All posts by Colin Robertson

Experian Touts VantageScore to Improve Risk Assessment

October 10, 2007 No Comments »

Experian, one of the three major credit reporting bureaus, claims its new VantageScore technology can segment subprime borrowers, leading to a more accurate risk assessment for banks and mortgage lenders. “VantageScore’s innovative scoring technology helps lenders more accurately assess risk, ... Read More »

Mortgage Profits Declined Sharply in 2006

October 10, 2007 No Comments »

According to an annual cost study conducted by the Mortgage Bankers Association, mortgage production profits fell from $258 a loan in 2005 to a loss of $50 per loan in 2006. “Production profits began to slip in 2004, and we ... Read More »

Hope Now Initiative Launched to Aid Homeowners

October 10, 2007 No Comments »

The Bush Administration launched a new mortgage coalition today to help educate homeowners and stem the rise in foreclosures. The new initiative, referred to as “Hope Now”, brings together mortgage lenders, service companies, counseling agencies, investors, and large trade organizations. ... Read More »

Demonstrations Held Outside Countrywide Branches

October 10, 2007 No Comments »

The community activist group ACORN, or Association of Community Organizations for Reform Now, demonstrated outside several Countrywide branches on Tuesday, claiming the beleaguered lender was doing little to help homeowners avoid foreclosure. At a branch in San Bruno, CA, protestors ... Read More »

S&P Chief Says Mortgage Crisis to Worsen

October 9, 2007 No Comments »

At a conference Tuesday in Bombay, India, Standard and Poor’s chief economist David Wyss said the mortgage crisis in the United States would likely deteriorate because the level of fraudulent lending to unfit borrowers was markedly higher than originally estimated. ... Read More »

Thornburg Ups Mortgage Loss Estimates

October 9, 2007 No Comments »

Thornburg Mortgage Inc. said in a statement this morning that it lost $1.1 billion selling bonds backed by adjustable-rate mortgages. The Santa Fe, New Mexico based mortgage lender had previously estimated the loss at a mere $863 million, forcing shares ... Read More »

Market Street Mortgage Layoffs

October 8, 2007 No Comments »

Market Street Mortgage, the retail mortgage division of now defunct NetBank will cut 182 jobs, according to a Worker Adjustment and Retraining Notification filed with Florida’s Agency for Workforce Innovation. The layoffs will occur at the lender’s Clearwater, Florida facility, ... Read More »

Merrill Lynch to Write Down $5.5 Billion

October 5, 2007 No Comments »

Merrill Lynch said today that it expects a loss of up to 50 cents a share when it releases third quarter earnings on October 24, thanks in part to the dysfunctional secondary market and the deteriorating housing market. On average, ... Read More »

Cramer Sees Bank of America Countrywide Merger

October 4, 2007 No Comments »

In a blog post written today, “Mad Money” stock enthusiast Jim Cramer said he was bullish on Bank of America, partially for what he sees as a great chance for the banking giant to scoop up Countrywide at a discount ... Read More »