Standard & Poor's has announced several changes to its S&P 500, S&P 100, and S&P REIT Composite indices.Mortgage lender Golden West Financial Corp. will be replaced by Smith International Inc. in the S&P 500 because Golden West is being acquired by Wachovia Corp., S&P reported. Meanwhile, Wachovia will replace Unisys Corp. in the S&P 100. Both changes will take effect after the close of trading on Sept. 29. Two real estate investment trusts, Spirit Finance Corp. and Host Hotels & Resorts Inc., will be listed on the S&P REIT Composite Index in early October. Spirit will replace Heritage Property Investment Trust Inc. after the close of trading on Oct. 3 because Heritage is being acquired by Centro Properties Group, S&P said. Host Hotels will replace Trizec Properties Inc. after the close of trading on Oct. 5 because Trizec is being acquired by the Blackstone Group and Brookfield Properties Corp. S&P can be found online at http://www.standardandpoors.com.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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