All posts by Colin Robertson

Fannie Chief Sees No Need for Portfolio Expansion

January 8, 2008 No Comments »

Speaking today at the US Chamber of Commerce, Fannie Mae chief executive Daniel Mudd said there was no need for the government-sponsored entities to expand their portfolios at the moment. “We do have the capability both through the size of ... Read More »

Wells Fargo Accused of Predatory Lending

January 8, 2008 No Comments »

Baltimore Mayor Sheila Dixon’s administration filed suit today in U.S. District Court alleging that Wells Fargo Bank engaged in predatory lending practices in black neighborhoods within the city. According to a lawsuit, black neighborhoods in Baltimore were disproportionately affected by ... Read More »

Countrywide Shares Plunge on Bankruptcy Rumors

January 8, 2008 No Comments »

Shares of Countrywide Financial plummeted today on rumors that the company was in serious trouble, with some saying the company would declare bankruptcy this week. Shares of the embattled mortgage lender were trading down $1.71, or 22.38%, to $5.93 in ... Read More »

Bear Stearns CEO to Step Down, Price Target Slashed

January 8, 2008 No Comments »

Bear Stearns CEO James Cayne is expected to resign today amid increasing pressure from investors over record losses and the collapse of two hedge funds last summer. He will join Citigroup’s Charles Prince and Merrill Lynch’s Stan O’Neal, who now ... Read More »

Subprime Voted Word of the Year for 2007

January 7, 2008 No Comments »

Not surprisingly, the American Dialect Society voted “subprime” the word of the year for 2007. At a voting session in Chicago on January 4, the group said the word was chosen because it provided a rare example from the banking ... Read More »

Paulson Says No Simple Solution for Housing Woes

January 7, 2008 No Comments »

Treasury Secretary Henry Paulson said today that the Bush administration is working in a number of areas to combat the country’s ongoing mortgage crisis, but added that there is no simple solution to the complex problem. In remarks prepared for ... Read More »

IndyMac November Loan Production Results

January 7, 2008 No Comments »

IndyMac Bancorp reported total loan production of $4 billion in November, largely unchanged compared to October, but down a staggering 53% from November 2006. The wholesale channel saw production of $2.4 billion in November, up 1% compared to October, but ... Read More »

American Home Criticized for Plan to Destroy Hard Loan Files

January 3, 2008 No Comments »

Defunct mortgage lender American Home Mortgage Investment Corp. has been slammed for its plan to destroy 490,000 hard mortgage files to save on warehouse rent. The failed lender says it can no longer afford the $45,000-per-month lease on warehouse space ... Read More »

Financial Sector Saw Record Job Cuts in 2007

January 3, 2008 No Comments »

According to a report released today by Challenger, Gray & Christmas, the 153,105 job cuts in the financial sector announced last year beat the previous record set in 2001 by a hefty 31 percent and more than tripled the amount ... Read More »