INVESTMENT PRODUCTS

INSURANCE: A company that buys and then resells life insurance policies from the terminally ill has a new product meant to make such "viatical settlements" more attractive to investors. Page 5

T. Rowe Price, betting that Japan is poised for a fund boom, has become the latest U.S. mutual fund company to stake a claim in the country. Page 7

REGIONAL

BankAmerica plans to expand some of its international businesses but shrink others as part of a broad reorganization aimed at reducing risk. Page 9

COMMUNITY

The smallest California community banks are less profitable than their counterparts nationwide. Page 10

MORTGAGE TECHNOLOGY

Contour Software, a Silicon Valley mortgage technology company, started a service to handle all aspects of loan origination, processing, and closing for mortgage companies. Page 12

WASHINGTON

The OCC issued guidelines designed to reduce bank losses on emerging markets trading and loans to hedge funds. The bulletin concluded that some losses are the result of risk management system flaws. Other problems stem from faith in borrowers or reactions to competitive pressures, the agency said. Page 2

Chief economists for the ABA and the Credit Union National Association are debating the fairness of the competition that exists between federal credit unions and banks. Page 2

MORTGAGES

Large home-building companies have had in-house mortgage banks for years, but regional and local builders with smaller volumes want in on the action as well, an outsourcing company said. Page 14

CARDS

Increasingly concerned about student debt levels, colleges are pushing credit card marketers off campus. Page 16

CORPORATE FINANCE

Lenders holding loans to Caldor, the failing discount retailer, are likely to recover their investment, say bankers familiar with bankruptcy lending. Page 29

MARKETS

Washington Mutual deserves attention as an undervalued stock, an analyst said. Back page

Merger activity in the banking sector has cooled, but takeover appeal is becoming more important in bond analysts' recommendations. Back page

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