Bank of N.Y. not opposed to fast Calpine appeal

NEW YORK - Bank of New York on Tuesday said it does not oppose an expedited appeal before the Delaware Supreme Court sought by power producer Calpine Corp. (CPNL.PK: Quote, Profile, Research), after a judge found Calpine improperly spent asset sale proceeds to buy fuel for its power plants.

Calpine had sued Wilmington Trust and Bank of New York, as trustees for its bondholders, after they froze the asset sale proceeds following bondholders' complaints that the company was improperly spending the money.

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.