Mortgage News

The latest real estate and mortgage industry news, digested. Look beyond the headlines to better understand what’s really happening.

Option Arm Loans Being Phased Out by Regulators

September 8, 2008 No Comments »

Downey Savings and BankUnited, both prominent option arm lenders, saw their share prices plunge as the Office of Thrift Supervision told them to clean up their act. In separate notifications received late Friday, both banks were told their regulatory capital ... Read More »

Fannie and Freddie Shares Plummet Amid Takeover

September 8, 2008 No Comments »

As financial stocks enjoyed a broad rally Monday morning, shares of Fannie Mae and Freddie Mac plummeted. Yesterday morning, the Treasury formally announced the takeover of the two ailing mortgage giants, effectively wiping out common shareholders (and preferred) in the ... Read More »

CEO: WaMu Is Not Indymac

July 15, 2008 No Comments »

Washington Mutual took measures to ease investor and employee concerns by releasing two statements in two days regarding its financial health in light of the ongoing mortgage crisis. In a statement posted on their website, the Seattle-based thrift said it ... Read More »

Introducing Indymac Federal Bank

July 13, 2008 No Comments »

Tomorrow morning, Indymac Federal Bank will open its doors, largely to panicked and upset customers inquiring about their mostly-insured deposits. On Friday, the FDIC announced that it had assumed control of the struggling mortgage lender, creating Indymac Federal Bank as ... Read More »

Downey Savings Dropping Option Arm

July 11, 2008 No Comments »

Downey Savings informed wholesale clients today that it was dropping its infamous option arm loan program, presumably before it dropped them. The Newport Beach, CA-based bank and mortgage lender told mortgage brokers that the last day to lock an existing ... Read More »

Hundreds of Indiana Mortgage Brokers May Have Licenses Revoked

July 7, 2008 No Comments »

Indiana Secretary of State Todd Rokita announced today that more than two-thirds of its state’s mortgage brokers have failed to comply with a new requirement, putting hundreds at risk of losing their licenses next month. In an effort to raise ... Read More »

CRL: Indymac Dug Its Own Grave

June 30, 2008 No Comments »

The Center for Responsible Lending has impeccable timing, considering the fact that Indymac is trading at its lowest point ever amid mounting solvency concerns. The group released a 22-page report today outlining the Pasadena, CA-based mortgage lender’s failings, accusing the ... Read More »

Service Launched to Help Pets Affected by Foreclosure

June 23, 2008 No Comments »

A new non-profit called “No Paws Left Behind” was launched today to help foreclosure victims find homes for their pets if they’re unable to take them to their next place of residence. So-called “foreclosure pets” are surging in numbers as ... Read More »

Indymac Calls Class Action Lawsuit Totally Bogus

June 13, 2008 No Comments »

Indymac Bancorp said today on its company blog that a class action lawsuit filed against the company yesterday by the law firm of Schatz Nobel Izard P.C. was “totally bogus.” The suit, which claims the Pasadena, CA-based mortgage lender “issued ... Read More »

Down Payment Assistance Loans Drive $4.6 Billion Loss at FHA

June 9, 2008 No Comments »

FHA Commissioner Brian D. Montgomery said today that his organization realized $4.6 billion in “unanticipated long-term losses,” largely due to an increased number of seller-funded loans in its portfolio. He noted that FHA loans made to borrowers who relied upon ... Read More »