Mortgage News Oct 2008

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Mortgage applications on the rise as Fed makes another cut
As the Federal Reserve made another cut in its federal fund rate on Wednesday, the Mortgage Bankers Association reports that pent-up demand and already lowered rates led to a surge in mortgage applications of 17 percent last week. (Wed, 29 Oct 2008 18:46:35 GMT)

Federal grand jury in KC indicts 17 in mortgage fraud scheme
A Kansas City federal grand jury indicted 17 people today in an alleged $12.6 million mortgage fraud scheme centered on Lee’s Summit and Raymore. (Wed, 29 Oct 2008 19:19:15 GMT)

U.S. mulls guaranteeing up to $600 billion in home loans
Regulators are putting the final touches on a new federal program that could provide up to $600 billion in government guarantees of home mortgages to help prevent foreclosures, a source familiar with the discussions told Reuters on Wednesday. (Wed, 29 Oct 2008 19:40:12 GMT)

U.S. mulls up to $600 billion in home loan guarantees
U.S. regulators are working on a new federal program that could provide government guarantees for up to $600 billion of home mortgages to help prevent foreclosures, a source familiar with the discussions told Reuters on Wednesday. (Wed, 29 Oct 2008 19:44:51 GMT)

Government near home loan bailout
The government plan considers using funds from the bailout to lower interest rates for troubled homeowners. (Wed, 29 Oct 2008 19:55:06 GMT)

(AFX UK Focus) 2008-10-29 19:55 UPDATE 2-US mulls up to $600 bln in home loan guarantees
WASHINGTON, Oct 29 (Reuters) - U.S. regulators are working on a new federal program that could provide government guarantees for up to $600 billion of home mortgages to help prevent foreclosures, a source familiar with the discussions told Reuters on Wednesday. The plan, being hammered out by the Federal Deposit Insurance Corp and the U.S. Treasury Department, could provide guarantees for up to ... (Wed, 29 Oct 2008 20:07:23 GMT)

(AFX UK Focus) 2008-10-29 19:55 UPDATE 2-US mulls up to $600 bln in home loan guarantees
WASHINGTON, Oct 29 (Reuters) - U.S. regulators are working on a new federal program that could provide government guarantees for up to $600 billion of home mortgages to help prevent foreclosures, a source familiar with the discussions told Reuters on Wednesday. The plan, being hammered out by the Federal Deposit Insurance Corp and the U.S. Treasury Department, could provide guarantees for up to ... (Wed, 29 Oct 2008 20:23:18 GMT)

Grand jury indicts 17 in Mo. mortgage fraud scheme
A Kansas City federal grand jury has indicted 17 people in an alleged $12.6 million mortgage fraud scheme. The suspects are accused of engineering the sale and purchase of new homes at inflated prices and with fraudulently obtained mortgages. (Wed, 29 Oct 2008 20:51:07 GMT)

Grand Jury Indicts 17 In Mo. Mortgage Fraud Scheme
A Kansas City federal grand jury indicts 17 people in an alleged $12.6 million mortgage fraud scheme. (Wed, 29 Oct 2008 21:50:16 GMT)

Loan Giants' Takeover Hasn't Paid Off
Almost two months ago, the government sought to revive the nation's ailing mortgage sector by seizing Fannie Mae and Freddie Mac and pumping money into the home-loan market. But so far, the measures have yet to achieve their intended effect. (Wed, 29 Oct 2008 22:07:17 GMT)

Fannie Mae, Freddie Mac fulfilling mortgage mission: regulator
Fannie Mae, Freddie Mac and the Federal Home Loan Bank Boards are doing "business as usual," their regulator said Wednesday, but it will be some time before normalcy returns to the U.S. mortgage markets because of all the other financial events that have overwhelmed it. (Wed, 29 Oct 2008 22:12:34 GMT)

U.S. mulls up to $600 billion in home loan guarantees
U.S. regulators are working on a new federal program that could provide government guarantees for up to $600 billion of home mortgages to help prevent foreclosures, a source familiar with the discussions told Reuters on Wednesday. (Wed, 29 Oct 2008 22:40:12 GMT)

US weighs mortgage guarantee plan
The US government and federal regulators are zeroing in on a proposal to provide mortgage guarantees to lenders that agree to restructure home loans to ensure affordable monthly payments. (Wed, 29 Oct 2008 23:55:30 GMT)

Pimco's Gross Recommends Agency Mortgage Securities, Bank Bonds
Oct. 29 (Bloomberg) -- Bill Gross , manager of the world's biggest bond fund at Pacific Investment Management Co., said he recommends mortgage securities issued by government-sponsored enterprises such as Fannie Mae and Freddie Mac , and the debt of banks that have sold stakes to the U.S. government. (Thu, 30 Oct 2008 01:17:18 GMT)

Plan to refinance mortgages may save millions of homes
The government is weighing a plan to restructure hundreds of billions of dollars in home mortgages, its most ambitious effort yet to curb high foreclosures. (Thu, 30 Oct 2008 02:03:40 GMT)

US mulls up to $600 billion in home loan guarantees
US regulators work on a new federal programme that could provide govt guarantees for up to $600 bn of home mortgages. (Thu, 30 Oct 2008 02:26:56 GMT)

Mortgage rescue plan may be on way
Government agencies are working on a mortgage adjustment plan to allow millions of American homeowners caught in the worldwide financial meltdown avoid foreclosure, sources close to the talks said Wednesday. (Thu, 30 Oct 2008 08:51:18 GMT)

Q: Can points from a refinanced mortgage be deducted on my taxes?
A: If the points were paid solely to refinance the mortgage, they can be deducted as mortgage interest but must be spread out over the life of the loan. (Thu, 30 Oct 2008 08:53:37 GMT)

Tri-City homeowners make use of refinancing program
Hundreds of local homeowners have taken advantage of a program to refinance their mortgages in the last year into a Federal Housing Administration-insured, fixed-rate mortgage. (Thu, 30 Oct 2008 09:06:35 GMT)

Families brace for holidays without a home
A memento with Depression-era humor helps Kristin Bertrand keep perspective as her family braces for a Christmas holiday without their home. (Thu, 30 Oct 2008 09:33:34 GMT)

Don't let low mortgage rates tempt you
If we've learned just one thing in recent years, it's this: If it looks too good to be true -- it's probably a subprime mortgage rate that's going to balloon soon after you turn the key. (Thu, 30 Oct 2008 09:40:48 GMT)

Mortgage matches highest rate of the year
The roller coaster ride continues with mortgage rates. This week, they climbed to the highest level in three months. (Thu, 30 Oct 2008 10:00:00 GMT)

Mortgage matches highest rate of the year
The roller-coaster ride continues with mortgage rates. This week, they climbed to the highest level in three months, matching the highest level of the year. (Thu, 30 Oct 2008 10:52:35 GMT)

Mortgage Modifications Won't Benefit Everyone
With millions facing foreclosure, there's more pressure on mortgage lenders to cut deals with troubled borrowers. One of the toughest challenges is designing a system that helps the greatest number of homeowners without creating what's known as a moral hazard. That means creating a system that doesn't encourage people to stop paying their mortgage, in hopes of cutting a better deal. (Thu, 30 Oct 2008 11:13:31 GMT)

Mpls says loan to lure home buyers worked
Minneapolis city officials say a loan program designed to bring residents into areas hard hit by foreclosures, is a success. (Thu, 30 Oct 2008 14:11:09 GMT)

Comments on this story are moderated
NEW YORK–GMAC LLC, the money-losing auto finance and mortgage provider, on Thursday confirmed it was seeking to become a bank holding company, and said it plans to overhaul and slash its debt load, barely four months after completing a $60 billion refinancing package. (Thu, 30 Oct 2008 14:54:21 GMT)

US weighs mortgage guarantee plan
The US government and federal regulators are zeroing in on a proposal to provide mortgage guarantees to lenders that agree to restructure home loans to ensure affordable monthly payments. (Thu, 30 Oct 2008 14:55:40 GMT)

Corrections: Weekly mortgage applications rise 16.8%, MBA data show
On Oct. 30, a MarketWatch report on weekly mortgage applications had an incorrect headline that said mortgage applications declined. See corrected story. (Thu, 30 Oct 2008 15:13:07 GMT)

U.S. mortgage rates rise in week
WASHINGTON, Oct. 30 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages increased in the week ending Oct. 30, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 30 Oct 2008 15:19:58 GMT)

Mortgage rates spike to 6.46%
The 30-year mortgage rate surged this week, following the Fed's half-point rate cut and the rise in long-term Treasury bonds yields. (Thu, 30 Oct 2008 15:40:06 GMT)

Mortgages: Mortgage rates bounce back up: Freddie Mac
CHICAGO (MarketWatch) -- Mortgage rates bounced back up this week, following long-term Treasury bond yields, Freddie Mac's chief economist said on Thursday. (Thu, 30 Oct 2008 15:57:29 GMT)

Sacyr Plans to Post More Collateral for 5.1 Billion-Euro Loan
Oct. 30 (Bloomberg) -- Sacyr Vallehermoso SA , the worst- performer in Spain's biggest stock index this year, is posting more collateral for a 5.1 billion-euro ($6.4 billion) loan to keep banks from demanding early repayment, according to three people with familiar with the talks. (Thu, 30 Oct 2008 16:22:47 GMT)

30-year mortgage rates rise sharply
Rates on 30-year mortgages spiked this week as the tumult in financial markets continued to be felt in housing finance. Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.46 percent this week, up from 6.04 percent last week. (Thu, 30 Oct 2008 16:30:45 GMT)

30-year mortgage rates rise sharply
Rates on 30-year mortgages spiked this week as the tumult in financial markets continued to be felt in housing finance. Mortgage giant Freddie Mac... (Thu, 30 Oct 2008 18:11:41 GMT)

Eustis to buy local mortgage company
Eustis Mortgage Corp. of New Orleans said this week that it plans to purchase certain mortgage banking assets and hire staff employed by Mortgage Market, a local company undergoing liquidation. The sale price was not disclosed.... (Thu, 30 Oct 2008 19:10:13 GMT)

Fitch Rates CSFB Mortgage Securities Corp., CSMC $206MM 2008-4R
Fitch Ratings has assigned the following ratings to Credit Suisse First Boston (CSFB) Mortgage Securities (Thu, 30 Oct 2008 20:00:54 GMT)

Mortgage applications drop 30 percent
Residential mortgage applications dropped 30 percent from a year earlier for the week ending Oct. 24, according to a weekly survey conducted by the Mortgage Bankers Association. (Thu, 30 Oct 2008 21:06:29 GMT)

Fortress to get help from Quicken for mortgage investments
SAN FRANCISCO (MarketWatch) - Fortress Investment Group unveiled a joint venture with Quicken Loans Inc. that will help the firm with its mortgage portfolios and investments. (Thu, 30 Oct 2008 21:27:49 GMT)

Trump Expects Loan Extension on Chicago Condo Tower (Update1)
Oct. 30 (Bloomberg) -- Donald Trump said he expects his bankers to give him extra time to pay back a loan used to finance the 92-story Trump International Hotel & Tower Chicago as demand slumps for condominiums in the third-largest U.S. city. (Thu, 30 Oct 2008 21:43:21 GMT)

Couple offer free mortgage for hole-in-one
STILLWATER, Minn., Oct. 30 (UPI) -- A Stillwater, Minn., couple said the mortgage on their for-sale house will be paid off if the buyer makes a hole-in-one at a local golf course. (Thu, 30 Oct 2008 22:20:17 GMT)

Japan Land Prices May Fall as Property Funds Fail to Refinance
Oct. 31 (Bloomberg) -- Some of Japan's biggest property investors, including KK DaVinci Holdings and Morgan Stanley , may have to sell some of their holdings because of the credit crunch, dragging commercial real estate prices lower, analysts said. (Fri, 31 Oct 2008 01:16:36 GMT)

Mortgage rates jump sharply
Rates on 30-year mortgages spiked this week as the tumult in financial markets continued to be felt in housing finance. (Fri, 31 Oct 2008 01:52:06 GMT)

THE BEST HOME LOAN PACKAGE AT YOUR FINGERTIPS
PETALING JAYA, Oct 31 (Bernama) -- Buying a home is a life-transforming event in terms of financial and social commitments as well as status. (Fri, 31 Oct 2008 01:56:10 GMT)

GMAC may become bank, eyes massive debt overhaul
GMAC LLC, the money-losing auto finance and mortgage provider, on Thursday confirmed it was seeking to become a bank holding company, and said it plans to overhaul and slash its debt load, barely four months after completing a $60 billion refinancing package. (Fri, 31 Oct 2008 02:28:20 GMT)

UPDATE 2-GMAC may become bank, eyes massive debt overhaul
NEW YORK, Oct 30 (Reuters) - GMAC LLC, the money-losing auto finance and mortgage provider, on Thursday confirmed it was seeking to become a bank holding company, and said it plans to overhaul and slash its debt load, barely four months after completing a $60 billion refinancing package. (Fri, 31 Oct 2008 02:34:38 GMT)

The Best Home Loan Package At Your Fingertips
PETALING JAYA, Oct 31 (Bernama) -- Buying a home is a life-transforming event in terms of financial and social commitments as well as status. Choosing a financing package for the purchase can be one of the most stressful and important decisions in a persons life. (Fri, 31 Oct 2008 02:40:51 GMT)

Mortgage rates in sharp increase
WASHINGTON — Rates on 30-year mortgages spiked this week as the tumult in financial markets continued to be felt in housing finance. Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.46 percent this week, up from 6.04 percent last week. (Fri, 31 Oct 2008 05:34:59 GMT)

Nevada, Michigan and Florida lead 'underwater' mortgage list
Here’s a shocker: Almost half of Nevada homeowners with a mortgage owe more to the bank than their homes are worth. Here’s another: If you add in the homeowners like them in California, Arizona, Florida, Georgia and Michigan, together they account for nearly 60 percent of all homeowners who are “underwater” on their mortgages. (Fri, 31 Oct 2008 06:22:20 GMT)

ASIC: To Allow Withdrawals From Frozen Mortgage Funds
SYDNEY -(Dow Jones)- Australia's corporate watchdog said Friday it will relax the rules to enable mortgage funds to provide early withdrawal from otherwise frozen funds for investors in financial hardship. (Fri, 31 Oct 2008 07:16:57 GMT)

Mortgage rate rises nearly half a point
Sacramento's unsteady housing market could do without higher mortgage rates. But that's what it's getting. Mortgage rates jumped to an average 6.46 percent for 30-year, fixed-rate loans, up from 6.04 percent last week, mortgage giant Freddie Mac said Thursday. A separate survey by personal finance Web site Bankrate.com pegged current rates at 6.77 percent, up nearly a half point to the highest ... (Fri, 31 Oct 2008 07:17:35 GMT)

Nevada, Michigan and Florida lead 'underwater' mortgage list
Here’s a shocker: Almost half of Nevada homeowners with a mortgage owe more to the bank than their homes are worth. Here’s another: If you add in the homeowners like them in California, Arizona, Florida, Georgia and Michigan, together they account for nearly 60 percent of all homeowners who are “underwater” on their mortgages. (Fri, 31 Oct 2008 07:38:21 GMT)

Soquel mortgage broker proposes sharp cut in interest rates to give borrowers hope
For 17 years, mortgage broker Ty Ebright made a living by matching lenders with longtime homeowners who encountered financial difficulties and couldn't get bank loans. (Fri, 31 Oct 2008 08:41:32 GMT)

So how do you invest in real estate when home loan rates are so high and prices refuse to drop? By looking for ...
Property prices are melting. If you are waiting for them to fall neatly into your budget, prepare for a very long wait. Not that there is no correction, but the extent is limited. When the real estate party was on for the past 4 years, property prices rose by over 100%. Will they drop as much? (Fri, 31 Oct 2008 09:22:41 GMT)

Mortgage relief plan must walk a fine line
As the Treasury Department prepares a $40 billion program to help delinquent homeowners avoid foreclosure, it confronts a difficult challenge: not making the plan too tempting to people like Todd Lawrence. The airline pilot, who lives outside Norwich, Conn., has a traditional 30-year mortgage that he has no trouble paying every month. (Fri, 31 Oct 2008 10:04:07 GMT)

Will a Gov't. Loan Modification Plan Work?
Expert: New loan modification plan recreates "old-style" banking. (Fri, 31 Oct 2008 10:19:50 GMT)

GMAC May Become Bank, Eyes Massive Debt Overhaul
GMAC , the money-losing auto finance and mortgage provider majority-owned by private equity firm Cerberus Capital Management , on Thursday confirmed it was seeking to become a bank holding company, and said it plans to overhaul and slash its debt load, barely four months after completing a $60 billion refinancing package. (Fri, 31 Oct 2008 11:07:35 GMT)

Chicago's Skyscraper Swagger Fades as Trump Extends Tower Loan
Oct. 31 (Bloomberg) -- The credit crunch has made even Chicago, birthplace of the skyscraper, inhospitable to high-rise construction. Just ask high-profile developer Donald Trump . He's been forced to hit up his bankers for extra time to pay back a loan used to finance the 92-story Trump International Hotel & Tower Chicago . Progress on the world's tallest residential building, the Chicago ... (Fri, 31 Oct 2008 11:27:02 GMT)

Mortgage lending recovers from 21 year low
Figures from the Central Bank show that the annual rate of growth in mortgage lending in September recovered from its 21 year low in August. Today's figures show that net monthly residential mortgages rose last month to €736m, up from the figure of €508m in August. (Fri, 31 Oct 2008 11:35:06 GMT)

Bernanke Has Mortgage Mess On His Mind
With Americans watching their wealth shrink, Fed Chairman Ben Bernanke is expected to ask the government to keep working on relief. Bernanke speaks Friday afternoon via satellite to a Berkeley, Calif., conference on the mortgage meltdown. (Fri, 31 Oct 2008 11:45:25 GMT)

Bernanke Has Mortgage Mess On His Mind
Mortgage relief will be the focus of Fed Chairman Ben Bernanke as he addresses a conference on the housing meltdown. (Fri, 31 Oct 2008 11:48:23 GMT)

Denmark Eases Pension Rules to Stem Mortgage Declines (Update3)
Oct. 31 (Bloomberg) -- Denmark proposed a plan to protect its $360 billion mortgage-bond market from a sell-off by pension funds, the second rescue package this month. (Fri, 31 Oct 2008 13:40:44 GMT)

Modifications lift sagging mortgage industry
With lending tight and mortgage jobs scarce, many brokers and bankers are joining the booming mortgage modification industry. Modifications, which often involve lowering a loan’s interest rate or principal, or extending a loan’s duration, have taken off since the start of the housing meltdown. (Fri, 31 Oct 2008 13:43:58 GMT)

Whipped by crisis, mortgage traders turn to rock
Roughed up by the global credit crunch and Wall Street layoffs, dozens of mortgage bond traders turned their talents to music in a Halloween rock concert that raised about $50,000 for charity. (Fri, 31 Oct 2008 14:07:10 GMT)

20 percent of mortgage holders are underwater, report says
Here's a shocker: almost half of Nevada homeowners with a mortgage owe more to the bank than their homes are worth. (Fri, 31 Oct 2008 14:08:31 GMT)

Chicago's Skyscraper Swagger Fades as Trump Extends Tower Loan
Oct. 31 (Bloomberg) -- The credit crunch has made even Chicago, birthplace of the skyscraper, inhospitable to high-rise construction. Just ask high-profile developer Donald Trump . He's been forced to hit up his bankers for extra time to pay back a loan used to finance the 92-story Trump International Hotel & Tower Chicago . Progress on the world's tallest residential building, the Chicago ... (Fri, 31 Oct 2008 14:44:50 GMT)

Almost 1 in 5 U.S. homes worth less than mortgage: report
Nearly one in five U.S. mortgage borrowers owe more to lenders than their homes are worth, and the rate may soon approach one in four as housing prices fall and the economy weakens, a report on Friday indicates. (Fri, 31 Oct 2008 14:54:14 GMT)

Federal Home Loan Bank of Atlanta Announces Results of 2008 Board of Directors' Election
Federal Home Loan Bank of Atlanta today announced the results of the 2008 election for three member director positions on the board of directors. (Fri, 31 Oct 2008 15:43:00 GMT)

Newberry names new chair to mortgage commission
Lexington Mayor Jim Newberry named a new person Friday to chair his Commission on Mortgage Lending Practices, which will examine concerns that the city's black borrowers are steered to higher-cost loans. The new chairwoman will be Judy "J.J." Jackson, the University of Kentucky's vice president of institutional diversity. The original chairman, DeAndre McGinnis Mitchell, resigned last ... (Fri, 31 Oct 2008 17:16:06 GMT)

Agency Mortgage-Bond Spreads Head for Worst Month on Record
Oct. 31 (Bloomberg) -- Fannie Mae, Freddie Mac and Ginnie Mae mortgage bonds, representing almost $5 trillion of U.S. home- loan securities, may this month generate their worst returns relative to Treasuries on record. (Fri, 31 Oct 2008 17:17:33 GMT)

One in five U.S. mortgage-holders underwater
NEW YORK — Nearly one in five U.S. mortgage borrowers owe more to lenders than their homes are worth, and the rate may soon approach one in four as housing prices fall and the economy weakens, a report on Friday shows. (Fri, 31 Oct 2008 17:26:00 GMT)

Neal departs Preston on loan
Notts County sign midfielder Lewis Neal on a month's loan from Preston North End. (Fri, 31 Oct 2008 17:26:12 GMT)

One Fifth Homeowners Have Mortgage Problem
New numbers out Friday say that 20 percent of homeowners are upside-down on their mortgages. One out of every five mortgage borrowers owed more than their homes' worth in the third quarter. (Fri, 31 Oct 2008 17:27:31 GMT)

TEXT: Fed Chief on the Future of Mortgage Finance
Federal Reserve Chairman Ben Bernanke spoke Friday afternoon on the future of the mortgage market. (Fri, 31 Oct 2008 18:41:38 GMT)

Bernanke Urges `Backstop' for Mortgage-Bond Market (Update1)
Oct. 31 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said the market for mortgage-backed bonds will require some form of government support through either guarantees or insurance programs to weather times of heightened stress. (Fri, 31 Oct 2008 18:54:31 GMT)

More U.S. Homeowners Have Mortgage Higher Than House Is Worth
More than 7.5 million properties already have negative equity and another 2.1 million will follow should home prices decline another 5 percent, Santa Ana, California-based First American, a seller of economic and real estate data, said in a report today. (Fri, 31 Oct 2008 19:01:43 GMT)

Reform of US home loan system a must: Bernanke
US Federal Reserve chairman Ben Bernanke said Friday that the creation of a new system of US home-loan financing should be a top priority of financial reform. (Fri, 31 Oct 2008 19:06:21 GMT)

Two more sentenced for mortgage fraud
CLEVELAND -- A man and a woman involved in mortgage fraud were sentenced this week to five years in prison. A jury found Robert Huff, 46, of Solon, guilty of theft by deception and Carol McGlothin Smith, 67, of Aurora,... (Fri, 31 Oct 2008 19:19:54 GMT)

Mortgage deals sprout on on old farmland
Queen Creek – Helen Williams and Matthew Conner are refugees from the big city who have found the home of their dreams on old farmland. “Coming from Chicago, the mortgage is cheaper than rent in Chicago,” Conner said, standing inside his just-finished three-bedroom home. (Fri, 31 Oct 2008 19:43:49 GMT)

JPMorgan expanding mortgage-modification program
JPMorgan Chase & Co. on Friday became the latest major bank to beef up its mortgage modification efforts as the government also considers a plan to help homeowners avoid foreclosure. JPMorgan's expanded program aims to help avoid foreclosures on an estimated $... (Fri, 31 Oct 2008 19:46:09 GMT)

Banks urged to ease tight loan rules to help market
Commercial banks should loosen their home-loan approval conditions including income and employment requirements in order to help the property industry, suggests Atip Bijanonda, president of the Thai Condominium Association. (Fri, 31 Oct 2008 20:48:41 GMT)

Bernanke Urges `Backstop' for Mortgage-Bond Market (Update2)
Oct. 31 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said the market for mortgage-backed bonds will require some form of government support through either guarantees or insurance programs to weather times of heightened stress. (Fri, 31 Oct 2008 21:47:16 GMT)

JPMorgan expanding mortgage-modification program
JPMorgan Chase & Co. on Friday became the latest major bank to beef up its mortgage modification efforts as the government also considers a plan to help homeowners avoid foreclosure. (Fri, 31 Oct 2008 21:57:51 GMT)

Federal Home Loan Bank of San Francisco Releases September 2008 Cost of Funds Index
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced October 31, 2008, that the 11th District Monthly Weighted Average Cost of Funds Index for September 2008 is 2.769%. (Fri, 31 Oct 2008 22:08:00 GMT)

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