Lobbyists urge Treasury to lower mortgage rates

Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates and help stabilize the battered U.S. housing market.

Under one proposal, Treasury would seek to lower the rate on a 30-year mortgage to 4.5 percent by purchasing mortgage-backed securities from Fannie Mae and Freddie Mac, Scott Talbott, chief lobbyist at the Financial Services Roundtable, said Wednesday.

If enacted, such a plan would be an unprecedented opportunity for anyone with good credit and a solid income who could qualify for a mortgage at the lowest rates on records dating to the early 1960s, said Keith Gumbinger, senior vice president at financial publisher HSH Associates.

“You would have the mother of all re-fi booms,” said mortgage industry consultant Howard Glaser.

Associated Press

Spokane Valley

Colorado company buys Instant Benefits Network

Spokane Valley-based Instant Benefits Network has been purchased by another benefits administration and consulting company, PlanSource of Louisville, Colo.

PlanSource Chief Executive Officer Scott Carver said the IBN office will remain open, and its 15 employees retained.

He said PlanSource markets its services to companies with 50 or more employees, while Instant Benefits targets smaller companies. The merger will bring together complementary customer bases and services, he said.

“No one understands small-group benefits like Instant Benefits Network,” Carver said. PlanSource and its sister companies generate about $30 million in annual revenue, Carver said. PlanSource itself was acquired by CoAdvantage, a Florida-based human resources provider, in December 2007.

Terms of the Instant Benefits deal were not disclosed.

Bert Caldwell

Liberty Lake

Huntwood Industries opens product showroom

Liberty Lake cabinet maker Huntwood Industries recently opened a 10,000-square-foot showroom to sell products directly to customers.

Company President Tim Hunt said the showroom offers 40 displays of closets, kitchen cabinets, home entertainment centers and bookcases.

The showroom has a dual purpose: To generate sales and to help customers or designers get more information about Huntwood products, Hunt said.

Hours are 9 a.m. to 6 p.m. Monday through Saturday.

Tom Sowa