Mortgage News

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

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 32 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 »

Capital One VP Sparks Greenpoint Mortgage Fears

August 19, 2007 No Comments »

At the KBW Inc. Large Cap Bank Conference in Kohler, Wisconsin last week Michael Rowen, VP of investor relations at Capital One Financial spoke to Wall Street analysts about a variety of banking topics, including the ongoing mortgage crisis and ... Read More »

First Magnus Financial Closed

August 16, 2007 No Comments »

First Magnus, the nation’s 22nd largest residential mortgage lender announced on their website this morning that they are no longer funding any home loans. The company announced that it will no longer originate, fund, or continue processing loans already in ... Read More »

Thornburg Stock Tumbles, Bankruptcy Ruled Out

August 14, 2007 No Comments »

After a terrible day on Wall Street, with shares of his company shedding nearly half their market value, Thornburg Mortgage president Larry Goldstone attempted to ease investor worries live on CNBC. While there’s not much you can really say to ... Read More »

Fannie and Freddie Asset Limits Unchanged

August 13, 2007 No Comments »

Fannie Mae and Freddie Mac’s appeals to raise limits on their existing loan portfolios were met with disapproval by both the Bush Administration and the Office of Federal Housing Enterprise Oversight late last week. Democrats had urged the agency to ... Read More »