All posts by Colin Robertson

Countrywide Hires PR Crisis Firm

October 3, 2007 No Comments »

If you weren’t sure how bad things are these days at Countrywide, this post should clear things up a bit. As ongoing layoffs continue to chip away at Countrywide staff seemingly every Wednesday, attacks from ex-employees, homeowners, and major media ... Read More »

Bear Stearns Consolidating Mortgage Operations

October 3, 2007 No Comments »

Bear Stearns announced via a press release today that it is creating a single mortgage unit under the name “Bear Stearns Residential Mortgage Corporation”, combining operations at Bear Stearns Residential Mortgage and Encore Credit. As part of the consolidation, 310 ... Read More »

MortgageIT Layoffs Reported Nationwide

October 2, 2007 No Comments »

There’s been a lot of talk today that Deustche Bank’s MortgageIT has suffered some serious layoffs and closures nationwide in an effort to “realign” certain branch offices and operations as a whole. From what I’ve heard and read, some branches ... Read More »

Morgan Stanley Cuts 600 Mortgage Jobs

October 2, 2007 No Comments »

Morgan Stanley announced this morning the restructuring of its residential mortgage business in response to current market conditions and long term growth strategies, resulting in the displacement of 600 employees. The restructuring is aimed to reduce loan origination to levels ... Read More »

WaMu Getting Tough on Mortgage Brokers

October 1, 2007 No Comments »

This morning Seattle-based Washington Mutual unveiled a new set of standards for mortgage brokers to adhere to, largely focused on improved disclosure. The bank said it would require mortgage brokers to supply evidence that they provided disclosures to borrowers early ... Read More »

Netbank Shut Down by FDIC

September 28, 2007 No Comments »

Online bank NetBank Inc. was shut down today by the FDIC, who cited an excessive level of mortgage defaults, marking the first U.S. savings and loan failure in three years, and the largest collapse in 14 years. Per the NetBank ... Read More »

SCME Ceases Wholesale Operations

September 28, 2007 No Comments »

According to a company e-mail, SCME Mortgage Bankers Inc. will cease wholesale operations effective the end of business today. “We would like you to know that SCME has valued our relationships over the past 24 years, resulting in strong partnerships ... Read More »

Fremont Investor Expresses Doubt over Acquisition

September 26, 2007 No Comments »

Fremont General Corp. took a big hit today after the investor group which had agreed to acquire the ailing California-based savings and loan said it didn’t want to proceed with the proposed rescue plan. Fremont said that “in light of ... Read More »

Delinquency Rate Up on Home Equity Lines

September 26, 2007 No Comments »

The American Bankers Association released its quarterly Consumer Credit Delinquency Bulletin this morning, revealing that many consumer delinquency rates were down aside from home equity lines of credit. According to the report, delinquencies on home equity lines of credit rose ... Read More »