All posts by Colin Robertson

First Magnus Financial Closed

August 16, 2007 No Comments »

First Magnus, the nation’s 22nd largest residential mortgage lender announced on their website this morning that they are no longer funding any home loans. The company announced that it will no longer originate, fund, or continue processing loans already in ... Read More »

Countrywide Bankruptcy Fears

August 15, 2007 No Comments »

***Click here for today’s news: 1/8/08 Countrywide shares plunge on bankruptcy rumors. The inevitable happened today. Shares of Countrywide, the largest mortgage lender in the United States took a relatively large tumble after an analyst downgrade and fresh bankruptcy fears. ... Read More »

Thornburg Stock Tumbles, Bankruptcy Ruled Out

August 14, 2007 No Comments »

After a terrible day on Wall Street, with shares of his company shedding nearly half their market value, Thornburg Mortgage president Larry Goldstone attempted to ease investor worries live on CNBC. While there’s not much you can really say to ... Read More »

Fannie and Freddie Asset Limits Unchanged

August 13, 2007 No Comments »

Fannie Mae and Freddie Mac’s appeals to raise limits on their existing loan portfolios were met with disapproval by both the Bush Administration and the Office of Federal Housing Enterprise Oversight late last week. Democrats had urged the agency to ... Read More »

Mortgage Brokers May Need to Dust Off Resumes

August 10, 2007 No Comments »

As the mortgage crisis widens, particularly with the latest news regarding limited liquidity, it makes sense to wonder if correspondent and wholesale lending will be the next to go. We’ve already seen a large number of mortgage lenders shut down ... Read More »

Countrywide and WaMu Spread Liquidity Fears

August 10, 2007 No Comments »

Two of the largest U.S. mortgage lenders came forward today, saying difficult market conditions would likely hurt operations in the near term. Both Countrywide and Washington Mutual cited the issue of liquidity, noting that the secondary mortgage market had become ... Read More »

Stated Income Loans Going Away

August 9, 2007 No Comments »

I’ve heard from several sources that stated income loans, also known as “liar’s loans” may become a thing of the past as mortgage lenders continue to tighten underwriting guidelines. In the last five plus years, stated income documentation was the ... Read More »

More Mortgage Woes

August 7, 2007 No Comments »

Just what is this whole mortgage business built on anyway? Check out my newly updated list of closed lenders! HomeBanc is exiting the mortgage loan business and seeking the sale of remaining assets. Countrywide, the nation’s largest mortgage lender, will ... Read More »

Subprime Dead, Alt-A Next in Line

August 3, 2007 No Comments »

Now that subprime mortgage is completely blown out, many credit rating agencies are turning their attention towards Alt-A loans, which are typically reserved for borrowers with good, not great credit, and reduced documentation and limited reserve requirements. Below is a ... Read More »