All posts by Colin Robertson

First NLC Financial Services Halts Lending, to file BK

January 11, 2008 2 Comments »

According to an announcement posted on their website, First NLC Financial Services has ceased loan origination. Per a bulletin on their website: “Due to conditions beyond our control, effective immediately we are no longer taking applications. Those loans where closing ... Read More »

NovaStar to Cut 85 Percent of Staff, Give Up Licenses

January 11, 2008 No Comments »

Failed mortgage lender NovaStar Financial said today that it will cut roughly 170 jobs, or 85 percent of its remaining staff, and give up both its mortgage-origination and brokerage business licenses. The company, which will be left with about 30 ... Read More »

OFHEO Tweaks Mortgage Fraud Reporting, Considers Jumbo Purchases

January 11, 2008 No Comments »

The Office of Federal Housing Enterprise Oversight announced yesterday that it is changing the way Fannie Mae and Freddie Mac must identify and report mortgage fraud in an effort to minimize the ongoing problem. Specifically, the new policy guidance was ... Read More »

Merrill Lynch Expected to Write Down $15 Billion

Merrill Lynch Expected to Write Down $15 Billion
January 11, 2008 No Comments »

The New York Times reported today that Merrill Lynch is expected to announce an enormous $15 billion writedown when it reports earnings next week, according to sources close to the company. The losses, stemming from bad mortgage bets, are almost ... Read More »

Bank of America to Buy Countrywide

Bank of America to Buy Countrywide
January 11, 2008 No Comments »

Rare Opportunity for BofA? As expected, Bank of America announced this morning that it would buy struggling mortgage lender Countrywide Financial for $4.1 billion in stock, rescuing the nation’s top lender while bolstering its own position. “Countrywide presents a rare ... Read More »

Bank of America in Advanced Talks to Acquire Countrywide

January 10, 2008 No Comments »

The Wall Street Journal reported today that Bank of America is in advanced talks to acquire ailing mortgage lender Countrywide Financial. According to the Journal, two people familiar with the matter said it may happen very soon, but noted that ... Read More »

Credit Counselors Overwhelmed by Those Seeking Mortgage Aid

January 9, 2008 No Comments »

Credit counseling agencies across the nation are being inundated with scores of phone calls from struggling homeowners looking for answers to a growing problem. “It’s not only the sheer volume of people needing help but the emotion,” said Mohammed Ibrahim, ... Read More »

Countrywide Reports December 2007 Operational Results

January 9, 2008 No Comments »

Countrywide released its operational results for December, showing a slight improvement in loan fundings from November, but a 45 percent decline from year-earlier levels. “Our fourth quarter ended with a number of positive operational trends,” said David Sambol, President and ... Read More »

Citigroup to Consolidate Residential Mortgage Business

Citigroup to Consolidate Residential Mortgage Business
January 8, 2008 No Comments »

According to a memo sent to U.S. employees today, New York-based Citigroup will consolidate its U.S. residential mortgage business, combining origination, servicing and capital markets activities. Citi said the new structure will allow it to develop: – Uniform products, policies ... Read More »