contradictory missives from two Democratic lawmakers stand out as the National Credit Union Administration sifts through nearly 400 comment letters on its credit union membership proposal. Page 2


James W. Lokey has become the latest in a string of Downey Financial CEOs to be shown the door. Page 4

Commonwealth Mortgage Assurance said it would merge with Amerin Guaranty in a deal valued at more than $650 million. Page 4


As Deutsche Bank moves in on one of Donald Trump's lenders, another German bank is financing what may be the New York mogul's most ambitious project to date. Page 5


Trust Company of New Jersey said it plans to set up branches in 40 A&P supermarkets. Page 6


Companies that provide software and support to mortgage servicers are steadily losing business or showing little growth, as more lenders shift to in-house systems. Page 10


A secondary market program that provides loan sellers with an alternative to government-sponsored enterprises is gaining steam. Page 11


Honor Technologies, the Florida-based electronic funds transfer network, is raising its interchange fee. Page 13


INSURANCE: Bank One has become the first in the nation to be given a state license to share half the risk taken by underwriters of mortgage insurance, up from the previous 25% limit on banks. Page 14


Neil Godfrey is not very popular with some bankers because his company, E-Funds Corp., threatens revenues from check-processing operations. Page 16


ELECTRONIC COMMERCE: America Online's proposed acquisition of Netscape Communications would likely rev up the companies' relationships with financial institutions, experts say. Page 17

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