Bredesen picks interim chief for Dept. of Financial Institutions

Gov. Phil Bredesen has named Greg Gonzales acting commissioner of the Tennessee Department of Financial Institutions.

Gonzales, assistant commissioner, general counsel and 19-year veteran of the department, will temporarily fill the vacancy created by the resignation of Kevin Lavender. The department regulates state-chartered banks, credit unions and numerous non-depository institutions.

Lavender, who was named commissioner of the department in January of 2003, announced last month he was leaving to become a senior vice president at Cincinnati-based Fifth Third Bank (NASDAQ: FITB), which is not regulated by the department.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.