All posts by Colin Robertson
Allstate Home Loans Shut Down After Buyout
Allstate Home Loans, DBA Allstate Funding, which was bought out by Shearson Financial in August of 2006, has apparently ceased wholesale and retail lending operations and is in the process of being shut down completely. According to information I received ... Read More »
Secondary Mortgage Market Flat
From what I’ve been hearing lately, the secondary mortgage market is completely dead. The only loans that seem to be selling successfully on the secondary market are conforming, agency-backed mortgages that fit Fannie Mae and Freddie Mac guidelines. And I ... Read More »
FNBA Shuts Down Wholesale and Correspondent Divisions
According to an announcement posted on the FNBA website, First National Bank of Arizona has their suspended wholesale and correspondent originations to focus on the retail arm of the business. The announcement from the FNBA Secondary Department said the halt ... Read More »
Greenpoint Mortgage Closed
Greenpoint Mortgage was shut down today by parent Capital One Financial Corp., who said weak demand for residential home loans forced the company to shut the ailing mortgage lender. Capital One announced that it would cease loan origination operations at ... Read More »
Countrywide Hiring As New Layoffs Reported
A Wall St. Journal article regarding the layoffs of Countrywide employees was released early this morning by a journalist who seemed to be privy to the situation over at Countrywide. Although the article was brief, and contained more fluff about ... Read More »
Capital One VP Sparks Greenpoint Mortgage Fears
At the KBW Inc. Large Cap Bank Conference in Kohler, Wisconsin last week Michael Rowen, VP of investor relations at Capital One Financial spoke to Wall Street analysts about a variety of banking topics, including the ongoing mortgage crisis and ... Read More »
Countrywide News Dissected
Ever since the now infamous Merrill analyst Countrywide downgrade and the accompanying bankruptcy comment, the news media and bloggers throughout the nation have been going nuts. At this point, it’s almost impossible not to read or hear a report about ... Read More »
First Magnus Financial Closed
First Magnus, the nation’s 22nd largest residential mortgage lender announced on their website this morning that they are no longer funding any home loans. The company announced that it will no longer originate, fund, or continue processing loans already in ... Read More »
Countrywide Bankruptcy Fears
***Click here for today’s news: 1/8/08 Countrywide shares plunge on bankruptcy rumors. The inevitable happened today. Shares of Countrywide, the largest mortgage lender in the United States took a relatively large tumble after an analyst downgrade and fresh bankruptcy fears. ... Read More »
