A website has just been created, presumably by former First Magnus employees and/or lawyers, dedicated to launching a class action suit against the bankrupt mortgage… Read More »First Magnus Financial Lawsuit Website Launched
Option One Mortgage Corp., the subprime residential home lending arm of H&R Block, may cease operations amid heavy losses. H&R Block said last night that… Read More »Option One Mortgage May Cease Operations
I’ve just been informed about an e-mail sent by Countrywide to brokers today regarding the current state of affairs in the mortgage industry. The e-mail… Read More »Countrywide Hints at Demise of Wholesale
Indymac is on the move again, announcing that it will take over 90 American Home Mortgage branches and hire about 850 of its former employees… Read More »Indymac Scoops Up 90 American Home Branches
This news is somewhat delayed, but it doesn’t seem to be anywhere on the web, in the news, or on any blog. Not quite sure… Read More »Lexington Lending Halts Wholesale Operations
Allstate Home Loans, DBA Allstate Funding, which was bought out by Shearson Financial in August of 2006, has apparently ceased wholesale and retail lending operations… Read More »Allstate Home Loans Shut Down After Buyout
From what I’ve been hearing lately, the secondary mortgage market is completely dead. The only loans that seem to be selling successfully on the secondary… Read More »Secondary Mortgage Market Flat
According to an announcement posted on the FNBA website, First National Bank of Arizona has their suspended wholesale and correspondent originations to focus on the… Read More »FNBA Shuts Down Wholesale and Correspondent Divisions
Greenpoint Mortgage was shut down today by parent Capital One Financial Corp., who said weak demand for residential home loans forced the company to shut… Read More »Greenpoint Mortgage Closed
A Wall St. Journal article regarding the layoffs of Countrywide employees was released early this morning by a journalist who seemed to be privy to… Read More »Countrywide Hiring As New Layoffs Reported
