All posts by Colin Robertson

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 »

R-Home Mortgage Program Launched for Thin Credit Borrowers

October 4, 2007 No Comments »

A new collaboration between CitiMortgage, The First American Corporation, Neighborhood Housing Services of America, Just Price Solutions, and State Farm aims to bring low fixed-rate mortgages to borrowers with thin credit files. The new “R-Home mortgage program” is an “automated ... Read More »

Roughly 4 out of 10 Mortgages Were Subprime for Minorities in 2006

October 4, 2007 No Comments »

The 2007 Annual Minority Lending Report, compiled by Compliance Technologies and Genworth Financial, was released today at the 3rd Annual Mortgage Lending Industry Emerging Markets and Diversity Conference outside Washington, D.C. Perhaps the most startling statistic in the analysis was ... Read More »