Can Bono save the mortgage industry?

What do Bono, Sir Richard Branson and HUD Secretary Alphonso Jackson have in common? Each is a featured speaker at this year's Mortgage Bankers Association convention taking place in Boston this week.

Bono, the sultry lead man for Irish rock band U2, in recent years has made his mark as an activist in the fight against AIDS and poverty in Africa. What words of wisdom will he pass on to the ailing mortgage market? What humanitarian solutions can this industry take part in?

The MBA on its conference Web site gives us no clue what the accented Irishman will talk about during his keynote speech Tuesday morning, but Inman News will be there to find out. "With or without you."

While many of the nation's top mortgage bankers are meeting in Boston today, the top mortgage news came from outside the event: "Banks band together to bring billions to credit market."

Today's story details how several major banks are working together to establish a multibillion-dollar investment fund intended to lessen the credit crunch by improving liquidity for mortgage securities and other investments. Bank of America, Citigroup and JP Morgan Chase are among the group of banks that are setting up the fund, which could be worth up to $100 billion, according to some reports.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.