A WaMu spokesperson declined to comment on the pending litigation. WaMu has not yet filed a response in court. A Wachovia spokeswoman also declined to comment, explaining that as of press time, the company had just received the complaint and was reviewing the document.

It's not the first time that California officials have gone after subprime lenders in court. The state of California sued Countrywide in July, alleging that the lender coerced borrowers into taking out risky mortgages for the sole purpose of reselling them on the secondary market.

–[email protected]

FHFA Integrates Three Housing Agencies

WASHINGTON — The Federal Housing Finance Agency has completed the transfer of three agencies into FHFA, the agency announced late last month.

The reorganization includes the Office of Federal Housing Enterprise Oversight, the Federal Housing Finance Board and the Department of Housing and Urban Development's Government Sponsored Enterprise mission team.

Lockhart said the action was completed in only 90 days, far less than the one-year implementation time provided in the massive housing bill signed into law in July.

"FHFA was created at a time of significant turmoil in the nation's housing markets. We have great challenges and great opportunities ahead of us," James B. Lockhart, FHFA's director, said in a written statement issued today. "As a new regulatory body, we will be working together to create a new and stronger regulator that will enhance market confidence in the 14 GSEs by ensuring that their oversight is both robust and authoritative."

Lockhart appointed several OFHEO and FHFB veterans to deputy director positions:

• Edward DeMarco as senior deputy director, chief operating officer and deputy director for housing mission and goals;
• Stephen Cross as deputy director of the division of Federal Home Loan Bank regulation;
• Chris Dickerson as the deputy director of the division of enterprise regulation; and
• David Lee, the Federal Housing Finance Board's director of the Office of Management, as FHFA's chief administrative officer.

FHFA also announced the establishment of the new agency's Web site, www.fhfa.gov. The new site provides links to the existing OFHEO and FHFB sites. In the next few months, FHFA will complete the transfer of the content from those sites to the new FHFA site.

–[email protected]

Mountain America Credit Union Raises $100K in Swing for Kids Tournament

SALT LAKE CITY — Mountain America Credit Union sponsored its fifth annual swing for the kids challenge, which raised $100,000 for Primary Children's Medical Center.

"Mountain America's support of Primary Children's Medical Center has a profound affect on the hospital's mission of providing the very best medical care to children of the Intermountain West," said Primary Children's CEO Joe Mott. "This golf tournament attracts old friends as well as new ones who come together to have fun and more importantly to make a difference in the lives of children in need."

Held at the Jeremy Golf and Country Club in Park City, Utah, participants from the credit union movement included major sponsors Pemco Technologies and CO-OP Financial Services. Other sponsors included Credit Union Direct Lending, First Tech Credit Union, Member Business Lending LLC and Southwest Business Corp.

"I'm touched each time I visit the hospital. It is truly fantastic to see the range of care the children receive. We are grateful to our sponsors. They make this tournament a significant event in helping children receive health care treatment," said MACU President/CEO Gordon Dames. "This swing for the kids challenge brought our total contribution to Primary Children's to more than half a million dollars. When asked how we do it, I simply say that we have remarkable friends who support us in this effort. We can't thank them enough."

Two Ill. CUs Use CO-OP Shared Branching

ATLANTA — Two Illinois credit unions have signed onto CO-OP Shared Branching to tailor their branch availability to meet member needs.

The two credit unions are the $458 million Great Lakes Credit Union, headquartered in North Chicago, and the $164 million Heartland Credit Union in Springfield. CO-OP Shared Branching is the subsidiary of CO-OP Financial Services.

"A survey we conducted revealed that convenient branches are a top priority to our members," said Susan Gleason, Heartland Credit Union sales and marketing manager. "We recently went through a merger, which led to a geographically dispersed membership, and we have a lot of snowbirds. Shared branching is a great way to offer them accessibility."

Great Lakes Credit Union offers an additional seven locations, the network said.

"Many of our members live all over the country–and outside our proprietary branch network," said Vikki Kaiser, Great Lakes Credit Union president/CEO. "Considering the current economic conditions, now more than ever members want to keep using the credit union and shared branching lets them do so."

– [email protected]