Mortgage News

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

NY Gov Proposes Mortgage Crisis Legislation

March 5, 2008 No Comments »

New York Governor Eliot Spitzer unveiled a plan aimed at providing meaningful aid to homeowners while stepping up anti-predatory lending laws and tackling mortgage fraud. “With thousands of New Yorkers impacted by this crisis, we must enhance protections against predatory ... Read More »

IndyMac Sees Rise in Delinquencies, Foreclosures

March 3, 2008 No Comments »

IndyMac Bancorp said delinquencies and foreclosures continued to rise in January as loan origination volume slumped. The Pasadena, CA-based mortgage lender said total loan production was $2.9 billion in January, down 33 percent from December and 66 percent from January ... Read More »

Mortgage Lenders Pledge $200 Million to Refinance Subprime Loans

February 14, 2008 No Comments »

The state of Illinois unveiled the Homeowners’ Assistance Initiative this morning, a program aimed at helping homeowners trapped in subprime ARMs refinance into fixed-rate mortgages. “The crisis in the sub-prime mortgage market has had a devastating impact on homeowners and ... Read More »

Half of U.S. Metros Experience Home Price Decline

February 14, 2008 No Comments »

More than half of the 150 metropolitan areas studied by the National Association of Realtors showed price declines in the fourth quarter, according to the group’s latest quarterly survey. Of the 77 “metropolitan statistical areas” that showed a drop in ... Read More »

Merrill Lynch Expected to Write Down $15 Billion

Merrill Lynch Expected to Write Down $15 Billion
January 11, 2008 No Comments »

The New York Times reported today that Merrill Lynch is expected to announce an enormous $15 billion writedown when it reports earnings next week, according to sources close to the company. The losses, stemming from bad mortgage bets, are almost ... Read More »

Bank of America to Buy Countrywide

Bank of America to Buy Countrywide
January 11, 2008 No Comments »

Rare Opportunity for BofA? As expected, Bank of America announced this morning that it would buy struggling mortgage lender Countrywide Financial for $4.1 billion in stock, rescuing the nation’s top lender while bolstering its own position. “Countrywide presents a rare ... Read More »

Citigroup to Consolidate Residential Mortgage Business

Citigroup to Consolidate Residential Mortgage Business
January 8, 2008 No Comments »

According to a memo sent to U.S. employees today, New York-based Citigroup will consolidate its U.S. residential mortgage business, combining origination, servicing and capital markets activities. Citi said the new structure will allow it to develop: – Uniform products, policies ... 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 »

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 »

Sharp Increase in Foreclosure Filings during Third Quarter

November 1, 2007 No Comments »

According to RealtyTrac, foreclosure filings for the July-September quarter rose to 635,159, representing 1 in every 196 households, marking a 30 percent increase from the second quarter, and nearly doubling the amount of filings in the same period last year. ... Read More »