Westpac buys Australian mortgage lender's operations (International Herald Tribune)
Westpac Banking will buy the brand and distribution business of Rams Home Loans Group, snapping up assets of the lender which struggled to refinance its debt after the U.S. subprime mortgage crisis.

Analyst predicts bigger loss for Countrywide (CNN Money)
Friedman Billings Ramsey analyst says home lender's third quarter will be greater than earlier break-even prediction, cites mortgage debt.

Dallas-based Lone Star Funds buying California subprime lender 2:21 PM CT (Dallas Morning News)
Lone Star Funds, the buyout firm that backed out of its original bid for Accredited Home Lenders Holding Co., expects to complete its revised tender offer for the subprime lender tomorrow.

HBOS ends annual mortgage targets (ShareCast via Yahoo! UK & Ireland Finance)
HBOS, the UK's biggest mortgage lender, is to scrap its annual market share targets as it warned of a slowdown in demand for home loans.

Lender Lead Solutions First to Announce HECM Reverse Mortgage Based on the LIBOR Index (Business Wire via Yahoo! Finance)
MELVILLE, N.Y.----Lender Lead Solutions, a comprehensive reverse mortgage services company, announced the introduction of a Home Equity Conversion Mortgage based on the London Interbank Offered Rate index.