Mortgage News

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

Mortgage Bust Market Cap Impact

April 16, 2008 No Comments »

What a difference a mortgage crisis can make. Take a look at select mortgage stocks and their market cap declines from June 2007 to the present date to see the magnitude of the ongoing credit crunch. The companies below are ... Read More »

Wells Fargo Reports First Quarter Profit of $2 Billion

April 16, 2008 No Comments »

Wells Fargo released its first-quarter earnings today, reporting net income of $2 billion, or 60 cents per share, compared with profit of $2.24 billion, or 66 cents per share, a year earlier. The San Francisco-based bank and mortgage lender also ... Read More »

Senator McCain Unveils Mortgage Refinance Plan

April 10, 2008 No Comments »

U.S. Senator and presidential hopeful John McCain delivered a speech today at a small business roundtable in Brooklyn, unveiling his so-called “HOME” plan to tackle the ongoing housing crisis. McCain applauded recent bipartisan efforts aimed at easing the mortgage crisis, ... Read More »

WaMu to Halt Wholesale Mortgage Lending

WaMu to Halt Wholesale Mortgage Lending
April 7, 2008 No Comments »

Word on the street is that Washington Mutual plans to scrap wholesale mortgage lending, following in the footsteps of Bank of America and scores of other now defunct lenders. At this time, it’s uncertain how many employees will be affected ... Read More »

Federal Reserve Dynamic Mortgage Maps Launched

April 1, 2008 No Comments »

The Federal Reserve announced the release of a series of dynamic maps and corresponding data that illustrates the quality of subprime and Alt-A mortgages throughout the country. The maps, which are maintained by the Federal Reserve of Bank of New ... Read More »

New Century and KPMG Accused of Improper Accounting Practices

New Century and KPMG Accused of Improper Accounting Practices
March 26, 2008 No Comments »

Defunct subprime mortgage lender New Century and its accounting firm KPMG were slammed in a saga of a report written by court examiner Michael J. Missal, released Wednesday. The 581-page document chronicles the rise and fall of the Irvine, CA-based ... Read More »

MGIC Ups Stock Offering, Sells Debt to Raise Capital

March 25, 2008 No Comments »

MGIC Investment Corp. announced today it has agreed to sell 37.3 million shares of common stock at a price of $11.25 per share, generating gross proceeds of roughly $420 million. The move represents a 20 percent increase to their initial ... Read More »

Federal Home Loan Banks to Buy More Mortgages

March 24, 2008 No Comments »

The Board of Directors of the Federal Housing Finance Board passed a resolution today authorizing the Federal Home Loan Banks to up their buying power of mortgage-backed securities (MBS) to soften the blow of the ongoing mortgage crisis. The deal, ... Read More »

Fannie and Freddie Requirements Eased, Liquidity Boost Expected

March 19, 2008 No Comments »

The Office of Federal Housing Enterprise Oversight announced today that capital restrictions placed on mortgage financiers Fannie Mae and Freddie Mac will be eased to allow for improved liquidity in the struggling mortgage market. The current 30 percent capital cushion ... Read More »

Northern Rock to Cut 2000 Jobs, Sell Mortgage Assets

March 18, 2008 No Comments »

Northern Rock announced today on their website that it will reduce its current loan portfolio by about half and cut its workforce by a third in an effort to pay back its $50 billion emergency loan from the Bank of ... Read More »