change designed to make it easier for originators to sell loans online... (November 14, 2001)

Groups Slam Payday Lenders, Bank Deals
Activists are calling on banks to cut ties with payday lenders and are urging state legislatures to restrict the amount of interest... (November 14, 2001)

Net Survivors: Conservative Strategy Is Key
Executives at some Internet-only banks name three things that have helped them thrive during what has been a rough year... (November 13, 2001)

Insurers Send Out Cancellation Warnings, as Terror-Protection Bill Stalls
Insurers started warning thousands of companies that policies will be canceled in 45 days, as Congress remains deadlocked... (November 13, 2001)

Refinancing Wave Expected to Swell as 30-Year Treasury Disappears
The Treasury's suspension of 30-year borrowing combined with recent economic statistics available at press time looked likely last week to add up to lower mortgage rates... (November 12, 2001)

Treasury Predator Plan Eyes Uniform Standard
A Treasury Department official had good news Thursday for financial services industry officials seeking a federal cop to intervene... (November 9, 2001)

Zions Launches New Subsidiary
Zions Bancorporation has officially announced the launch of its Lexign Inc. subsidiary, the new company it formed through the recent acquisition... (November 9, 2001)

Bank of America Tops PCi List of Low-Mod Lenders
Bank of America has been ranked by the PCi Corp. as the number one lender to minority and low-to-moderate income borrowers... (November 9, 2001)

Forget Bankruptcy Reform, 1 Analyst Tells Credit Unions
Credit unions are being told to forget bankruptcy reform legislation for the foreseeable future... (November 8, 2001)

Payments: HSBC Says Yahoo!
HSBC and Yahoo! are joining forces to inject life into the internationally focused person-to-person payments market... (November 8, 2001)

SBA Approves $24 Million in Disaster Loans
The U.S. Small Business Administration has approved 250 disaster loans totaling $24.8 million one month after the terrorist attacks on the World Trade Center... (November 8, 2001)

We are hearing from many vendors especially in apparel that the excess of inventory available for sale is finding its way into dollar and off-price stores... (November 8, 2001)

Card Volume Recovers, But Rising Deliquencies Seen
In the 30-day period after the Sept. 11 attacks, credit card volume dropped among the largest processors for credit unions... (November 7, 2001)

SunTrust Boosts Trust Holdings With Deal in the Sunshine State
Whenever a business is divested, there is usually a whiff of fire sale about it... (November 7, 2001)

Security: Life in the Trenches
The spectrum between privacy and security is an open field, more so now than in a long time. In crisis this country always struggles with its commitment to personal freedoms--they clash with... (November 7, 2001)

Payday Lending: Ethically Tainted?
A number of banks are moving into variations of payday lending, the high-yielding business... (November 6, 2001)

Cash Use on Rise Since Attacks
Consumers have been using cash more and keeping more of it handy for possible emergencies since Sept. 11... (November 6, 2001)

SunTrust and Huntington Create Synergies
One could say that SunTrust's acquisition of Huntington Bancshares' Florida operations was a bit of a consolation prize for CEO Philip Humann... (November 5, 2001)

Income Climbs Higher For TSYS
COLUMBUS, Ga.-TSYS, the payments processor formerly known as Total Systems, said net income soared 33.5% in the third quarter to $25.5 million... (November 2, 2001)

Back to Normal Hasn't Been Easy, But It's Vital
In the long days and weeks since the terrorist attacks on the World Trade Center and the Pentagon, Americans have been trying... (November 2, 2001)

AARP joins complaint against Household unit
The American Association of Retired Persons has joined in the filing of a class-action complaint against Beneficial Homeowner Services Corp... (November 2, 2001)

BoA takes $253 MM hit on subprime
Bank of America, as expected, took a $253 million (after-tax) hit in the third quarter due... (November 2, 2001)

CircleLending Unveils Online Service
CircleLending (www.circlelending.com), a new-generation loan administration company, is empowering individuals to secure and manage loans from within their circle of friends... (November 1, 2001)

Federal Reserve Mops Up Post-Attack Liquidity
The Federal Reserve has withdrawn most of the unprecedented $217 billion in additional liquidity pumped into the nation's monetary system... (November 1, 2001)

Authentify Makes the Call
Most of the time, people access the Internet via telephone lines. So why not take advantage of this expansive, well-established network for securing online transactions?... (November 1, 2001)

October 2001

In NY, The New Challenge: How To Distribute Funds
In the wake of the terrorist attacks on Sept. 11, Americans have poured forth a tremendous amount of charity to help out the thousands of victims and their families... (October 31, 2001)

More Rate Cuts Coming, But Then What?
Enjoy the low interest rates while you can. According to a group of housing and mortgage economists, the Federal Reserve is expected to cut short-term interest rates another 50 basis points... (October 31, 2001)

1st Bids Due On Superior
Late last week, preliminary bids were due on the Federally- controlled Superior Federal FSB, Hinsdale, Ill., and its residential subprime unit... (October 30, 2001)

HEL Chargeoff Rate a Record
Securitized home equity loans hit a record high charge-off rate of 2.1% at the end of the second quarter... (October 30, 2001)

Speech recognition technology: Sayonara to Touch-Tone
Cibc is hoping that its deployment of speech recognition technology, which allows customers to conduct some transactions by simply speaking, will enable... (October 29, 2001)

Playing the cards right: Making a Statement
Columbus Bank and Trust, a subsidiary of Synovus Financial of Columbus, GA, is rolling out next-generation technology... (October 29, 2001)

Accounting Firm Sued on Keystone
The Federal Deposit Insurance Corp. has sued the accounting firm of Grant Thornton for helping the "corrupt" management of the failed First National Bank... (October 29, 2001)

Bid4Assets Business Booms
Bid4Assets, a company that facilitates online sales of assets and provides advisory services, continues to grow its business... (October 29, 2001)

HSBC's Breakout Campaign Parts From Tradition
While Canadian banks usually save their media blitzes for RRSP season, an on-line joint venture with Merrill Lynch has led HSBC to break that mold... (October 26, 2001)

Gathering global assets: Trying to Answer the $27 Trillion Question
U.S. institutions vie with local firms to gain a slice of the still-growing ranks of the wealthy around the world... (October 26, 2001)

Saving Local Banks Through Smart Loan Pooling
The key to community bank survival is commercial-loan sales, but most bankers argue that they won't sell small-business loans because they make so much from them... (October 26, 2001)

GSE's Anti-Abuse Role Expands in Midwest
Fannie Mae announced it is starting pilot programs in Omaha and central Illinois to assist victims of predatory lending practices... (October 26, 2001)

Business Grows, But Defaults Rise
Spurred by heavy lending volume, the private mortgage insurance industry reported an increase in new MI policies in August... (October 25, 2001)

Predatory Lending Issues Affect All, Not Just Subprime
Predatory lending is an issue that not just impacts subprime lenders, but one that is "covering all of us," a representative of SunTrust Mortgage Inc., told the Mortgage Bankers Association... (October 25, 2001)

Fed: Margins Tight; Loan Demand Falls
In its first snapshot of the economy since Sept. 11, the Federal Reserve Board issued a report Wednesday that said banks are facing extremely tight interest rate margins... (October 25, 2001)

Recent Events Renew Focus on Risk Management Issues
With memories of a national tragedy fresh in mind, attendees at this year's MBA national convention are likely to focus more attention on issues such as disaster recovery than they might otherwise have... (October 24, 2001)

Freddie Mac: Rates Won't Drop Much Beyond Today's Three-Decade Low
Freddie Mac thinks 30-year fixed-rate mortgages will average 6.6% over the next several quarters... (October 24, 2001)

London Bridge Expects to Showcase New Technology at the MBA
London Bridge Group expects to make a "fairly major announcement" at the MBA annual convention... (October 23, 2001)

Mortgage Debt 'Won't Fall Off'
Despite a weak economy, mortgage debt is likely to continue growing at a pace that exceeds the growth of the economy as a whole... (October 23, 2001)

Saving the Community Bank Through Astute Loan Pooling
The key to community bank survival is commercial-loan sales, but most bankers argue that they won't sell... (October 22, 2001)

AT&T; Takes Big Bites in Latin America
Less than a year after its founding AT&T; Latin America Corp., the AT&T; subsidiary has escalated its expansion in Latin America with an aggressive string of contract wins... (October 22, 2001)

European ATM Growth Continues
The European ATM market is still growing. During 2000, the installed base of ATMs in Europe rose by almost 19,000 units... (October 22, 2001)

Hedging: Lenders Wonder What Terrorism Means for Credit Markets
Is there any way to hedge for a disaster like the events of Sept. 11? Yes and no, risk management experts tell MSN... (October 22, 2001)

Outsourcing Can Help Improve Cash Flow, Healthcare Executive Says
William Cashner says he hates outsourcing, and then readily admits that he can't do without it. "There are just too many accounts... (October 19, 2001)

Bankruptcy Bill Still in Limbo
A postponed meeting of conference committee members from the House of Representatives and the Senate to reconcile differences in the House... (October 19, 2001)

Past Due Accounts Getting Older on Issuers' Books
The fact that past-due card accounts are getting older on issuers' books this year should set off alarms, said Stan A. Myers... (October 19, 2001)

Attack Won't Damage Credit
In the wake of the Sept. 11 attack on America, rating agencies and industry economists are beginning to decipher the fallout for the mortgage finance industry... (October 18, 2001)

Refinancing Percentage Shoots to an All-Time High
Refinancing accounted for 74% of mortgage loan applications in the week ending Oct. 5, an all-time high according to the Mortgage Bankers Association of America... (October 18, 2001)

Did Wells Have a $2 Billion Day?
"I've heard it, but I can't confirm it," said one mortgage insurance official who does business with the company... (October 18, 2001)

Early Results Show 20% Collections Boost Through NAREX Service
NAREX Inc., a leading provider of artificial intelligence-based predictive modeling solutions, announced collection agencies participating in its Placement Optimizer saw... (October 17, 2001)

Card Ruling Downplayed
Last week's court ruling ordering credit card giants Visa and MasterCard to allow members to issue other cards is expected to... (October 17, 2001)

Florida CU Signs Outsourcing Deal
SunState FCU said it has signed with United Solutions, Inc. (USI), to outsource the collection of a major portion... (October 17, 2001)

Analysis: BB&T; Leads in Loans of Less Than $1 Million, $250,000
BB&T; Corp. has retained the No. 1 spot in the 2000 ranking of the nation's top bank holding companies making loans of less than $1 million to small business.. (October 17, 2001)

Wells Fargo Reports Strong Earnings
Wells Fargo & Co. today reported third quarter 2001 net income of $1.16 billion, up 42% from last year... (October 16, 2001)

Servicers Give WTC Relief
In an effort to help borrowers who have been directly affected in the recent terrorist attacks... (October 16, 2001)

Rate Drop Puts Refi Engine in High Gear
In late September, refinancing activity hit new peaks as consumers jumped back into the mortgage market... (October 16, 2001)

Tech Firms Cautiously Optimistic In Wake of Terror Attack
While being careful to recognize the horrible negative impacts of the tragedy of Sept. 11, executives at technology firms across the country are cautiously optimistic... (October 16, 2001)

Micro Loans: Number of Small Loans Increase But Loan Size Declines
While the number of loans under $100,000 increased by 26.9% in June 2000 from June 1999, the dollar amount increased by only 6.7%... (October 16, 2001)

Attendees Say Determination Outweighs Initial Flying Fears
Some of those planning to attend the Mortgage Bankers Association of America's annual conference in Toronto were finding business travel to be understandably unnerving... (October 15, 2001)

Bank of America's Net Income Drops
Bank of America Corp.'s quarterly net income dropped 54% as the No. 3 U.S. bank holding company set aside money... (October 15, 2001)

The Paper Chase
Credit unions have seen the images. Now will they have to live with the prospect of a rash of identity theft-related scams?... (October 15, 2001)

SouthTrust's Porter is a Tiger In Building Bank Brokerages
Years before Gramm-Leach-Bliley was passed, John D. Porter, ceo of SouthTrust's securities group... (October 12, 2001)

The Citi never sleeps, or at least it didn't used to. For five hours on Tuesday evening September 4, Citibank's network of 2,000 ATMs unexpectedly... (October 12, 2001)

Nonconforming Costs Conseco
Nonconforming mortgage related activities account for a good portion of the $475 million third-quarter charge... (October 11, 2001)

Boom Back As Rates Fall
The refinance boom is back as mortgage rates are moving lower and consumers are coming out of the woodwork... (October 11, 2001)

'Predatory' Law Drives Subprime Lenders Out of the Nation's Capital
With the phase-in of a predatory lending law in Washington, many mortgage lenders have suspended or stopped making subprime loans... (October 11, 2001)

Former Citibank Executive Faces SEC Fine in Associates Insider Case
The Securities and Exchange Commission has settled civil complaints against individuals who allegedly benefited from insider trading... (October 11, 2001)

$10B in Flow Deals Coming to Market
About $10 billion in "flow" servicing deals are due to bid this week.... (October 10, 2001)

CBA: Predatory efforts hurt underserved markets
Commercial bankers are becoming more concerned that state and local efforts to curb predatory lending will discourage lending in distressed areas... (October 10, 2001)

Deposits: BNC Builds Deposit Wealth with New Account
A product launched by BNC Bank in the spring of 2000 has raked in $30 million in new deposits... (October 10, 2001)

Investment Services: Assessing Risk Tolerance in Vogue
Many financial advisers forgot about the basics in the heady days of the bull market... (October 10, 2001)

Use of ATMs Did Not Surge After Attacks
In the hours and days after the airliner attacks on the World Trade Center and the Pentagon, people did not flock to automated teller machines to withdraw cash-indeed,... (October 09, 2001)

WTC firms count losses and rebuild
As a grim rescue effort here continued last month with little prospect of finding new survivors, twenty-three member firms... (October 09, 2001)

Post-Attack Economics Will Squeeze Credit Unions
The economic panic created by the terrorist attacks on the financial center of New York and the nation's Capital are rapidly creating new conditions... (October 05, 2001)

American Express: Low rate most attractive to borrowers
A low interest rate is what attracts most Americans to a mortgage provider,... (October 05, 2001)

Despite Downturn, Productivity Surges for Series 6, 7 Bank Brokers
Another study indicates 13% of adults in 66 markets use full-service stockbrokers... (October 05, 2001)

Stung by Competitors, Post Office Gets Internet-Savvy
IT's NO Wonder the U.S. Post Office is worried. Increasingly, they're delivering little more than magazines, junk mail and bills... (October 05, 2001)

The Boom Beneath the Bust: Internet Strategies to Win
Like all good parties, the fun and excitement around the Internet economy has turned into a bit of a hangover... (October 04, 2001)

Firms Enter Into Alliance To Offer Business Loan Program
A consulting firm here has established an alliance that seeks to fill a niche in small business lending for credit unions... (October 04, 2001)

E-Wallets: Chasing The Holy Grail of E-Payments
One click, and you're out. During the go-go dot-com years, the electronic wallet concept came to fruition,... (October 03, 2001)

Promoting a Deposit Culture
Here's a scenario, hard to believe yet true,... (October 03, 2001)

Fannie's August Purchases Dip Slightly
Fannie Mae purchased $68.9 billion in loans during August, a slight decline from the previous month,... (October 03, 2001)

Special Report: E-Payments
Processing payments electronically has been a goal of major lenders for several years,... (October 02, 2001)

Housing experts in NY eye fraud concerns in 203(k)
Housing industry experts and representatives organized a panel focusing on how to find ways to insulate the Department of Housing and Urban Development's Section 203(k) program... (October 02, 2001)

Second Firm Okay on WTC Loan
The rating agency Fitch reports that it is seeking "specific information regarding insurance coverage, payment of claims and application of proceeds"... (October 02, 2001)

M&A; Activity Could Slow Down
Merger and acquisition activity in the mortgage market could slow in the wake of the Sept. 11 terrorist attacks... (October 02, 2001)

Tech Firms Cautiously Optimistic
While being careful to recognize the horrible negative impacts of the tragedy of Sept. 11, executives at technology firms across the country are cautiously optimistic... (October 01, 2001)

Getting Around to The Debit Card Market
SourceMedia's 9th Annual Debit Card Forum takes place at the Fontainebleau Hilton in Miami this month... (October 01, 2001)

Check's in the E-Mail
Internet check processing vendor clamors for foothold... (October 01, 2001)

September 2001

Bank of America Offers $26B Subprime Portfolio
Bank of America, Charlotte, N.C., is auctioning off $26 billion in subprime servicing rights... (September 28, 2001)

Agencies Offer Relief in Wake of Attacks
The Department of Housing and Urban Development has joined Fannie Mae and Freddie Mac in providing relief for homeowners... (September 28, 2001)

Wilshire Acquires Old Kent Portfolio
Wilshire Credit Corp., a subsidiary of Wilshire Financial Services Group, has purchased a $178 million portfolio of subprime... (September 28, 2001)

Market Reacts, But What's Ahead?
As a way to bolster consumer confidence in the wake of the Sept. 11 terrorist attacks, the Federal Reserve last week cut interest rates by 50 basis points... (September 27, 2001)

Number of Bank Web Sites Up 200% Since '96, But Good Advice
A new ABA survey indicates that smaller community banks are least likely to have a Web site... (September 27, 2001)

CU Systems Shaken, But Withstand Terrorist Attacks
The payments systems for credit unions were shaken during the Sept. 11 terrorist attacks on the World Trade Center and the Pentagon... (September 27, 2001)

NEW YORK -- Late charges are being forgiven, grace periods extended, credit limits raised and some payments waived.
With bills delayed and payments gone astray amid air transport and mail delivery problems following the attacks on the World Trade Center and the Pentagon,... (September 27, 2001)

PinnFund fugitive surrenders
PinnFund USA founder Michael A. Fanghella, who has been wanted by U.S. Marshals since he failed to make an April court appearance,... (September 26, 2001)

CAMB: Predatory issues a 'nightmare'
While no one has come up with a definition for predatory lending, "it is our worst nightmare right now,"... (September 26, 2001)

Alliances with GSEs Are Still Holding
Newly released government statistics reveal that some high-volume residential lenders are selling a huge... (September 26, 2001)

Investors reject Conseco report
Even though its manufactured housing production was not up to projections, Conseco Finance, the subprime unit of Conseco Inc.,... (September 25, 2001)

GHR Systems creates debt consolidation tool
GHR Systems has created a new tool for its loan origination system that prepares debt consolidation scenarios... (September 25, 2001)

Aames does $150MM securitization
Aames Financial Corp. completed a $150 million securitization of fixed-rate mortgages during the second quarter... (September 25, 2001)

Trade Groups Work To Trim Relief Bill
The credit union trade associations are keeping their fingers crossed when it comes to regulatory relief from Congress-but don't look for it this year... (September 24, 2001)

Biometrics Are Too Hot to Handle
Biometrics are so hot that hardly anybody is using them, at least in financial services... (September 24, 2001)

Business Development: Getting Lost in the Online Shuffle
Small businesses see little reason to use on-line financial services-and most banks are ignoring the small business sector-even though there's hay to be made... (September 21, 2001)

ABA: U.S. Overdue Credit Card Payments Rise To 3.93% In 2nd Quarter
About 3.93% of credit card accounts were past due in the second quarter, up from about 2.99% in the first quarter... (September 21, 2001)

Banking: Four Suspects Used Suntrust Accounts After the Assault
At least four of the suspected terrorists who hijacked U.S. planes on Sept. 11 held checking accounts at SunTrust Banks, a spokesman said... (September 20, 2001)

Fed Sprang to Rescue Amid Crisis
In one of last week's little-known dramas, the Federal Reserve intervened to prevent what could have been a dangerous breakdown of the U.S. financial system, according to bankers and industry experts... (September 20, 2001)

Assessing Lenders' Exposure To Airlines
Loans to the beleaguered airline industry may be the latest credit problem facing commercial lenders... (September 19, 2001)

Bush to Step Up Money-Laundering Fight Against Suspected Terrorists
The Bush administration plans to set up permanent law-enforcement teams in San Francisco and Chicago to combat money-laundering by suspected terrorists... (September 19, 2001)

Key Bank Markets $11.8 Million Sale
Key Bank is offering a charged-off consumer loans with a face value of approximately $11.8 million... (September 19, 2001)

Citigroup Says Attacks to Trim Earnings But Still Expects to Top Estimates
Citigroup Inc. said it expects fallout from the World Trade Center disaster to reduce third-quarter earnings... (September 18, 2001)

Fed Cuts Interest Rates by Half Point In Bid to Restore Confidence in U.S. Economy
The Federal Reserve cut interest rates by a half point Monday morning to bolster confidence in the economy in the wake of last week's terrorist attacks... (September 17, 2001)

Financial Institutions Mobilize to Lend a Hand
Banks all across the country are doing their part to show their support for the thousands of people affected by the tragedies at the Pentagon and World Trade Center... (September 14, 2001)

D.C. Acts to Open Markets, Ship Checks; Secret Meetings
With much of lower Manhattan still smoldering, Washington policymakers tried to restore a sense of normalcy Thursday... (September 14, 2001)

Intell-A-Check, Corp. today announced that its electronic check processing services are being donated to the National Organization for Victim Assistance (NOVA)... (September 14, 2001)

FAMB: A Broker's View on 'Predatory'
Jim Nabors thinks Tom Brokaw should give him a call... (September 12, 2001)

Conseco Has Earnings Growth
Even though its manufactured housing production was not up to projections, Conseco Finance, the subprime unit of Conseco Inc., had over 186% growth in its earnings from operations in the second quarter... (September 12, 2001)

B&C Mortgages: Steps to good Credit Special Report
When talking to most people about the subprime mortgage industry, there seems to be two readily accepted facts... (September 12, 2001)

Risk of Litigation Cannot Be Avoided
There's only one sure way to avoid litigation, according to an expert in risk management: Shut down and walk away... (September 10, 2001)

AARMR Hears: Predatory Lending Bills Won't End
More than 60 bills aimed at combating abusive lending practices have been introduced in 25 states this year, according to the manager of state government relations at Freddie Mac... (September 10, 2001)

Lenders Want State Regulators to Be More Clear and Consistent
State mortgage officials were urged here last week to be more clear when they adopt the rules lenders must follow to operate within their borders... (September 10, 2001)

Aegis Realty Halts Shopping Center Deal
Aegis Realty, a retail Real Estate Investment Trust, has terminated its agreement to acquire a portfolio of 19 community shopping centers and some "retail development opportunities" from Dallas-based P.O.B. Montgomery & Co., together with the latter's ongoing development business... (September 10, 2001)

PinnFund Exec Pleads Not Guilty to Fraud
A federal grand jury has returned a 20-count indictment against the former head of PinnFund USA... (September 07, 2001)

PinnFund Exec Pleads Not Guilty to Fraud
A federal grand jury has returned a 20-count indictment against the former head of PinnFund USA... (September 07, 2001)

Debt Exchange Doesn't End Delta's Woes
While it has successfully completed its debt exchange, Delta Financial Corp.'s long-term success is still up in the air... (September 07, 2001)

ABN AMRO Posts 350% Increase to Reach Record Lending Volume
ABN AMRO Mortgage Group Inc. has reported that its InterFirst Wholesale Mortgage Lending division's overall July 2001 production totaled $5.68 billion... (September 07, 2001)

Document Fees Get Lender in Trouble
AmeriBank has been found guilty in a class-action lawsuit of illegally charging borrowers document preparation fees... (September 07, 2001)

MortgageRamp Launches Underwriting Platform
MortgageRamp (www.mortgageramp.com), a technology solutions provider for the commercial real estate industry, has launched MultiTrak... (September 07, 2001)

Conseco Finance Offers Private-Label Accounts
Conseco Finance is selling approximately $32 million of private-label, charged-off credit card accounts... (September 07, 2001)

Bankruptcies In Sharp Rise, But...
The 25% increase over one year earlier in personal and business bankruptcies to a record 400,394 is not being reflected... (September 06, 2001)

Trade Groups Work To Pare Down List For Regulatory Relief Bill
The credit union trade associations are keeping their fingers crossed when it comes to regulatory relief... (September 06, 2001)

Using Technology to Manage Risk Special Report
With the economy slowing down and loan delinquencies creeping up, lenders are turning to technology... (September 05, 2001)

RBMG Goes Online with BITB Collections and Loss Mitigation System
MSTD Inc., an application service provider for the residential mortgage servicing and unsecured credit industries, has now gone online... (September 05, 2001)

U.S. Credit Unions Set To Hit Major Asset Milestone
America's credit unions are nearing a major milestone as they approach $500 billion in total assets... (September 05, 2001)

SunTrust Sheds Biz Credit Subsidiary
Sale of unit unrelated to hostile attempt to buy Wachovia Corp., executive says... (September 04, 2001)

Number of Bank Web Sites Up 200% Since '96, But Good Advice Elusive
A new ABA survey indicates that smaller community banks are least likely to have a Web site... (September 04, 2001)

August 2001

SEC Retreats On GLB Rules
Perfect victories are rare inside the Beltway, but bank-based investment advisers came about as close as possible... (August 31, 2001)

GMAC Hits $100B in Commercial Loans
GMAC Commercial Mortgage (GMACCM), the commercial real estate loan servicing subsidiary of GMAC Commercial Holding Corp. (GMACCH), has seen... (August 31, 2001)

Refi Pace Strong Despite 'Burnout'
Refinancing activity tapered off this summer, but not by much... (August 31, 2001)

GE Launches e-LMO Fast Track as Part of Its MI Servicer Platform
GE Mortgage Insurance, based in Raleigh, NC, has launched its first online workout approval system... (August 30, 2001)

FHA multifamily loan restructuring set to continue
Congress last month looked likely to extend the life of a federal multifamily loan restructuring program set to end Sept. 30... (August 30, 2001)

E-Trade Hits Online Lending Milestone
As E-Trade's mortgage arm hit a new milestone in Internet loan originations, yet another brokerage firm announced entry into the mortgage arena... (August 30, 2001)

Sterling Financial makes pact to acquire Source Capital
Sterling Financial Corp. here, the holding company for Sterling Savings Bank and the corporate parent of Action Mortgage Co... (August 30, 2001)

Payday Loan Limits Start in Illinois
Gov. George Ryan's tough new limits covering Illinois' growing payday loan industry took effect this week after a state Supreme Court ruling... (August 30, 2001)

Credit Counselor: Counseling Requirement in Bankruptcy Bill May Discourage Filings
Last month, we discussed Freddie Mac's report showing that borrowers... (August 29, 2001)

Allied Adds Fraud Detection To Point-of-Sale Loan System
Allied Mortgage Capital Corp. has built a new fraud detection system... (August 29, 2001)

Technology: Freddie Posts Preliminary Guidelines for Electronic Loans
Freddie Mac has published its preliminary specifications for electronic single-family mortgages... (August 29, 2001)

Housing Scene: Subprime lender makes effort to address consumer concerns
Here's some advice for anyone in the market for a mortgage... (August 29, 2001)

Fitch Introduces 'Large Loan Index'
Fitch has introduced the "Fitch Large Loan Index" (FLLEX)... (August 27, 2001)

Superior, B/C unit for sale?
The Federal Deposit Insurance Corp. at press time was trying to come up with the best way to market Superior Bank FSB... (August 27, 2001)

Commercial Servicer: Slumping Real Estate Markets Pose Challenge to Commercial Servicers
The commercial real estate sector has been hit with a slew of bad news in the second quarter... (August 27, 2001)

Despite Weakening Economy, MBS Performed Well in Second Quarter
Despite overall weakness in the asset-backed securities market during the second quarter, rating agency Standard & Poor's said that residential and commercial mortgage-backed securities fared well... (August 27, 2001)

Commercial: Criimi Mae Hopes Website Will Foster Growth in CMBS
Making a move towards Internet-based servicing, Criimi Mae Services, Criimi Mae's mortgage-servicing associate company... (August 27, 2001)

Delinquencies and Default Rates Decline in the United Kingdom
The number of United Kingdom households facing late mortgage payments fell slightly in the first half of 2001... (August 24, 2001)

S&P; Sees Fewer Deals with 'Deep MI'
Increased securitization of prime hybrid mortgages and a slight decrease in "deep mortgage insurance" subprime deals are among the residential mortgage-backed securitization trends seen in the second quarter... (August 24, 2001)

Mortgage Securities Performed Well in 2Q
Despite overall weakness in the asset-backed securities market during the second quarter, rating agency Standard & Poor's said that... (August 22, 2001)

Quick Changes for Long-Delayed Rule? Modifications On Tap for RBC
Office of Federal Housing Enterprise Oversight director Armando Falcon Jr. is telling Congress that he is willing to make changes... (August 21, 2001)

Mortgage Securities Performed Well in 2Q
Despite overall weakness in the asset-backed securities market during the second quarter, rating agency Standard & Poor's said that... (August 21, 2001)

Special Interests Plan To Carve Up Bankruptcy Bill
The impending conference committee over the bankruptcy reform bill will probably serve as one of the best examples of a special interest carve-up you'd ever want to see... (August 21, 2001)

Anything But Taxing
Credit Unions, Corporates Expect Little Effect On Liquidity Or Operations From Federal Income Tax Rebate... (August 20, 2001)

Computer Virus Strikes A Number Of Credit Unions
An especially dangerous computer virus spread through credit unions last week, going undetected for several days... (August 20, 2001)

From The Agency That Monitors Privacy: Oops
From the irony department: The Office of the Comptroller of the Currency (OCC), which has among its responsibilities oversight of bank compliance with privacy laws, notified its employees that they could become victims of identity theft... (August 20, 2001)

Slowdown Hits Subprime Credits
The economic slowdown began to take a toll on mortgage portfolios by the end of last year, according to data recently released by the Mortgage Information Corporation... (August 20, 2001)

Bankruptcy Is Moving
The House approved a motion last week to move forward with a conference on bankruptcy reform legislation... (August 17, 2001)

Building Business on Quick Lending Decisions
Automated credit scoring has come a long way, baby, and so has the technology behind it... (August 17, 2001)

From the Editor: Internet Banking Is About Banking, Not the Net
Hindsight is a many-splendored perspective... (August 17, 2001)

Life After HR 1151
Three Years Ago This Week HR 1151 Was Signed Into Law. Credit Union CEOs Have Differing Views On What The Legislation Has Meant-And Will Mean... (August 17, 2001)

Mich. League Makes Plans To Use $40M From Sale Of Stake
The board of the Michigan CU League has approved the sale of the league's 4% stake in NYCE electronic funds transfer... (August 17, 2001)

Corporates Report 34% Increase In Assets Over One Year
Corporate credit union assets soared to an all-time high of $59.8 billion at the end of March and boosted six corporates... (August 16, 2001)

Difference Between Good Loan & Good Loan Investment Stressed
Credit unions could benefit from learning the difference between a good loan and a good loan investment... (August 16, 2001)

Bill Would Require Credit Score Disclosure
Two Senate Banking Committee members are co-sponsoring a bill that requires mortgage lenders and credit reporting agencies to disclosure credit scores to mortgage applicants... (August 16, 2001)

Consumer Report Claims 'Predatory Lending' Costs $9 Billion a Year
Predatory lending costs borrowers $9.1 billion annually, a report from a North Carolina-based consumer group claims... (August 16, 2001)

Sarbanes Willing to Consider Preemption of Local Laws in Predatory Bill
In his effort to craft strong anti-predatory legislation, Sen. Paul Sarbanes, D-Md., has signaled that he is willing to consider a provision that would protect mortgage lenders... (August 16, 2001)

Chase Manhattan, Like Fleet, Sues Advanta Over Asset Purchase
Chase Manhattan Mortgage Corp. and Chase Home Mortgage Co. of the Southeast, collectively, claim damages in excess of $67 million... (August 16, 2001)

Internet: Two Carolina Banks Test Credit Alternative
Seeking to expand treasury management options for clients beyond the traditional line of credit, two banks have begun to experiment with a web-based application... (August 15, 2001)

Analyst Lowers Earning Estimates for Bank One
Analysts at Merrill Lynch have lowered their earnings expectations for Bank One Corp... (August 15, 2001)

Fannie Mae Sees Slow Growth for Online Lending
Those who are making their bets for an explosion in the Internet lending business... (August 15, 2001)

California Expands 'Predatory' Bill to Cover All Home Mortgage Loans
Two days after California's Senate banking committee amended Assembly Bill 489, it was gutted and rewritten... (August 15, 2001)

Internet: Two Carolina Banks Test Credit Alternative
Cash management software used to target best credits... (August 14, 2001)

Improving Diversification
As credit quality issues mount, astute loan pooling is key to survival... (August 14, 2001)

Compass Bank Offers a $51 Million Portfolio of Distressed Debt
Compass Bank, based in Birmingham, Ala., is offering for bids a $51 million portfolio from its Specialty Lending Services Group... (August 14, 2001)

Most Small Business Owners Don't Have a Financial Plan
An online sampling of 1,600 owners of businesses with less than 100 employees found that only 38% have a formal financial plan... (August 13, 2001)

Sarbanes Asks Predatory Bill
During the first day of hearings on predatory lending, Senate Banking Committee chairman Paul Sarbanes, D-Md., stressed the need for legislation to stop loan flipping and equity stripping to protect subprime borrowers... (August 13, 2001)

Schultz Pleas Guilty to Hiding Income in Offshore Accounts
Collections industry veteran Richard D. Schultz pleaded guilty to hiding $7.5 million from the Internal Revenue Serviced... (August 13, 2001)

Fed Approves First Union-Wachovia Merger
First Union Corporation and Wachovia Corporation announced today that the Federal Reserve Board has approved the application for the First Union-Wachovia merger of equals... (August 13, 2001)

Six Named In Credit Card Fraud
Six people from Detroit have been indicted by a federal grand jury on charges they conspired to commit credit card fraud... (August 10, 2001)

Sarbanes Asks Predatory Bill
Managing customer information is the rage in banking technology these days and now software companies are leaning on one another... (August 10, 2001)

Personnel: Heller Appoints Four to Franchise Finance Unit
Move seen as strengthening the back office... (August 10, 2001)

Sears, Roebuck & Co. and SignalTree Solutions are jointly developing software to grade a cutomer's credit quality... (August 10, 2001)

New Products: Bank Turns to Software After Getting Dropped
Windows-based system helps bank stay competitive and build a $4 million book... (August 10, 2001)

Trade Finance is Changing. Banks Have to Change with It.
The influence of the Internet on international trade is a good thing, enabling banks that make the leap... (August 09, 2001)

Marketing: Baseball Stars Stump for Web Link
Boston-New York rivals on the baseball diamond promote bank's Internet cash management link... (August 09, 2001)

49er Redux: Banks Stampede To Join the Sun Belt Gold Rush
Citigroup is the latest private banker to join the wagon train to California, while others crowd into Arizona, Texas and Florida... (August 09, 2001)

Deposit Products: Gaining FDIC Insurance by Diversifying
Deposit program grows to 1,000 accounts and $190 million in assets... (August 09, 2001)

Trade Receivables: Debt Securities to Get a New Net
BofA, partners target on-line secondary market... (August 08, 2001)

Do-Gooding for a Profit: The Lure of Microcredit Loans
Microcredit loans are becoming more popular for HNW portfolios this year... (August 08, 2001)

Big Cheese in the 401(k) Maze
Retirement accounts are a must-have to retain small-business employees... (August 08, 2001)

Is Wall Street Equity Research Reliable?
No, it is not, says Salil Mehta. It is-if you pay attention, counters Andrew Melnick... (August 08, 2001)

With Purchase of Liberty Assets, Fleet Adds Stars to Its Galaxy
Galaxy Funds did not have any yawning black holes, but the pricey acquisition adds depth, regional strengths and international exposure... (August 07, 2001)

AMEX Deep in Thought
Like Rodin's "Thinker," American Express CEO Ken Chenault is pondering... (August 07, 2001)

The pressure's not letting up on Citigroup. In the past month its corporate feet have been held to the fire once again... (August 07, 2001)

Analyst Cautious About Runup in MGIC
Keefe, Bruyette & Woods has downgraded its rating on MGIC Investment Corp., Milwaukee, from "outperform" to "market perform."... (August 07, 2001)

Originating Electronically: Best Laid Plans: Special Report
The all-electronic mortgage may be slower in coming than some had hoped and pure-play Internet strategies may not have worked out... (August 07, 2001)

Hard money CRE lending may prosper in hard times
The majority of the mortgage industry may be concerned about what the coming year may hold if the economy continues to soften... (August 07, 2001)

Mississippi case targets Associates First Capital
The lending practices of Associates First Capital Corp. is expected to come under scrutiny in a Mississippi state court... (August 06, 2001)

Changing of the guard at First Franklin
Bill Dallas, who launched subprime lender First Franklin Financial Corp. and later sold it to Bank of America, is stepping down... (August 06, 2001)

Departing subprime firm's chief: Market to 'implode'
There are a number of clear signs that "the market is about to implode,"... (August 06, 2001)

DEVELOPMENTS TO WATCH: Stagecoach to the Last Frontier:
Wells Fargo Buys Texas Tax Firm

Meanwhile, Eastern icon Mellon buys California advisory... (August 03, 2001)

AmSouth Joins Loan Program for Depressed Areas
AmSouth Bank is investing $350,000 with Pensacola-based non-profit Community Equity Investments, Inc... (August 03, 2001)

It finally happened. Mellon Financial Corp. is pulling out of the mundane business of serving the ordinary banking consumer... (August 03, 2001)

Debate Over Security Risks And Online Mortgages
The mortgage industry may be taking unnecessary chances in the electronic hand-off of borrower information... (August 01, 2001)

'Opt-In' Privacy Bill Introduced
A bill introduced in the Senate recently would require credit unions and other companies to obtain an individual's explicit consent... (August 02, 2001)

ALH Capital expects its volume of 'downpayment' loans to go up
Since its inception four years ago, the privately-held ALH Capital has originated $40 million in loans... (August 02, 2001)

Countrywide financing energy-efficient loans
Countrywide Home Loans Inc. is offering the Energy Efficient Mortgage (EEM) loan product that allows the financing and installment of energy efficient upgrades... (August 02, 2001)

Debate Over Security Risks And Online Mortgages
The mortgage industry may be taking unnecessary chances in the electronic hand-off of borrower information... (August 01, 2001)

GPFCU Aims To Cut Check Fraud
Zero check fraud may sound like an impossible dream, but that's next year's goal at Georgia Power Federal Credit Union... (August 01, 2001)

July 2001

Appraisal Group Gives Guidance about Privacy
The Appraisal Institute, a trade group representing appraisers, has given its members guidance... (July 31, 2001)

Reflecting on the refinancing boom
When all is said and done, the current refinancing boom won't be the largest on record... (July 31, 2001)

First Union Shareholders Endorse Wachovia Merger
First Union Corp. shareholders today approved the $14.4 billion stock purchase of Wachovia Corp... (July 31, 2001)

GE Capital to Buy Heller
GE Capital agreed to acquire Heller Financial Inc. for about $5.3 billion, a move it hopes will expand its sizable commercial finance operations. The companies made the announcement today... (July 30, 2001)

Maxxar Says Call Center Solution Can Help Smaller CUs
Maxxar Corp. has begun rolling out an e-commerce-enabled call center solution that the company says should allow even smaller credit unions to offer such services-in-house-to members.... (July 30, 2001)

Bottom Feeders Show Growing Interest in Non-Performing Loan Market
While there are a lot of investors in the current market along the entire performance continuum of the single-family residential market, "there are a lot more people that are... (July 30, 2001)

As Delinquencies Creep Up, Default Specialists Get More Phone Calls
A slowing economy may equal boom times for firms that specialize in default management services... (July 30, 2001)

Commercial Banks Speed Up Sale of Their Troubled Loan Portfolios
Hoping to avoid protracted credit problems, some commercial banks are selling distressed debt... (July 30, 2001)

Hibernia Achieves Record Loan Volumes
Hibernia Corp.'s mortgage banking area has, according to the company, "once again achieved record results,"... (July 30, 2001)

Maxxar Says Call Center Solution Can Help Smaller CUs
Maxxar Corp. has begun rolling out an e-commerce-enabled call center solution... (July 26, 2001)

Washington Mutual may not stop with Dime buy
Washington Mutual has consolidated its position as the most aggressive player in the mortgage business... (July 26, 2001)

Tracking Visitor Behavior On the web
Knowing who is hitting your website is key to turning that visitor into a customer... (July 26, 2001)

Bank One Completes Purchase of Wachovia's Consumer Credit Card Portfolio
Bank One Corporation (NYSE: ONE - news) today completed its purchase of Wachovia Corporation's (NYSE: WB - news) approximately $7.5 billion portfolio of consumer credit card receivables... (July 26, 2001)

Logjam Breaks On Bankruptcy Reform; Bill Heads To Conference Committee
The Senate loosened a four-month logjam on the bankruptcy reform bill last week and cleared the way for key lawmakers... (July 25, 2001)

'Predator' Bill Passes
The New York State Assembly last week passed an anti-predatory lending bill... (July 25, 2001)

NCO Rating Dropped
NCO Group saw its stock rating downgraded from "outperform" to "neutral" by registered broker-dealer Robinson-Humphrey... (July 25, 2001)

CBA Adds Fraud Identification Tool To Credit Reports
CBA Information Services has added new fraud identification tools to its merged credit report product, the Pyramid Report.... (July 25, 2001)

'High Leverage' Loans Look Vulnerable in a Slowdown
With the economy continuing to soften, the mortgage industry may soon find out just what its highly leveraged mortgages are made of.... (July 25, 2001)

Freddie Beats Wall Street Expectations
Beating analysts' estimates, Freddie Mac announced second-quarter earnings of $769 million, compared to $631 million for the same period in 2000... (July 25, 2001)

e (nough) mail
Have You Got Mail? And More Mail! Technology Experts Offer Their Personal Styles For Dealing With The Ever-More Crowded E-Mail Inbox... (July 24, 2001)

Fixed annuities: Bank FAs Pick Up
Keyport's sales skyrocket by nearly two-thirds in a year... (July 24, 2001)

Intellectual capital: A Bull Market for Investment Marketing Pros Continues to Chug
Many asset management companies on both the retail and institutional sides are focusing on customer retention... (July 24, 2001)

Signs of Credit Deterioration Worrisome
Nobody has pushed the panic button, but rating agencies are starting to show concern about the impact a slowing economy... (July 24, 2001)

Credit Counselor: Pre-Purchase Counseling Helps Keep a Lid on Foreclosure Problems
It has been a long held belief within the mortgage industry that prepurchase homeownership counseling is an effective tool in lowering delinquency rates.... (July 24, 2001)

Commercial Lending Technology: Group Formulates Standards
A Washington-based group led by the Mortgage Bankers Association of America (MBA) and the Commercial Mortgage Securities Association (CMSA) has initiated... (July 24, 2001)

Accounting Proposal for Troubled CMBS Loans Falls Short
The Financial Accounting Standards Board (FASB) has accepted one industry proposal that will make it easier for special servicers in the CMBS sector to deal with defaulted loans... (July 24, 2001)

Web Adoption Slows Down
But experts say there's still a big market... (July 23, 2001)

Brokerage: Brokers Busting Out
Canadian bank markets retail products through brokerage... (July 23, 2001)

HUD Cleans Up Assignment Process for Reverse Mortgage Loans
The Department of Housing and Urban Development has fixed the way it takes assignments of reverse mortgages so that servicers make a clean handoff of a loan... (July 20, 2001)

Alternative Benchmarks in Evidence in MBS Valuations and Research
The use of benchmarks in mortgage-related markets certainly has changed since the Treasury first announced that it would be buying back its debt more than a year ago... (July 19, 2001)

Countrywide Hits $300 Billion Mark
Countrywide Credit Industries, the largest mortgage company that is not a subsidiary of a bank, has become the fifth lender to accumulate a servicing portfolio in excess of $300 billion... (July 19, 2001)

Mortgage Scene: What Comes After the Refi Boom? Time to Start Asking
The mortgage industry is one of few businesses I know that does well when the overall economy slows... (July 19, 2001)

Consolidation: The Biggest Umbrella of Them All
At last Citigroup is consolidating the many brands across its fragmented financial services kingdom-a move arguably long overdue... (July 19, 2001)

Loan Performance Holds Steady Even As Economy Cools Down
Even though the home loan delinquency rate declined in the first quarter, the underlying trend may still portend more problem loans... (July 18, 2001)

California and Minnesota wrestle with predatory lending proposals
CALIFORNIA: 'Covered' New Name for B&C...; MINNESOTA: Overkill or Roadkill for Brokers... (July 18, 2001)

GSEs Want Further RBC Review
Fannie Mae and Freddie Mac are concerned that a risk-based capital rule developed by their regulator... (July 18, 2001)

MBA Highlights 'Best Practices'
Two new guidelines for the commercial servicing industry were released by the Mortgage Bankers Association of America... (July 18, 2001)

Some 60 CUs Fall Prey To Nigerian Identity Thieves
Three Nigerian immigrants were charged with a massive identity theft scheme that may have siphoned off as much as $10 million from dozens of credit unions, banks and brokerages... (July 17, 2001)

Big Lenders Replenish No More Than 33%
Mortgage executives often like to say the best "true" hedge against servicing run-off is production... (July 17, 2001)

Bankruptcy Is On Track
The Senate used a procedural trick last Thursday to get the stalled bankruptcy reform bill moving again in hopes of pushing the credit union-backed measure to final passage... (July 17, 2001)

HomeSide Takes a Hit
Remarkably, few big lenders reported taking big hits from servicing write downs in the early part of this year's refinancing boom... (July 16, 2001)

�Cash Out' Is Driving This Refinancing Boom
With rates edging upward, refinancing activity has slackened, but debt consolidation may give this refinancing boom some extra momentum... (July 16, 2001)

�Big Collapse' Will Devastate Brokers
Making an analogy between the future of the mortgage industry and Darwin's "survival of the fittest" theory, Bill Dallas, the soon-to-be former head of First Franklin Financial Corp., San Jose, Calif. is warning that the industry faces the largest shakeout it has ever seen... (July 16, 2001)

Companies Go to Court Over Biometrics
Did Biometric Access Corp. (BAC) steal VeriStar Corp.'s plans for a paperless, cardless payment option for the point of sale... (July 16, 2001)

Citigroup Pressured To Serve Minorities
The New York State Banking Department has announced that it will require Citigroup to commit to lending projections... (July 13, 2001)

Rising Defaults Equal Growing Need For Default Services
A slowing economy may equal boom times for firms that specialize in default management services.... (July 13, 2001)

Downturn Will Challenge 'Highly Leveraged' Borrowers
With the economy continuing to soften, the mortgage industry may soon find out just what its highly leveraged mortgages are made of.... (July 13, 2001)

Counseling Keep Defaults Down
It has been a long held belief within the mortgage industry that prepurchase homeownership counseling is an effective tool... (July 13, 2001)

CU Mortgage Rates Unfazed By Fed's Rate Cuts
An unprecedented six cuts in short-term interest rates since the first of the year by the Federal Reserve has done little to move credit union rates... (July 13, 2001)

Clarity Found Lacking on Web Sites
Study says sites need more focus, transactional capabilities... (July 13, 2001)

Your Best Customers May Be Different Tomorrow
Financial technology helps institutions predict which of their clients are worth fighting for... (July 13, 2001)

Lenders Ask HUD to Clarify Legality of Yield Spread Premiums
Mortgage lenders are urging the Department of Housing and Urban Development to issue a clarification of its yield-spread premium policy statement... (July 12, 2001)

Sterling Acquires Commercial Thrift
Sterling Financial Corp., a savings and loan holding company, is acquiring Source Capital Corp... (July 12, 2001)

Roundup: Outlook Is Stable for Hong Kong Commercial Real Estate
Despite a soft residential market and slowing demand for commercial real estate in Hong Kong... (July 12, 2001)

Economy Didn't Dampen Pace Of May Home Sales
Home sales posted strong results in May as consumers remain confident about the future and continue to ignore a slowing economy and reports of job layoffs... (July 12, 2001)

Freddie Posts Guidelines for Completing Electronic MortgageTransactions
Freddie Mac has published its preliminary specifications forelectronic single-family mortgages... (July 12, 2001)

Partnership Builds New CRM Tool
Ownhome, a call center-based real estate agency in Great Britain,and customer relationship management automation provider ChordiantSoftware Inc., based in Cupertino, Calif. and London, have reportedthat they have built a multi-channel CRM infrastructure... (July 12, 2001)

Experian to Launch 'Q24 Collections'
Experian, a major provider of credit-related services, will launch "Q24 Collections,"... (July 12, 2001)

Pennsylvania Governor Nullifies Philadelphia's Anti-Predatory Law
Pennsylvania governor Tom Ridge has signed into law a Senate bill nullifying Philadelphia's predatory lending ordinance... (July 12, 2001)

Open Forum: Capital and Community Banks
Governor Meyer recently addressed the Ohio Banker's Day Conference in Columbus to discuss capital standards at community banks... (July 10, 2001)

CUs Have 'No Choice' But To Begin Segmenting Their Membership
Credit unions of all asset sizes and charter have no choice but to significantly overhaul their ability to segment their memberships, according to one person here... (July 10, 2001)

Commercial Volume at $62 Billion
Commercial mortgage bankers originated more than 6,600 loans with total production volume of $62 billion in 2000... (July 9, 2001)

Washington Mutual Extends Its Lead with Acquisition of Dime Bancorp
Washington Mutual's $5.2 billion purchase of Dime Bancorp consolidates its position as the most aggressive player in the consolidating mortgage business... (July 9, 2001)

Fed Approves Citi's EAB Acquisition But Adds Subprime Caveats
The Federal Reserve Board of Governors has approved the acquisition of the European American Bank, Uniondale, N.Y... (July 9, 2001)

Experts Say: Selling Off Credit Cards Gives Advantage Away
Would your credit union purposely sell off-to a competitor, no less-the best cross-sales and marketing information it has?... (July 6, 2001)

DEVELOPMENTS TO WATCH: Everyone, Even Liberty, has a Price: $900 Million from FleetBoston
Two other big banks said to be mulling blockbuster deals... (July 6, 2001)

Mom-and-Pops Switching to Small Banks
Study finds 11% of micro-market switched primary business accounts... (July 6, 2001)

AI meets with HUD on predatory
The Appraisal Institute, a trade group for real estate appraisers, said it will join with new Department of Housing and Urban Development... (July 6, 2001)

Former Conseco execs to repay stock loans
A pair of former executives from Conseco Inc. have agreed to pay $52.3million to cover their obligations... (July 6, 2001)

Countrywide Tops $300 Billion
Countrywide Credit Industries, the nation's largest independent mortgage company, has become the fifth lender to accumulate a servicing portfolio... (July 6, 2001)

Slowing Economy A Mixed Bag; Asset Growth Up, Loans Slowing
The slowing economy is a mixed bag for credit unions, alternately driving asset size growth,... (July 5, 2001)

Strategy: Branch Repositioning Leads to a Spike in Customer Acquisition, Bank Says
Executives attribute 20% rise in number of customers to business centers... (July 5, 2001)

GE Provides a Gateway to Freddie Tech
GE Mortgage Insurance, Raleigh, NC, has begun offering real-time access to two Freddie Mac programs... (July 5, 2001)

HE lending should be spurred by Fed rate cut
While the latest moves by the Federal Reserve have had little impact on mortgage rates, the cut in the prime rate has made it... (July 5, 2001)

WMCDirect tops $4 billion in loans
Online loan submissions to WMCDirect, the B2B service of WMC MortgageCorp.,has gone over the $4 billion point.... (July 5, 2001)

Impac to retire $7.7MM of debt
Real estate investment trust Impac Mortgage Holdings Inc. will free itself from all existing... (July 5, 2001)

CUs Meet Privacy Deadline, But Questions About Issue Remain
It's July 2. Do you know where your privacy notices are?.... (July 3, 2001)

Bankruptcy Reform Bill Faces Multiple Delays In Senate
As the Senate negotiations on how to reorganize the leadership and committees drag on,... (July 2, 2001)

Present Tense: CU Lobby Slow To See The Future
In a lot of ways, the credit union movement is fighting yesterday's battles. Or at least today's battles, with little thought for the future.... (July 2, 2001)

Freddie Mac at work on new technology tools
Freddie Mac last month was developing new, Web-based tools that will streamline and automate some steps mortgage lenders and brokers currently undertake to originate home loans..... (July 2, 2001)

Another Anti-Predatory Lending Effort Proposed for New York State
New York City Controller Alan G. Hevesi and State Controller H.Carl McCall proposed new state legislation on predatory lending at a recent press conference here... (July 2, 2001)

Writedown at 1stMerit
FirstMerit will take an accounting charge of $9.7 million, or $6.3million after taxes, related to its residual interest in securitized manufactured housing loans.... (July 2, 2001)

Online Mortgage Loans Just Got A Little Bit Easier
CUNA Mutual Mortgage Corp. has chosen LendingTree's Lend-X technology to enhance its online mortgage service... (June 29, 2001)

June 2001

Debt Buyer Kudos
Rufus H. �Bud� Reitzel, chief executive of Warren, Mich.-based a bad debt buyer Asset Acceptance Corp., has been named the Ernst and Young 2001 Entrepreneur of the Year... (June 28, 2001)

CRE Loan Standards Getting Under Way
A group led by the Mortgage Bankers Association of America (MBA)and the Commercial Mortgage Securities Association has initiated... (June 28, 2001)

This year's rankings of mid-size banking companies shows just how fickle earnings performance can be... (June 27, 2001)

More and more banks are placing their names on ball parks and arenas... (June 27, 2001)

Luring investors Back to Market
The past year's jolting ride on the stock market has bankers preaching the wisdom of a more sober approach... (June 26, 2001)

Inside View: Going Straight to the Source
Bank customers can speak for themselves... (June 26, 2001)

From the Outside: Online Leaders, Not Laggards
For years, the banking industry has been perceived by non-industry observers as being slow to adopt new technological innovations... (June 25, 2001)

FleetBoston Races to Close Ground By Exploiting Its Inside Position
Fleet's new champion of private banking, who comes from the brokerage business, says his operation is not going to be "one of the best kept secrets in America" any longer... (June 25, 2001)

Automated Underwriting:
Fannie and Freddie Doing Well with Automated underwriting programs notched some major milestones in recent months, demonstrating just how widely accepted these powerful tools have become.... (June 25, 2001)

HUD Guaranty Boosts Indian Lending
In a matter of months, Lorencita Lente and her sons will be living in a new three bedroom home on Sagebrush St. and Sunset Loop... (June 25, 2001)

Countrywide Credit breaks another monthly record
Countrywide Credit Industries Inc. continued to break monthly origination records in April... (June 25, 2001)

FDIC Chair Tanoue Submits Resignation As Of July 11
Donna Tanoue has submitted her resignation as chairman of the Federal Deposit Insurance Corporation (FDIC)... (June 22, 2001)

Tennessee Banker Slated to Be New Fed Reserve Governor
President George Bush has announced his intentions to nominate a banker, Susan Schmidt Bies, to be a Federal Reserve Board governor.... (June 22, 2001)

Fraud Plagues HUD REO Sales Program
The Department of Housing and Urban Development has suspended a program that encourages policemen and teachers to purchase foreclosed homes... (June 22, 2001)

'800-pound gorillas' don't go away
In some obvious ways, 2001 so far has not been a good year fortechnology... (June 22, 2001)

New Year, New Bills
California and Minnesota wrestle with predatory lending proposals... (June 21, 2001)

Dime attracting WaMu?
Washington Mutual, Seattle at press time was getting more serious about its intentions to purchase Dime Bancorp... (June 21, 2001)

Value Outperforms Rival Styles, As Market Continues Gyrations
First-quarter 2001 may have been bad, but you wouldn't know it looking at value funds... (June 21, 2001)

Bank-Channel Fixed Sales Quadruple for One Distributor
Stock market weakness combines with aggressive support to yield big gains... (June 21, 2001)

Security in the Palm of Your Hand
For wireless devices, a new kind of PIN... (June 21, 2001)

Finance Innovation
By the third quarter, TheMuniCenter.com's customers will be able to buy credit insurance... (June 20, 2001)

Big Opportunities in Marketplaces and Exchanges
Banks have an edge but must cultivate niche markets... (June 20, 2001)

Online Technology Firms LoanTrader and Ultraprise Announce Merger
In a marriage of two highly regarded mortgage technology players, Ultraprise Corp. and LoanTrader Inc., announced... (June 20, 2001)

Court decisions make consumer credit data a tougher sell
Two separate court decisions are making it harder for Trans Union Corp., and other credit reporting agencies, to sell information... (June 20, 2001)

Brokers Saw Mixed Bag in 2000
Loan brokers, like funders, are busier than ever with applications pouring in, but 2000 was a mixed year... (June 20, 2001)

Don't Blame Canada. U.S Reticence Limits Growth
Forget 54-40 or fight. New rules will spur ventures... (June 19, 2001)

Customer Management: Comerica Offers a Line to the Firms that Are Still Growing
New products aim for little guys who have weathered the downturn... (June 19, 2001)

Internet: Web Banking, Bill Payment for Comerica
Web banking is free, but not bill payment... (June 19, 2001)

Delinquency Improvement
The number of people who were behind on their mortgage paymentsfell slightly in the first quarter... (June 19, 2001)

Realtor/Broker: Will It Catch On?
The opportunity for Realtors to originate loans is out there. The question remains, do Realtors want a piece of the originations pie?... (June 19, 2001)

Wendover Sees Subservicing as Extension of the Client's Shop
Wendover Financial Services here is known as a specialist in product niches such as reverse mortgage loans... (June 19, 2001)

FTC clears N.C. bank deal
The Federal Trade Commission today approved First Union Corp.'s $13.4 billion takeover of Wachovia Corp... (June 19, 2001)

Seeing is Believing in Biometrics
Biometrics is a field filled with young companies undergoing consolidation and battling concerns over privacy and patents... (June 18, 2001)

The Race for Global Assets
With $27 Trillion at Stake in the High-Net-Worth Market, U.S. Banks Vie With Local Players... (June 18, 2001)

Hiring Generation X
Competition for new workers is as tough as it is for loans... (June 18, 2001)

Technology: Citigroup Launches New Investor Reporting Site
Citigroup has launched a new website (www.sf.citidirect.com) that will allow investors to download bond and collateral performance information on structured finance deals... (June 18, 2001)

Subservicing Special Report
The subservicing industry continues to grow, as more and more mortgage lenders opt to outsource loan administration... (June 18, 2001)

Ocwen Reaches $20 Billion Portfolio Mark With More Room To Grow
Ocwen Financial Corporation's portfolio of servicing rights recently hit $20 billion of non-conforming mortgages... (June 18, 2001)

PAYMENTS: Busting a B2B Move
Eliminating checks has been a long-time fantasy of electronic payment providers... (June 15, 2001)

Analysis: Top 20? Depends On Who's Counting
Top Lenders in Volume Don't Always Show Up in Other Measures... (June 15, 2001)

What Works in an 'L-Shaped' Economy?
In this market, choosing between index funds and actively managed funds is anyone's guess... (June 15, 2001)

Technology: Microsoft Veterans Launch "E-Payment" Platform
CheckSpace, a provider of "ePayment" capabilities for small businesses and their service partners, is offering... (June 15, 2001)

Smart Cards: Ready and Waiting?
After years of promises and false starts, smart cards are gaining momentum in the U.S.... (June 14, 2001)

Banks' High Hopes for CRM are Dashed, As Greater Profits Remain Elusive
Last year, less than 1% of targeted clients bit on company offers,down from 1999. A more critical view of CRM is evolving... (June 14, 2001)

French Bank Heads West
Bauduin Prot, managing director of BNP Paribas, is galloping through the western United States... (June 14, 2001)

Technology: Lenders Should Not Destroy Original Documents for 'Electronic' Loans
It is important to remember that while the E-sign law makes it possible for electronic mortgages, it did not change... (June 14, 2001)

Competition for new workers is as tough as it is for loans
To be successful in bringing in new business, you must have the right employees on staff... (June 14, 2001)

Default, Prepayment Factors Are Key to Risk-Free Pricing
While there are a number of definitions of risk-based pricing, the one San Francisco's Mortgage Information Corp. uses is... (June 14, 2001)

Mortgages Boost Bank Nets
Aided by a boost in mortgage lending, commercial banks posted record earnings of $19.5 billion in the first quarter despite... (June 13, 2001)

Collateral Passes the $2 Billion Mark
Collateral Mortgage's commercial and multifamily servicing portfolio has recently surpassed the $2 billion mark... (June 13, 2001)

Cards: A New Entry into a Hot Market
Card from Wells and MasterCard offer owners a $100,000 credit limit... (June 13, 2001)

Risk Management Software Spells Relief for Bankers
The technology also helps keep regulators happy... (June 13, 2001)

Looking for Payback from CRM
Good CRM starts with a good business culture.... (June 13, 2001)

Cards: A Simple Strategy: Spending by Minority Owners for Business Owners
Amex donates 1% of all loans charged on card to micro-enterprise development fund... (June 12, 2001)

New products: Harris Seeks an Edge In Full-Service Brokerage
The key to victory is moving from "Key" to "Victory"... (June 12, 2001)

Commercial Servicer: S&P;: Slowing Economy Is Pushing Up CMBS Delinquencies
The weakening in the general economy is beginning to take its toll on the commercial real estate sector in the form of increased delinquency rates... (June 12, 2001)

Chicago Nonprofit and Lenders Help Predatory Victims
Neighborhood Housing Services of Chicago Inc., in partnership with the city, the Legal Assistance Foundation of Chicago... (June 12, 2001)

Commercial: Economic Slowdown Hasn't Hindered Commercial Mortgage Primary Servicers
Primary servicers in the commercial real estate sector have not been impacted much by the slowing economy.... (June 12, 2001)

First Union offers Fannie's 'InterestFirst'
First Union Mortgage Corp. has launched the Fannie Mae InterestFirstMortgage to its retail, e-commerce and wholesale channels.... (June 12, 2001)

First Union-Wachovia Merger May Not Be Marriage Made in Heaven
Wall Street wonders why, and responds by recommending rival Southeastern banks. But the combo will be a powerhouse... (June 11, 2001)

Bill payment: AmSouth Hopes to Hook New Customers With Free On-Line Bill Payment Offer
The company is ditching its $5 monthly fee in bid to lure new customers into Web banking... (June 11, 2001)

New Push to Cut Paper Intensifies
The checkless society is a fallacy, but slowly payments are going electronic... (June 11, 2001)

Fed survey: CRE tighter
Commercial banks continue to tighten their underwriting standards on commercial real estate loans... (June 11, 2001)

Credit Counselor: Debt Counseling Agencies Gear Up To Serve Victims of Downsizing
With the continuous slew of layoffs in all industries due to the slowing economy, the mortgage industry may be facing a stream of defaults... (June 11, 2001)

Pedestal, Wells 'SellLoans.com'
Pedestal Inc. and Wells Fargo Home Mortgage Inc. have launched an electronic correspondent sales initiative called "SellLoans.com."... (June 11, 2001)

Hedging: Freddie Mac Adds Agency Futures to Its Menu of Hedging Tools
Freddie Mac announced that it plans to engage in the trading of agency debt futures for hedging purposes... (June 11, 2001)

CUSOs' Expanded Operations Mean Expanded Risk
The risks that Credit Union Service Organizations (CUSOs) face may be different than those of a credit union... (June 6, 2001)

A Cup of Joe and a Loan
Ask any rock star and he'll tell you that all the studio magic and promotion in the world only goes so far... (June 6, 2001)

'Alt-A' Performance Surprises Some
Analysts with Nomura found some surprises in the performance of "alternative-A" credit quality loans... (June 6, 2001)

Ex-Fed Official Says More Rate Cuts Likely
Dr. Alice Rivlin, the former vice chair of the Federal Reserve Board, is calling on credit unions to do a better job of educating their members... (June 5, 2001)

CBA Stresses Back to Basics Theme at Annual Convention
Here is a look at some of the highlights, lowlights and sidelights of the 2001 Consumer Bankers Association conference in New Orleans, April 29 - May 1... (June 5, 2001)

Northern Thrusts
North of the U.S. border, the battle among asset-based lenders is heating up... (June 4, 2001)

Wells Fargo in Deal with CIBC
While Toronto-based CIBC is among the largest lenders to small businesses in Canada, with about 360,000 customers registered... (June 4, 2001)

Impairment Won't Sting Lenders
A precipitous decline in mortgage rates spurred heavy refinancing early this year... (June 4, 2001)

Wells Still Dominates Retail
Wells Fargo Home Mortgage produced $14.9 billion in residential loans through its retail network in the first quarter... (June 4, 2001)

Freddie to Sell $10 Billion of Notes
Freddie Mac will sell $10 billion of reference notes this week, with co-lead managers Goldman Sachs, J.P. Morgan and Merrill Lynch & Co... (June 4, 2001)

Just Another Dot-Com?
Precept believes its loan origination system will lift it above the commercial real estate online loan matching heap... (June 4, 2001)

Ex-Fed Official Says More Rate Cuts Likely
Dr. Alice Rivlin, the former vice chair of the Federal Reserve Board, is calling on credit unions to do a better job of educating their members about saving... (June 1, 2001)

CUSOs' Expanded Operations Mean Expanded Risk
The risks that Credit Union Service Organizations (CUSOs) face may be different than those of a credit union... (June 1, 2001)

Loan Volume Quintuples In Special 'Egg' Promo
Nearly 250 Houston Texas Fire Fighters FCU (HTFFFCU) members responded to the siren song of special low rates on auto loans... (June 1, 2001)

Class Action Firm Takes Aim at Chase
In what may signal an emerging litigation threat for mortgage lenders, a consumer-oriented law firm here has filed a class action suit... (June 1, 2001)

Online Advertising: A disgrace?
Was it a moment of insanity? Did the company lose its mind?... (June 1, 2001)

May 2001

NLEX Releases First Quarter Totals
Distressed-debt broker National Loan Exchange Corp. announced today that is sold an estimated $1 billion of consumer debt... (May 31, 2001)

CBO: GSE Share 71 Percent
Fannie Mae and Freddie Mac control 71% of the conventional, conforming fixed-rate mortgage market, which allows the two enterprises to exercise... (May 31, 2001)

Chase Faces Late Fee Lawsui
In what may signal an emerging litigation threat for mortgage lenders, a consumer-oriented law firm here has filed a class action... (May 31, 2001)

Risk Management: Keeping An Eye On Quality Control
Cogent Economics, San Francisco, which recently released an upgrade to its suite of loan quality and compliance software... (May 31, 2001)

Flow Market Gains Steam
When it comes to servicing prices, it's a tale of two markets right now, servicing brokers say.... (May 31, 2001)

Niche banking: Affinity Banks Do Battle with Bigs
As large banks embrace customer management, segment-specific banks dig in for a fight... (May 31, 2001)

The Market's Tanked, Economy's Slowing. But Don't Stop Now
Skittish marketers have pulled the reins in at the wrong time... (May 31, 2001)

Call Centers: Making the Top of the Charts
Financial institutions are taking their place among the elite when it comes to serving consumers at call centers... (May 30, 2001)

Branding Strategies: Brand Book 2001
It wouldn't appear that E*Trade and wells Fargo had anything at all in common with the Partridge Family... (May 30, 2001)

Customer Management: Latin American Hustle
Only a handful of small- and mid-sized U.S. financial institutions have managed to build significant retail banking and financial services businesses in Latin America... (May 30, 2001)

Middle East Web Could Draw U.S. Bankers
U.S. banking companies focusing their Internet banking efforts on their own country... (May 30, 2001)

Home Equity Problems on the Rise Even as Loan Demand Picks Up Steam
Home equity lending at national banks grew by 22% last year but delinquencies and charge-offs also edged up... (May 30, 2001)

CenterForce Guides Call Center Work
CenterForce Technologies Inc. has announced the release of the 2.0 version of its CenterForce Planner which is expected to... (May 30, 2001)

Regulatory Watch: Baker Wants the Fed to Hold Reins on Fannie Mae and Freddie Mac
Though much of the interest in overhauling regulation of the government- sponsored enterprises has died down since Fannie... (May 30, 2001)

BofA farms out loan marketing to an insurer
As part of its new marketing alliance with Farmers Insurance Group, Los Angeles, Bank of America here will be marketing mortgages and insurance loans... (May 29, 2001)

South Carolina Firm Expands Secondary Market for Problem Loans
A fledgling company that opened its doors last December, Nautilus Capital LLC, a broker of distressed residential mortgage loans into the secondary marke... (May 29, 2001)

Tax and Accounting Changes Put Damper On the Market for Problem Loans in Italy
Favorable tax and accounting benefits that have driven non- performing loan securitizations in Italy will likely end in May... (May 29, 2001)

Ocwen Will Host Standards Meeting
Ocwen Technology Xchange (OTX), will host the May Mortgage Industry Standard Maintenance Organization (MISMO; www.mismo.org) Work Group meetings... (May 25, 2001)

Technology: Servicing Technology Firms May Have Interest in Tuttle's Technology
Rumors have been swirling this month about possible mergers and acquisitions among mortgage technology players, particularly as the industry waits for the shoe to drop... (May 25, 2001)

Fleet Mortgage Doing Affordable New England Renovation Loans
Fleet Mortgage is responding to a high and growing need for affordable house-renovation loans in the New England area... (May 25, 2001)

Tech Company Buoyed by Paper E continued from page one
Offices and processing centers in nearly every state in America and several overseas markets. ... (May 25, 2001)

Wells Fargo reports a year-to-year gain of 12% for first quarter
Wells Fargo & Co. reported a net income of $1.17 billion for the first quarter 2001, up 12% compared to the same quarter of 2000... (May 25, 2001)

Europe: Visa Speeds Up Move to Chip in Europe
Visa has announced an investment program designed to accelerate the move to smart cards in an effort to combat increasing card fraud in Europe... (May 25, 2001)

NAREX Sets $40 Million Auction
NAREX Inc. plans to auction more than $40 million in credit card debt next week from a large credit grantor... (May 25, 2001)

Collections: Nebraska Lender Is Accused of Defrauding Delinquent Borrowers
Mid America Financial Investment Corp., a company accused of defrauding borrowers and working without both a mortgage broker's and banker's license... (May 24, 2001)

Collateral Valuation Provides Clue to Refinancing Risk
Since lenders typically pay $1,000 to $2,000 per loan to originate and acquire the servicing asset... (May 24, 2001)

University Study Suggests Link Between Casino Gambling, Bankruptcy Filings
A study by the University of Nevada-Reno examined personal bankruptcy rates in eight communities with casino gambling for at least four years... (May 24, 2001)

The Next Wave of E-Commerce Hits the Internet
E-mailing cash is the next wave of e-commerce to challenge checking and traditional banking products... (May 24, 2001)

Research: Members More Likely To Be Online
New research reveals that credit union members are more likely than the general population to be using online banking, and that online banking itself is growing faster than any other retail banking delivery channel... (May 23, 2001)

High Consumer Debt Load Adds to Concern About the Economy
While the chief economist at Standard & Poor's expects the U.S. to avoid an outright recession, the economic slowdown will make it difficult for some consumers to pay their record debt burdens... (May 23, 2001)

Commercial Servicer: Wall Street Offers Stiff Competition for Commercial Mortgage Loans
Faced with increasing competition from Commercial Mortgage-Backed Securities (CMBS) - especially in the larger value, higher quality loan market segment - insurance companies are trying to distinguish themselves... (May 23, 2001)

World Having Difficulty Replicating US Mortgage Model
The world looks to the United States as a model for the mortgage market, but that model is hard to copy,... (May 23, 2001)

MBA, Freddie Team for Minority Recruitment
The Mortgage Bankers Association and Freddie Mac are teaming up to help draw minorities to employment opportunities... (May 23, 2001)

Ocwen Completes Purchase Of New Century Portfolio
New Century Mortgage Corporation has completed the sale of about $4.8 billion in servicing rights to Ocwen Federal Bank, West Palm Beach, Fla.... (May 22, 2001)

Fannie Hits CRA Goal 18 Months Early
Fannie Mae has fulfilled its pledge to purchase $10 billion in specially-targeted Community Reinvestment Act loans just six months after it first made the commitment.... (May 22, 2001)

GSE's AU Programs Hit Milestones
Automated underwriting programs notched some major milestones in recent months, demonstrating just how widely accepted these powerful tools have become.... (May 22, 2001)

Housing Providing Some 'Saving Grace'
Thanks in large measure to a surprisingly strong housing market, the economy won't fall into a recession, an industry economist predicted... (May 22, 2001)

Delta takes $49MM loss, but execs optimistic about its future
Delta Financial Corp. here reported a net loss of $36.5 million (or $2.29 per share) for the fourth quarter of 2000 and a full year net loss of $49.4 million.... (May 22, 2001)

Good News: E-Relationships Wanted. Bad News: That's Loyalty?
Creating and maintaining e-relationships was a hot topic at the CUES Marketing, Operations and Technology Conference... (May 21, 2001)

Advertising Via ATM: Make It Quick
Advertising using ATMs represents a viable revenue opportunity, recent consumer research indicates... (May 21, 2001)

The GSE Debate
The relationship between mortgage lenders and the government- sponsored enterprises has always been complex... (May 21, 2001)

Ratings Roundup: Fitch Sees Strength in Four Veterans
Fitch recently assigned ratings to four servicers, upgrading two of them... (May 21, 2001)

Conseco Finance Continues Turnaround
Earnings at Conseco Finance here continued to improve as its parent company Conseco Inc.'s new management team puts its stamp on operations.... (May 21, 2001)

Lender-Paid Insurance Can Help MBS Credit
Lender-paid mortgage insurance can bring significant credit enhancement to securitized pools of mortgage loans, according to Moody's Investors Service.... (May 19, 2001)

S&P; Upgrades Risk Modeling Tool
Standard & Poor's has released a new version of LEVELS - a rating and risk modeling software that has been used in the residential mortgage securities market for five years... (May 18, 2001)

The Uncivil Mortgage War
Ten years ago you would have been hard pressed to find a mortgage executive saying a disparaging word about Fannie Mae or Freddie Mac... (May 18, 2001)

Mum�s The Word
Harrison and J.P. Morgan, though, declined to confirm or deny what may-or may not-have happened.... (May 18, 2001)

Who�s The Regulator?
But don't Fannie and Freddie already have a regulator? It does - the Office of Federal Housing Enterprise Oversight, an agency that is con-sidered more or less a regulatory joke... (May 18, 2001)

Reinsurance Units
Several top-ranked mortgage firms that are owned by banks also have mortgage "reinsurance" units that share the MI premium with the traditional MI network... (May 18, 2001)

ABC Unveils Internet Reporting System
ABC Companies, a Buffalo, N.Y.-based receivables management firm, launched a new reporting system that is accessible via the Internet and is designed in part to make paper reports obsolete... (May 18, 2001)

Citigroup Snags Mexican Banking Giant
Citigroup will buy Mexico's Grupo Financiero Banamex-Accival, the nation's No. 2 banking group, in a $12.5 billion deal that gives Citigroup a dominating presence... (May 18, 2001)

First American CREDCO Launches Consumer Credit Web Site
First American CREDCO, a member of The First American Corporation family of companies, announced today that it has expanded its Web site... (May 18, 2001)

Homes With 'Net Access Drop
The Internet boom has hit a hiccup. According to a just-released study by Telecommunications Reports International, the number of U.S. homes with Internet access dropped slightly during the first quarter of 2001, the first time a decrease has ever been recorded... (May 17, 2001)

FleetBoston Relies On Diversity
Last year was a great one for FleetBoston Financial Corp., which ranked as the second most profitable financial services company among the 100 largest. ... (May 17, 2001)

Allard Subcommittee Hears About Growing Debt at GSEs
Office of Federal Housing Finance Oversight director Armando Falcon said he is comfortable with the way Fannie Mae and Freddie Mac manage their rapidly growing debt obligations,... (May 16, 2001)

S&P; Upgrades Risk Modeling Tool
Standard & Poor's has released a new version of LEVELS - a rating and risk modeling software that has been used in the residential mortgage securities market for five years... (May 16, 2001)

Credit Unions Service More Loans Than Expected
A survey conducted by a research firm here shows that credit unions have more mortgage-related assets than previously believed,... (May 15, 2001)

Rating Agencies Gear Up for More Scrutiny
In subtle ways, all three of the major rating agencies have made changes that suggest investor scrutiny of loan servicing on mortgage-backed securities has increased.... (May 15, 2001)

Who's the Most Profitable?
100 Largest US Banking Companies.... (May 15, 2001)

401(k)Hits the Internet
The Web is making it easier for companies to offer employee retirement accounts.... (May 15, 2001)

Loan Syndication: Taking the Paper Out of Processing
Goal is to settle secondary market transactions... (May 15, 2001)

Home Equity Problems on the Rise Even as Loan Demand Picks Up Steam
Home equity lending at national banks grew by 22% last year but delinquencies and charge-offs also edged up... (May 14, 2001)

CenterForce Guides Call Center Work
CenterForce Technologies Inc. has announced the release of the 2.0 version of its CenterForce Planner... (May 14, 2001)

Lending: A New Lease(Loan) on Life For E-Business Finance
Lending marketplace is a bit different from most referral models... (May 14, 2001)

CMG Mortgage, Pedestal Team Up
Pedestal Inc. and CMG Mortgage Insurance Co. have announced a marketing alliance in which CMG will provide mortgage insurance for credit unions participating in Pedestal's Flow Sales Express program... (May 14, 2001)

Electronic commerce: Visa's Verified Hopes to Take Out a Very Present Card-Not-Present Fraud
It's not easy keeping everyone happy, but Visa hopes to do so- eventually-with a new product... (May 11, 2001)

Scores of banking software companies boast that their Internet products are "crackproof," to use the parlance of traditional banking. Each tries to convince its clients and the public that there's no need to worry about security or privacy... (May 10, 2001)

Paper, Plastic Or More Plastic
Debit Cards Continue To Gain Ground Among Consumers, But Some Old Payment Habits Die Hard... (May 10, 2001)

Bank regulators, from Fed chairman Alan Greenspan on down, have made speeches about predatory lending in the past year. But what are the regulators, in fact, doing? Not much... (May 09, 2001)

Credit Counselor: Lenders Starting to Take Precautions in Light of Rising Delinquencies
With the national economy starting to decline after years of growth, the mortgage industry is taking early precautions to minimize the potential impact... (May 09, 2001)

Junk Mail Junkies
Imagine. Credit card companies mailed a record 3.5 billion solicitations last year. Yes, 3.5 billion... (May 07, 2001)

United Kingdom: Where's the Relationship in eCRM?
A new survey reveals that U.K. banks are neglecting the relationship part of customer relationship management, especially online... (May 07, 2001)

Ocwen Completes Purchase Of New Century Portfolio
New Century Mortgage Corporation has completed the sale of about $4.8 billion in servicing rights to Ocwen Federal Bank, West Palm Beach, Fla... (May 04, 2001)

GMAC-RFC Securitized $5.2 Billion in First Quarter
Residential Funding Corporation issued $5.2 billion of asset-backed and mortgage-backed securities during the first quarter, the company reported... (May 04, 2001)

Austin Nabs Three Fair, Isaac Veterans
Austin Logistics Inc., a company that provides call-targeting software to financial service companies, hired a new vice president of sales... (May 04, 2001)

American Express' Blue Moon Rising Shines On-Line
Simple saturation can breed success just as easily as delivering the most innovative product. (May 03, 2001)

Customer Relationship management: The Marketing Lesson of a Lifetime From One Misdirected Phone Call
"Stickiness" and other dot-com jargon won't do you any good when an irate customer calls to complain-proving there's still no substitute for superior customer service.... (May 02, 2001)

Not long ago the once-haughty Wachovia Corp. sneered at First Union Corp., its North Carolina neighbor... (May 02, 2001)

Illinois regs ready to go?
The Illinois legislature at press time had cleared the way for tough anti-predatory lending regulations... (May 01, 2001)

Freddie Expands Purchase Criteria
Freddie Mac here has added two new programs... (May 01, 2001)

Credit Unions Service More Loans Than Expected
A survey conducted by a research firm here shows that credit unions have more mortgage-related assets than previously believed,... (May 01, 2001)

REAL ESTATE: Auction Sites Help Pawn Off Portfolios Firms offer an out for bad loans in a bad market
When the real estate market crashed after the 1980s boom, unloading foreclosures was a real headache for lenders. Considering the current atmosphere, a national migraine may be looming.... (April 30, 2001)

April 2001

Customer service: The Three Commandments for Call Center Operations
If you want to make your call center customers blissful, remember three things: don't put them on hold, spend lavishly on your telecom network provider, and don't sell... (April 30, 2001)

Direct mail: Changing the Pitch
A strong ID also means good branding in the mailbox... (April 30, 2001)

Non-traditionals: Small Business Loans, To Your Door, In a Brown and Yellow Package
United Parcel Service acquires First International Bancorp to push into B2B financial service... (April 27, 2001)

Worth Noting
Planning to use an ATM? Avoid Ohio. The Buckeye State assesses the nation's highest ATM surcharges on customers not using their own bank's ATMs... (April 27, 2001)

As the lines between banking, non-banking and commerce blur, banks find themselves with another, and tougher regulator, the Federal Trade Commission... (April 27, 2001)

The dilemma would test the wisdom of Solomon. At issue is finding an appropriate formula for lending to those with problems handling credit.... (April 26, 2001)

At a Time When Words Mean Nothing, It's Tough to Create an Image
Brand-building in the 21st Century is harder than ever, as a jaded and information-rich audience has good reasons to tune out. But some things never change.... (April 26, 2001)

CRM Through The Side Door
SER Solutions Inc., a "knowledge management" concern based in Herndon, VA, is among a number of technology vendors that play at the boundaries of CRM... (April 25, 2001)

Year of No Excuses
Late this month, 53-year-old Kenneth D. Lewis will become chief executive officer of Bank of America Corp., the country's largest banking company... (April 25, 2001)

Mergers & Acquisitions: Taking the South
BB&T; Bank's sweeping M&A; fast break into the community banking world of the South has become so routine, the assimilation has practically been written into a formula... (April 25, 2001)

Opinions Divided On What Latest Fed Rate Cut Will Mean
Economic experts are split on whether last week's surprise rate cut by the Fed will mean new optimism for consumers who will start borrowing again... (April 24, 2001)

Computers Are Learning The Business
Advances in computer processing power open the way for wider use of so-called artificial intelligence... (April 24, 2001)

American National Energizes Its Bank-Channel Distribution
Timing is everything. When David Behrens took over as evp of independent marketing for American National Insurance of Galveston, TX, two years ago, its bank-channel business was languishing.... (April 24, 2001)

Newman Forms Commercial Sales Group
Newman & Associates, a Denver-based wholly owned subsidiary of GMAC Commercial Mortgage, Horsham, Pa., has formed a loan sales and trading group... (April 23, 2001)

Ellie Mae and Closing Guard Form Online Partnership
Ellie Mae and Closing Guard have just announced a partnership to provide automated loan closings online to mortgage brokers and lenders... (April 23, 2001)

Nonprofit Lender Seeks to Reach Underserved Home Buyers Online
Non-profit lender Self-Help, a U.S. community development financial institution, has launched an upgraded version of its Web site... (April 23, 2001)

HanoverTrade Invests in Dot.Com
HanoverTrade.com has made a strategic investment in VCross.com and has agreed to license the patented VCross.com electronic auction system... (April 23, 2001)

Trans Union Banned From Selling Data
Trans Union Corp. must stop selling customer lists based on lending and credit information it collects, a federal appeals court decision that legal experts say... (April 20, 2001)

OSI Sells Senior Common Stock
Outsourcing Solutions Inc. announced it sold $24 million of senior common stock to Gryphon Partners II, a private equity firm... (April 20, 2001)

Call Center Spending: Ring It On Up
Financial services firms have call centers at the center of their customer management efforts, with yearly spending on information technology... (April 20, 2001)

SECURITY: Russian Mobsters Invade the Web
According to the FBI and the National Infrastructure Protection Center... (April 20, 2001)

Small Banks Move Toward CRM One Step At A Time
While the banking industry in Canada is dominated by large federal institutions, Alberta Treasury Branches has managed to compete pretty well... (April 20, 2001)

Reinsurance Helps Fuel 20% Growth at PNC
Getting close to the customer defines the strategy of PNC Insurance Services... (April 20, 2001)

CUs For United, US Airways Explore Potential Merger
The $3.1-billion United Airlines Employees CU (UAECU) and the $495- million US Airways FCU are considering merging... (April 20, 2001)

Washington Mutual Builds On a Sound Foundation
As the largest thrift in the U.S., Washington Mutual is hardly a newcomer to the insurance business... (April 20, 2001)

Mervyn's Offers Large Debt Sale
An estimated $96 million in private-label credit card chargeoffs is on the market from Mervyn's Store... (April 19, 2001)

Having Trouble Retaining Staff? An HR Exec From Competitive Silicon Valley Shares Her Strategies For Reducing Turnover... (April 19, 2001)

Fleet's Buy of Summit Pays Off With High Profits
Just last month Fleetboston filled a major gap in its sector coverage when it completed its acquisition of Summit Bank of Princeton, NJ... (April 19, 2001)

BofA Steers Rudderless Unit To Profit, Despite Many Snags
While 2000 was rife with bad news for Bank of America, the firm's Insurance Services Group not only escaped unscathed, but also has grown quietly, amassing $1 billion in assets... (April 19, 2001)

Branding Strategies: Discover Takes a Rival's Road
Schwab-owned Quris handles e-mail marketing... (April 19, 2001)

GSE Portfolio Growth to Stall?
The Bush administration is raising concerns about the capacity of Fannie Mae and Freddie Mac to continue to generate record earning growth in the coming years.... (April 19, 2001)

It's Hard To Beat Free software
The Internet Is My Neighborhood.... (April 19, 2001)

Which ASP Model Will Work?
With industry analysts estimating that significant amounts of lender technology spending continue to be internal, mortgage ASPs have their work cut out for them.... (April 19, 2001)

Heading For The Stratosphere?
WNetUPDATE hopes its initiative with Fannie Mae will launch it toward getting a piece of every mortgage transaction in America... (April 19, 2001)

So, There's a Downturn in the Economy. What's Your Point?
The economy sags and suddenly branding isn't an issue. Big mistake... (April 19, 2001)

Customers Blast Service In Exit Poll At Branches
A consulting firm recently button-holed U.S. bank customers as they were leaving branches of major institutions on both coasts and the Midwest... (April 19, 2001)

BB&T;: Acquire Major Players and Cross Sell
BB&T; Insurance sees promise for the Internet, but it's largely pursuing growth the old-fashioned way... (April 19, 2001)

For Va. CU, Turnaround Began With Personnel
When Susan Hunt took over Atlantic Fleet FCU in 1994 it was considered an easy target for potential merger, according to industry insiders... (April 19, 2001)

Use Money Transfer, Win Cash
While the banking industry complains about the slow uptake of electronic bill pay, Western Union may have a solution-give away money... (April 17, 2001)

Bank One Hires New Tech Chief
Bank One Corp., the $265 billion-asset financial institution, has announced the hire of Austin Adams as its executive vice president... (April 17, 2001)

Credit Unions Get Tech Advice On Web
TowerGroup and the Credit Union National Association & Affiliates, or CUNA, recently launched a new Web-based research and advisory tool... (April 17, 2001)

Japan's Bankrupt Debt at Record High
Japan's economic troubles sent bankruptcies up 12% over the last fiscal year, leaving the most unrepaid debt... (April 17, 2001)

Industry Cheers Bankruptcy Bill
In mid-March, as President Bush prepared to sign a sweeping overhaul of the nation's bankruptcy laws... (April 17, 2001)

S&P; Downgrades NationsLink Deal
Standard & Poor's has placed two classes of NationsLink Funding Corp.'s commercial loan pass through certificates... (April 17, 2001)

Wachovia's Plan: Buy Key Firms, Push Distribution
It has taken five long years, but Wachovia's goal-oriented growth plan for its insurance division is finally paying off... (April 17, 2001)

GE Mortgage Invests in Mortgagebot
As part of its recent private equity financing, Milwaukee-based Mortgagebot is announcing that GE Mortgage has made a strategic investment... (April 17, 2001)

Signing Them Up: Northern Trust Picks REALTrans
Ocwen Technology Xchange Inc., has announced that Northern Trust will use Ocwen's Internet-based REALTrans platform to manage mortgage transaction services... (April 17, 2001)

GSEs: Lending Tree Loan Triggers OFHEO Action
A loan made by Freddie Mac to LendingTree is being reviewed by the Office of Federal Housing Enterprise Oversight for possible "mission creep."... (April 17, 2001)

Zigging Past Regulatory Blocks, Bank One Zags to Growth
Glen Milesko, THE CEO of Bank One Insurance Group, compares banks selling insurance to runner Michael Johnson sprinting ahead in the 200 meter dash, then hitting a sandpit right before the finish line.... (April 17, 2001)

OpenClose Becomes Latest Online Lender to Change Its Game Plan
In yet another step away from multi-lender mortgage websites, OpenClose Technologies has announced it will no longer offer the OpenClose marketplace and will concentrate instead on building its B2B private label business for single- lender websites..... (April 17, 2001)

First Union Buys Wachovia
First Union Corp. agreed today to buy Wachovia Corp. for an estimated $13.4 billion in stock... (April 16, 2001)

Equifax Introduces Score Delivery Service
Equifax Inc. has launched its first online credit score delivery service, Score Power... (April 13, 2001)

Hackers Steal 1 Million Card Numbers
Teams of Russian and Ukrainian hackers stole more than 1 million credit card numbers from 40 American e-businesses in recent months... (April 12, 2001)

Bankruptcy Filings Surge In Wake of Reform Bill-But Wait, There's More
Credit unions are already starting to see bankruptcy filings begin to surge in response to the Senate's recent passage ... (April 09, 2001)

First American Launches New Credit Report Correction Service
First American Credco, a subsidiary of the First American Corporation, has created a new service ... (April 09, 2001)

Alliance: Citi Unit and Dell Expand Financing Options on Computers
Citibank has launched a program that provides Dell Computer Corp.'s small business customers ... (April 09, 2001)

American Express Portfolio Purchase Approved
Regulators granted Bank of Hawaii approval to sell its credit card portfolio to American Express Co., which agreed ... (April 02, 2001)

March 2001

E-Debt Adds Performing Loan Sales
E-Debt Financial Services Inc., an online exchange for the debt-sales industry, will immediately start offering performing loans... (March 30, 2001)

CFO Survey Results Revealed
A survey of the nation�s chief financial officers shows an expectation that corporate profits will... (March 29, 2001)

Consumer Confidence Recovers
Consumers gained confidence in the economy in March, despite recent bloodletting on Wall StreetConsumer Confidence Recovers... (March 28, 2001)

Chase Buys $18 Billion Servicing
Chase Manhattan Mortgage, Edison, N.J., is the winning bidder for two residential servicing packages... (March 27, 2001)

Latin America Offers Risks, Possible Rewards
Like most Latin American countries, Argentina continues to grapple with political uncertainty, a volatile economy, and... (March 26, 2001)

CollectionsX Adds Industry Veteran Shelton
Gregory M. Shelton, former chief executive of collections agency Asset Management Outsourcing, joined CollectionsX as the company's chief operating officer... (March 23, 2001)

Last Quarter Delinquency Rates Rise
Delinquency rates among cardholders rose in the fourth quarter of 2000, reports the American Bankers Association... (March 22, 2001)

EMCC Inc., a buyer of paying, performing, and reperforming receivables is selling a $127 million package... (March 21, 2001)

The Federal Reserve is expected to cut interest rates today for the third time this year, hoping to keep the... (March 20, 2001)

U.S. Bankruptcy Court Judge Eugene R. Wedoff believes the bankruptcy reform legislation recently approved... (March 19, 2001)

Former NBC News Chief Financial Correspondent MikeJensen believes the economic downturn is more about psychology... (March 19, 2001)

The Senate voted to make it harder for people to erase their debts in bankruptcy courts by approving reform... (March 16, 2001)

The National Bankruptcy Conference has compared current law and the new bill (excluding any Senate amendments) plus an executive summary... (March 15, 2001)

The Senate is expected today to clear legislation backed by banks and credit card companies that will overhaul... (March 15, 2001)

Metris Companies Inc. is offering $80 million in credit card chargeoffs... (March 15, 2001)

The National Association of Realtors says the resiliency of the housing market in the slowing economy,... (March 14, 2001)

Dun & Bradstreet plans to sell its Receivable Management Services businesses in the U.S., Canada, and Hong Kong,... (March 13, 2001)

First North American National Bank is offering $3.4 million of one- and two-agency Circuit City credit card chargeoffs... (March 13, 2001)

MYOB US Inc., through a partnership with RecoverDebt.com, is adding Web-based debt recovery to its services... (March 12, 2001)

The U.S. Treasury Department�s Financial Management Service reports it is making progress collecting delinquent debt... (March 8, 2001)

CreditXpert Inc., a company offering personalized consumer credit management content, has reached a milestone... (March 7, 2001)

National Association of Credit Management supports the U.S. House of Representatives for passing bankruptcy legislation... (March 2, 2001)

NCO Group Inc. will invest in technology holding company CyberStarts and CollectionsX, an online exchange for debt collections,... (March 1, 2001)

February 2001

NAREX Inc. received a local award in Jefferson County, Colo. for achievements in new job creation and new capital investment... (February 28, 2001)

Consumer confidence in the U.S. economy dropped this month to the lowest reading in nearly five years,... (February 26, 2001)

Dun & Bradstreet Corp. reports fourth-quarter profits from continuing operations jumped 18%, slightly above analyst expectations... (February 23, 2001)

First Data Corp. has agreed to acquire a majority equity interest in TASQ Technology Inc., an outsource provider... (February 22, 2001)

NCO Group Inc. and Creditrust Corp. completed the already announced merger between NCO's Portfolio Funding subsidiary... (February 22, 2001)

Score Statistical Consulting, a Toronto-based debt broker and consulting firm, handled the sale of... (February 20, 2001)

A coalition called New Yorkers for Responsible Lending brought its campaign against predatory lending... (February 18, 2001)

Legislation designed to make it harder for people to erase credit card and other debts in bankruptcy court gained... (February 15, 2001)

A lawsuit filed against Bank of America accuses the bank and a yet-to-be named employee of scheming... (February 14, 2001)

The deadline to apply for scholarships Marion Financial Corp. plans to give to at least three... (February 12, 2001)

NCO Financial Services officials cite across-the-board growth for prompting an expansion that will create... (February 12, 2001)

Democratic opponents to bankruptcy reform could compromise on the legislation that will make it harder... (February 8, 2001)

Federal Deposit Insurance Corp. is selling approximately $4.5 million in loans from a failed bank... (February 7, 2001)

Wachovia Corp. has hired Credit Suisse First Boston to help determine whether the bank should sell... (February 6, 2001)

Accounts placed with commercial collections agencies jumped again in the fourth quarter 2000, completing a year... (February 5, 2001)

Bridge Information Systems, a provider of financial news and data, reports that one of its creditors filed a court petition... (February 2, 2001)

Bottomline Technologies, a provider of Internet-based software, reports a 102% revenue jump... (February 2, 2001)

Federal Reserve comments that higher energy prices are cutting into consumers� purchasing power should concern the collections community,... (February 1, 2001)

January 2001

U.S. consumer confidence sunk to its lowest mark in four years in January, boosting hopes... (January 30, 2001)

Japan's corporate bankruptcy reached a post-war high last year and there is little hope for a turnaround in 2001,... (January 26, 2001)

CheckFree Corp., Atlanta, posted revenues of $107.7 million for the Fiscal 2001 second quarter ending December 31,... (January 25, 2001)

LiveCapital, a provider of real-time credit and financing solutions for companies serving the business market,... (January 23, 2001)

Concerns that Fannie Mae and Freddie Mac enjoy unfair advantages because of their governmental ties are prompting... (January 23, 2001)

DebtX won an FDIC contract to sell an $11.2 million pool of mixed real estate and business loans from a recently closed... (January 22, 2001)

Child support enforcement collections jumped 12.5% last year to a record high $18 billion, says the U.S. Department... (January 18, 2001)

MBNA America and Visa are believed to be spearheading a renewed bankruptcy reform movement by donating money... (January 17, 2001)

Fair, Isaac and Company and Equifax plan to launch an educational program designed to teach consumers how credit decisions are made,... (January 12, 2001)

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