An investigation by New York's attorney general into discriminatory lending practices at GreenPoint Mortgage Funding Inc. prompted the state to launch an investigation into mortgage brokers. So far, two mortgage brokers have
settled with the state, while a third has been sued. "The office is continuing its investigation into potential discriminatory pricing by other mortgage brokers," an announcement from the attorney general said.

The monthly Treasury average was down nearly one-quarter percent from November to December, according to data published by the Federal Reserve Board. MTA was down 270 basis points from December 2007. MTA has fallen each
month since April 2007.

New PHH CEO

Mark R. Danahy was named president of PHH Mortgage, a press release said. He was also appointed chief executive officer of the unit. Danahy originally joined PHH in 2000.

Financing for the Financiers

GMAC Financial Service sissued a statement indicating that it had completed separate private-exchange and cash-tender offers to purchase or exchange $17.5 billion in outstanding GMAC notes and $3.7 billion in notes of
Residential Capital LLC. An agreement has been reached between PHH Mortgage Corp. parent PHH Corp. and lenders in its Chesapeake Funding LLC program to extend the expiration date of the notes. Flagstar Bancorp Inc. said last
week that the audit committee of its board of directors has approved for the company to bypass shareholder approval to issue convertible participating voting preferred stock as part of an investment by MP Thrift Investments
L.P.

Credit Union Originates Nearly $6 Billion

Navy Federal Credit Union reported 2008 mortgage production of $5.7 billion. The level of lending was the second highest ever. During 2009, Navy has committed to $6.0 billion in originations.