All posts by Colin Robertson

Summit Mortgage Co. to Close Its Doors

October 12, 2007 No Comments »

Boston-based Summit Mortgage Co. will wind down by the end of the month, with CEO Richard Fedele saying his firm “essentially faced a lack of liquidity in the mortgage-backed-securities market.” Per the Summit Mortgage website, “The Company has been bombarded ... Read More »

Survey Says Few Lenders Making Loan Modifications

October 11, 2007 No Comments »

According to a survey released by the California Reinvestment Coalition on Wednesday, very few mortgage lenders are willing to execute loan modifications for borrowers at risk of foreclosure. The San Francisco based coalition surveyed 33 of California’s 80 mortgage counseling ... Read More »

September Foreclosure Filings Nearly Double From Year Ago

October 11, 2007 No Comments »

According to RealtyTrac, there were a total of 223,538 foreclosure filings reported in September, up from 112,210 in September of 2006. Filings were down 8 percent from August’s total of 243,947, though September’s numbers were still the second highest since ... Read More »

Countrywide September Loan Funding Down 44 Percent

October 11, 2007 No Comments »

It would appear the situation at Countrywide Financial is deteriorating rapidly despite recent media reports speculating that the worst of the mortgage crisis was behind us. This morning, Countrywide reported that loan originations fell 44 percent in September, while delinquent ... Read More »

Former Training Manager Stages Countrywide Protest

October 10, 2007 No Comments »

A former Senior training manager who conducted many of the AE trainings at Countrywide staged a protest at a Full Spectrum Lending/Consumer Markets Division branch in Rosemead, California after being refused entry to meet a co-worker. According to sources, James ... Read More »

Experian Touts VantageScore to Improve Risk Assessment

October 10, 2007 No Comments »

Experian, one of the three major credit reporting bureaus, claims its new VantageScore technology can segment subprime borrowers, leading to a more accurate risk assessment for banks and mortgage lenders. “VantageScore’s innovative scoring technology helps lenders more accurately assess risk, ... Read More »

Mortgage Profits Declined Sharply in 2006

October 10, 2007 No Comments »

According to an annual cost study conducted by the Mortgage Bankers Association, mortgage production profits fell from $258 a loan in 2005 to a loss of $50 per loan in 2006. “Production profits began to slip in 2004, and we ... Read More »

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 »