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Reported by Star-Bulletin staff & wire
Thursday, March 16, 2000
Microsoft, lenders in mortgage venture
REDMOND, Wash. -- Microsoft Corp. and several major lenders are forming a home-finance venture that the software company says will mean speedier approval of home mortgage loans and save borrowers money.Microsoft said today it is contributing its HomeAdvisor.com site and is retaining majority control of the new company to be called HomeAdvisor Technologies Inc. The other shareholders and partners in the venture include Freddie Mac, Chase Manhattan Corp., GMAC-Residential Funding Corp., Norwest Mortgage and Bank of America Corp.
Until now, Microsoft's home buying and mortgage Web site has been part of Microsoft Network.
E.piphany acquires Calif. software firm
SAN MATEO, Calif. -- E.piphany Inc. has agreed to acquire closely held Octane Software Inc. for $3.19 billion in stock to bring together two companies that make software for communication between businesses and customers over the Internet.E.piphany said yesterday that the deal gives it more sales people and customers. The company, which went public last year, had revenue of $19.2 million in 1999 and has a current market value of $9.1 billion. Octane Software, founded in 1997, had been considering going public before agreeing to be acquired. E.piphany and Octane are both based in San Mateo, Calif.
Mortgage rates rise to 8.24 percent
WASHINGTON -- The average interest rate on 30-year mortgages rose to 8.24 percent this week, up from 8.23 percent last week, according to a national survey released today by mortgage broker Freddie Mac. Fifteen-year mortgages rose to an average rate of 7.83 percent, compared with the average rate of 7.81 percent last week. One-year, adjustable-rate mortgages averaged an initial rate of 6.68 percent this week, unchanged from last week.
In other news . . .
SANTA CLARA, Calif. -- Intel Corp. has bought Danish chip maker GIGA A/S for about $1.25 billion in cash.