All posts by Colin Robertson
Option One Mortgage May Cease Operations
Option One Mortgage Corp., the subprime residential home lending arm of H&R Block, may cease operations amid heavy losses. H&R Block said last night that it might shut down Option One’s lending operations, and later sell the “quite valuable” loan ... Read More »
Countrywide Hints at Demise of Wholesale
I’ve just been informed about an e-mail sent by Countrywide to brokers today regarding the current state of affairs in the mortgage industry. The e-mail opens by stating that the current market environment is the most difficult period in the ... Read More »
Indymac Scoops Up 90 American Home Branches
Indymac is on the move again, announcing that it will take over 90 American Home Mortgage branches and hire about 850 of its former employees to build up its retail side. The announcement signals a move to exit the wholesale ... Read More »
Lexington Lending Halts Wholesale Operations
This news is somewhat delayed, but it doesn’t seem to be anywhere on the web, in the news, or on any blog. Not quite sure how it went under the radar so long. In an announcement directly from the Lexington ... Read More »
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 »
