Mortgage News

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

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 »

Secondary Mortgage Market Flat

August 23, 2007 No Comments »

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

August 21, 2007 No Comments »

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 Closed
August 20, 2007 31 Comments »

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

August 20, 2007 No Comments »

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 »