S Corporation in Washington Lawyer

Bulk of top Merrill brokers to join BoA (Reuters)
Reuters - Merrill Lynch & Co said on Friday that the majority of its best-performing financial advisors will join Bank of America Corp when that bank buys Merrill at the end of the year.

Lawmakers, Treasury lock horns on foreclosures (Reuters)

Reuters - Treasury Secretary Henry Paulson and members of Congress clashed on Tuesday over the best use for the $700-billion financial bailout fund, with lawmakers demanding money to stem a national wave of mortgage foreclosures.

Postal Service investigates boss's VIP mortgage (AP)

AP - The Postal Service is investigating whether the nation's postmaster general improperly received a sweetheart deal on a mortgage from Countrywide Financial Corp., the chairman of the service's governing board said.

Lenders criticize gov't mortgage aid program (AP)
AP - Hundreds of lenders told federal housing officials Thursday that a $300 billion mortgage aid program requires too many losses for consumers and lenders to realistically help 400,000 Americans avoid foreclosure.

Genworth in deal to buy bank, seeks TARP money (Reuters)
Reuters - Life and mortgage insurer Genworth Financial Inc said on Sunday it applied for capital under a U.S. government program, after reaching a deal to buy a bank, bringing it under federal regulation.

FDIC says plan could help 1.5 million keep homes (AP)
AP - Publicly breaking with the Bush administration's official stance, the Federal Deposit Insurance Corp. proposed Friday to use $24 billion in government funding to help 1.5 million American households avoid foreclosure.

Mortgage rates drop for second week (AP)

AP - Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets.

Freddie seeks gov't aid after $25.3B loss (AP)

AP - Freddie Mac is asking for an initial injection of $13.8 billion in government aid after posting a massive quarterly loss Friday.

Subprime: Borne of Sleaze, Bribery, and Lies (BusinessWeek Online)
BusinessWeek Online - It may seem like ancient history now, but not long ago the mortgage industry was turning ordinary people into millionaires. One of them was Sharmen Lane, a high school dropout who, like many other young women during the boom, found her way into an obscure banking job with the clunky title "mortgage wholesaler." Her experience -- and the experiences of other wholesalers like her -- offers a glimpse into the recklessness and indulgence that drove the industry to ruin.