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To: Johnny Canuck who wrote (44838)	6/6/2008 3:59:16 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68618

10:02AM Foreclosure rates rise in first quarter: MBA by Amy Hoak CHICAGO (MarketWatch) -- The percentage of loans in the foreclosure process at the end of the first quarter rose to 2.47% of all mortgages outstanding on one- to four-unit properties, up from 2.04% in the fourth quarter, according to the Mortgage Bankers Association's National Delinquency Survey, released on Thursday. Loans entering the foreclosure process in the first quarter rose to a seasonally adjusted 0.99%, up from 0.83% in the fourth quarter. Both the rate of foreclosure starts and the percent of loans in the foreclosure process were the highest recorded since 1979, according to the group. The seasonally adjusted delinquency rate for mortgage loans also was the highest since 1979, with 6.35% of all loans at least one payment past due during the first quarter, up from 5.82% in the fourth quarter. The delinquency rate does not include mortgages in foreclosure. 10:01AM Verizon Wireless to buy Alltel in $28.1 billion deal (VZ, VOD) by Michael Kitchen NEW YORK (MarketWatch) -- Verizon Wireless said Thursday it has entered into an agreement to acquire Alltel Corporation in a cash merger. Verizon Wireless -- a joint venture of Verizon Communications (VZ) and Vodafone (VOD) -- said it will acquire the equity of Alltel for approximately $5.9 billion. Based on Alltel's projected net debt at closing of $22.2 billion, the aggregate value of the transaction will be $28.1 billion, the company said. Verizon said it sees the deal closing by the end of the year. 10:00AM Bank woes likely to last for 'quarters,' Fed's Kohn says by Greg Robb WASHINGTON (MarketWatch) -- The fallout of the financial market turmoil will persist for months for the nation's banks, with poor earnings, loan quality deterioration, and writedowns ahead, according to a top bank regulator Thursday. "We expect bank holding companies to continue to report weak earnings and further asset valuation writedowns and/or significant credit costs in coming quarters," said Donald Kohn, the Federal Reserve's vice chairman in testimony prepared for the Senate Banking Committee. Banks may have to further bolster loan loss reserves, seek additional capital injections and consider dividend cuts, he told the senators.