Business in brief: WaMu to offer changeable mortgages
Washington Mutual Inc. has begun offering a new mortgage and home equity line of credit bundled into a single loan that allows customers to reset interest rates or switch between fixed and adjustable rates up to twice a year without having to refinance.
The Seattle-based thrift said WaMu Mortgage Plus is designed to help consumers take advantage of changes in their financial needs or market conditions without the refinancing paperwork or steep fees.
Washington Mutual, the country’s largest savings and loan, began offering WaMu Mortgage Plus in mid-March and is kicking off a nationwide marketing push, today.
The company will charge customers $250 each time they reset terms of their mortgage-home equity loan, up to twice a year, though the first reset will be free. It won’t cost anything to switch from a fixed rate – generally viewed as the safer option – to an adjustable rate.
Tokyo
Japan traded more with China than U.S. in ‘06
Japan’s trade with China excluding Hong Kong last year surpassed its trade with the United States for the first time, the government said Wednesday.
The total value of exports and imports between the Japan and mainland China rose to 25.43 trillion yen ($214.62 billion) for the year through March, up 9.6 percent from the previous fiscal year, according to Finance Ministry figures.
Japanese exports to mainland China rose 21.2 percent to 11.31 trillion yen ($95.32 billion; 70.18 billion euros), buoyed by booming semiconductor and electronic shipments. Imports grew 13.0 percent to 14.11 trillion yen ($118.93 billion), led by an increase in auto and metal imports.
New York
Chubby Shrek seen as poor health role model
A children’s advocacy group wants the Department of Health and Human Services to oust Shrek, the animated ogre, from his role as spokesman for an anti-obesity drive.
The Campaign for a Commercial-Free Childhood says the soon-to-open “Shrek the Third” has too many promotional ties with unhealthy foods to justify using Shrek as a health advocate.
“There is an inherent conflict of interest between marketing junk food and promoting public health,” Susan Linn, the group’s director, wrote in a letter sent Wednesday to HHS Secretary Michael Leavitt.
“Shrek is a very well-known character in the target population of this campaign,” HHS spokesman Bill Hall said. “We have always promoted a balanced, healthy diet, which does not necessarily exclude the occasional treat.”
Linn’s organization – a nationwide coalition which monitors marketing aimed at children – said “Shrek the Third,” which opens May 18, has promotional deals with dozens of food products, including Mars Inc.’s Snickers and M&M’s candy; PepsiCo Inc.’s Sierra Mist drink; and Kellogg Co.’s Fruit Loops, Frosted Flakes, Pop-Tarts and Cheez-Its.
From staff and wire reports