SPECIAL REPORT

Profits remain skimpy for the mortgage industry, though the most efficient companies are prospering. As the annual MBA convention continues in New York, lenders are reshaping themselves in a scramble for survival. The outlook is for continued consolidation, most experts agree. Supplement

WASHINGTON

Industry officials and regulators are urging the Federal Reserve Board to withdraw a proposal that would place new restrictions on bank subsidiaries. Page 2

REGIONAL BANKING

People who work for technology companies are hot commodities in the financial services job market. Page 7

Taking advantage of turmoil at hometown rival Signet, Richmond, Va.- based Crestar Financial has launched an equipment leasing subsidiary. Page 7

COMMUNITY BANKING

A Massachusetts community bank is breaking ground by offering low- interest loans for disabled people with special needs. Page 8

INVESTMENT PRODUCTS

Central Carolina Bank executives say they are happy they decided two years ago to drop their in-house brokerage business and use a third-party marketer, Invest Financial. Page 10

INSURANCE: Fueled by a resurgence of fixed annuities, bank sales of all annuities rose 14% in the second quarter. Page 12

MORTGAGES

Mortgage rates are at their lowest since early 1996, leading to speculation that another refinancing boom is on the horizon - and that servicers could suffer. Page 13

HUD Secretary Andrew Cuomo says he is committed to introducing long- awaited mortgage lending guidelines soon. Page 15

CREDIT/DEBIT/ATMs

Visa U.S.A. said it is providing discounts and value-added packages at 18 hotels worldwide with its gold cards. Page 19

TECHNOLOGY

A group of state government associations has asked the National Automated Clearing House Association to develop a certification process for electronic transactions. Page 20

CORPORATE FINANCE

Nestled quietly within BankAmerica is a buyout business that has thrived by thinking small. Page 23

MARKET MONITOR

California thrift stocks soared Monday on news of H.F. Ahmanson's announced acquisition of Coast Savings Financial. Page 30

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