Mortgage News

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

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 »

Beware of Foreclosure Assistance Programs

September 16, 2007 No Comments »

As foreclosures continue to rise, more “angels” are on the lookout for people to “save”. If you’re behind on your mortgage payments, you may have noticed an increase in solicitations via mail or telephone from companies offering to help you ... Read More »

First Magnus Financial Lawsuit Website Launched

August 30, 2007 No Comments »

A website has just been created, presumably by former First Magnus employees and/or lawyers, dedicated to launching a class action suit against the bankrupt mortgage lender for failing to pay out final wages and commissions. The website, “Sue First Magnus ... Read More »

Option One Mortgage May Cease Operations

August 30, 2007 No Comments »

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 »

Indymac Scoops Up 90 American Home Branches

August 29, 2007 No Comments »

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

August 28, 2007 No Comments »

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

August 27, 2007 No Comments »

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 »