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Hold your calendar on January 30, 2008 for this free webcast on the new i5/OS. Rational's Enterprise Modernization products will be discussed at this webcast as they help to drive the application development environment for this new System i OS.
And learn how i5/OS will take you to the next step of efficient, resilient business processing. You will hear about the new i5/OS capabilities as it will be the most significant i5/OS release in years. If you cannot join the webcast on 1/30/08 you can still use this link to listen to the replay.

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From the Arizona Mortgage Guru mailbag:
Question: Well, we just received a notice that IndyMac, who we have a second mortgage with, closed its doors. They kindly sent us a notice that they are working with Wells Fargo to offer help refinancing our loan. My concern is this, if we have to go through a refinance, there is no way we would qualify with our credit being in the dumps. Its obvious they arent transferring our loan to Wells Fargo, but just offering help to refinance. So Im concerned. I dont see how they can do that. When calling the Wells Fargo number they provided, I couldnt get through to anyone. Ill try again tomorrow. I would appreciate any advice.
Thanks,
Jen

Dear Jen,
Sorry to hear of the difficult situation youre facing. Hang in there. Each bank has different rules to an extent on how they are dealing with the current troubles so I cant comment on exactly what youre facing. However,  here is what I know:
1. A bank can not force you to refinance in the sense that they can not call back a loan unless youve violated some very serious terms. Even then it would have to be pretty bad. This is a rule dating back to the aftermath of the Great Depression. If banks could call back mortgages - in todays climate - 50-60% of folks would lose their homes - since the vast majority are not in a position to pay back their home loans on short notice without selling the house.
2. Banks can sell the servicing rights - in which case the terms of the loans remain unchanged but only the loan is transferred to a different lender. This doesnt require you to refinance.
So, with that - I am not sure what exactly Indy is trying to do. I would try to reach someone there and ask them exactly what they are talking about.
I dont know what else to say really.
Hope that helps. Good luck Jen.

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