All posts by Colin Robertson

NovaStar Reports Loss, Faces High Chance of Delisting

November 14, 2007 No Comments »

NovaStar Financial reported a third-quarter loss of $598 million after market close Wednesday, and said its shares could be de-listed from the New York Stock Exchange. The Kansas City-based lender said there was a “high likelihood” that its shares would ... Read More »

Borrowers Still Dumping Adjustable Rate Mortgages

November 14, 2007 No Comments »

Adjustable-rate mortgages continue to fall out of fashion with homeowners as most who refinanced during the third quarter opted for less volatile fixed-rate mortgages, according to a quarterly report issued by Freddie Mac. The Refinance Product Transition Report indicated that ... Read More »

Stockton Reports Highest Metro Foreclosure Rate in Third Quarter

November 14, 2007 No Comments »

RealtyTrac released its Q3 2007 Metropolitan Foreclosure Market Report, which revealed that Stockton, CA, Detroit, MI, and San Bernardino, CA had the highest foreclosure rates among the nation’s 100 largest metropolitan areas during the quarter. Stockton, CA reported one foreclosure ... Read More »

HSBC Takes $3.4B Mortgage Hit, Closing Branches

November 14, 2007 No Comments »

HSBC Holdings PLC, Europe’s largest bank, said Wednesday that its U.S. based HSBC Finance unit swung to a third quarter loss of $1.1 billion, from net profit of $551 million a year ago. HSBC Finance Corp. took a $3.4 billion ... Read More »

Bank of America to Write Down $3B in Fourth Quarter

November 13, 2007 No Comments »

Bank of America announced today that it will take a $3 billion write-down in the fourth quarter related to the deteriorating value of its collateralized debt obligations. The nation’s second largest bank also warned that losses could increase as the ... Read More »

Countrywide Mortgage Fundings Down 48 Percent

November 13, 2007 No Comments »

Countrywide said it funded $21.96 billion in home loans during October, down from $41.9 billion in the same period a year ago, but up 4 percent from September. More importantly, Countrywide originated just $42 million in subprime mortgages in October, ... Read More »

E-Loan Layoffs Claim 513 Jobs

November 13, 2007 No Comments »

According to a recent SEC filing, E-Loan, the consumer loan division of Banco Popular, plans to cut 513 jobs as part of a massive restructuring effort in response to current market conditions, losses in the unit, and other undisclosed factors. ... Read More »

Analyst Warns of $400 Billion in Subprime Related Losses

November 12, 2007 No Comments »

Deutsche Bank analyst Mike Mayo warned today that losses spawning from the declining value of subprime assets could be as high as $400 billion, eclipsing previous estimates made by the Fed which hovered around $100 billion. In a research note, ... Read More »

Fresh Mortgage Warnings Rattle Markets

November 12, 2007 No Comments »

A slew of banks and lenders rattled financial markets early Monday with fresh mortgage-related warnings, indicating that the credit crunch is alive and well. Countrywide, the top U.S. mortgage lender, said it expects weaker loan origination volumes for the remainder ... Read More »