Bear Stearns Cuts 310 Mortgage Jobs, to Merge Units (Update4) (Bloomberg.com)
Oct. 3 (Bloomberg) -- Bear Stearns Cos., the second-biggest underwriter of U.S. mortgage-backed securities, is cutting 310 jobs from units that originate mortgages after the firm reported the biggest profit decline in more than a decade.

Durbin Introduces Mortgage Legislation (WEEK-TV Peoria)
The collapse of the sub-prime mortgage market has put more than two million families in danger of losing their homes. Now, Senator Dick Durbin has introduced legislation that would allow hundreds of thousands of homeowners to modify their mortgages in bankruptcy to avoid foreclosure.

Morgan Stanley to cut 600 mortgage jobs (Crain's New York Business)
The company will eliminate about 500 jobs throughout the United States with the remaining cuts occurring at Morgan's U.K. subsidiary, Advantage.

Financial Service company joins with mortgage company to complement each other's services (Granite City Press-Record)
A ribbon-cutting Thursday turned into a cake cutting, and how sweet both were for VanDyk representatives who took part in the event at Nicole Financial Services in Granite City.

Chrysler to close plant in Illinois for 2 weeks (Detroit Free Press)
Chrysler LLC will shut down its Belvidere, Ill., assembly plant for two weeks beginning Monday. The Belvidere facility, which employs 3,815 people, makes the Dodge Caliber, Jeep Compass and Jeep Patriot. Chrysler spokeswoman Michele Tinson attributed the shutdown to adjusting "production to tough market conditions."