Mortgage News

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

Wells Fargo Home Equity Loans Sour in Third Quarter

October 15, 2008 No Comments »

Wells Fargo reported net charge-offs of $2.0 billion during the third quarter, up from $1.5 billion in the second quarter, driven primarily by its souring home equity loan portfolio. The $84 billion portfolio represents about 20 percent of the company’s ... Read More »

Bank of America Launches Modification Program to Satisfy Countrywide Lawsuits

October 6, 2008 No Comments »

So I guess there was a point to the many, many state Attorney General lawsuits filed against Countrywide Financial over the past year. Today, Bank of America announced the launch of a program aimed at modifying loans for up to ... Read More »

Wells Fargo to Buy Wachovia, Citi Not Happy

October 3, 2008 No Comments »

Here’s a surprise I didn’t see coming.  A Wells Fargo and Wachovia merger, without government assistance from the FDIC. Wachovia, originally suspected to be swallowed up by Citibank for just $2.1 billion in stock, is now going to Wells Fargo ... Read More »

Hope for Homeowners Program Launched

October 1, 2008 No Comments »

The Bush Administration announced the launch of the so-called “Hope for Homeowners” program today aimed at helping more at-risk borrowers stay in their homes. The program, initially approved back in July, will allow borrowers struggling to keep up with monthly ... Read More »

Foreclosure Prevention Efforts Worsen

September 30, 2008 No Comments »

Efforts to keep at-risk borrowers in their homes have actually worsened over the past year, according to a report released by the State Foreclosure Prevention Working Group. As of the end of May 2008, 305,000 subprime loans were in the ... Read More »

Washington Mutual Shut Down by OTS

September 26, 2008 No Comments »

So much for the merger with Chase; instead the largest bank failure in U.S. history. Late Thursday evening, Washington Mutual was shut down by the Office of Thrift Supervision (OTS) and the FDIC was named receiver, making it the 13th ... Read More »

Mortgage Bailout Could be Finalized Within Days

September 25, 2008 No Comments »

The monumental $700 billion mortgage bailout is said to be making headway, the AP reported this morning. President Bush has invited presidential candidates Barack Obama and John McCain to Washington to take part in the negotiations, calling for bipartisan support ... Read More »

Lehman Files for Bankruptcy, BofA Snaps Up Merrill Lynch

September 15, 2008 No Comments »

It was a busy Sunday on Wall Street as the mortgage crisis forced Lehman Brothers and Merrill Lynch down very different paths. After talks to save storied investment bank Lehman Brothers failed over the weekend thanks to a lack of ... Read More »

Foreclosure Filings Up in August, But Pace Slowing

September 12, 2008 No Comments »

Foreclosure activity increased 12 percent last month from July and 27 percent from the same period a year ago, but the annual rate of increase has slowed significantly, according to RealtyTrac. Defaults notices, auction sales notices, and bank repossessions were ... Read More »

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 »