All posts by Colin Robertson

Fannie Mae Loss Doubles in Third Quarter

November 9, 2007 No Comments »

Fannie Mae, the largest U.S. mortgage financier, said its third-quarter net loss widened to $1.52 billion from $760 million a year ago, as falling home prices and credit concerns dragged down the value of mortgage securities. “This is a tough ... Read More »

Delta Financial Hit with More Layoffs, Announces Loss

November 8, 2007 1 Comment »

This morning Delta Financial Corp. laid off 470 of its remaining 1,000 employees as waning loan production and credit concerns continued to weigh on the struggling mortgage lender. “While it was our expectation that the reduction in force we experienced ... Read More »

Mortgage Appraisal Probe Expands to Fannie and Freddie

November 7, 2007 No Comments »

Attorney General Andrew M. Cuomo announced today that his office sent Letters of Notice and Demand to both Fannie Mae and Freddie Mac as his mortgage appraisal probe widened further. According to Cuomo, Fannie and Freddie have agreed to the ... Read More »

WaMu Paints Negative Outlook for Mortgage, Housing Market

November 7, 2007 No Comments »

During a presentation to investors in New York this morning, Washington Mutual painted a bleak picture for mortgage lending and the housing market in general in 2008. WaMu predicted that new U.S. residential loan originations will likely total only $1.5 ... Read More »

IndyMac Swings to Third Quarter Loss

November 6, 2007 No Comments »

IndyMac Bancorp announced third quarter earnings Tuesday, posting a net loss of $202.7 million, or $2.77 a share, compared with net income of $86.2 million, or $1.19 per share a year ago. The loss was more than five times larger ... Read More »

FTC Calls for Single Mortgage Disclosure Document

November 2, 2007 No Comments »

The Federal Trade Commission told banking regulators Thursday that a single mortgage disclosure document would be beneficial to homeowners, bucking the recent trend which calls for additional mortgage disclosures. The FTC believes complicated documentation is one reason many borrowers are ... Read More »

Merrill Lynch Slammed by Report It Delayed Mortgage Losses

November 2, 2007 No Comments »

A Wall Street Journal report that claims Merrill Lynch used hedge fund dealings to delay subprime losses has hit the brokerage hard. The story claims Merrill Lynch has been trying to sell off as much as $5 billion in mortgage-related ... Read More »

NY AG Sues First American, eAppraiseIt Unit

November 1, 2007 No Comments »

New York Attorney General Andrew Cuomo announced today that his office sued Santa Ana-based First American Corp. and its eAppraiseIt mortgage appraisal unit for falsely inflating house values. According to the press release, Cuomo said First American allegedly conspired with ... Read More »

GMAC Posts Huge Loss on ResCap Mortgage Unit

November 1, 2007 No Comments »

GMAC Financial Services, the financing arm of General Motors, reported a loss of $1.6 billion for the third quarter, a steep increase to its $173 million loss in the same period last year. The company said its Residential Capital LLC ... Read More »