HSBC announced today it will close both its HFC and Beneficial units, resulting in thousands of layoffs. The consumer lending companies offer a number of… Read More »HSBC to Halt Lending, Shutter HFC and Beneficial
Sad news folks. On April 27, Bank of America will re-brand Countrywide Financial to “Bank of America Home Loans,” according to a report today in… Read More »Countrywide Name to be Retired in April
Equifirst announced today that effective immediately, it will be ceasing lending operations. Going forward, the Charlotte, North Carolina-based mortgage lender will no longer accept applications… Read More »Equifirst to Halt Lending Operations
A former Fannie Mae contracted employee was indicted for computer intrusion this week for allegedly planting a malicious script on the company’s servers in an… Read More »Former Fannie Mae Employee Attempted to Destroy All Data
In recent weeks, I’ve seen an increasing number of tank-like Hummers cruising the streets of Los Angeles, a troubling trend clearly tied to the big… Read More »The Hummers Are Back
While record numbers of foreclosures continue to wreak havoc on home prices and the economy as a whole, one unlikely group seems to be benefiting… Read More »Skaters Benefiting from Foreclosure Crisis
Another year, another word of the year tied to the ongoing mortgage crisis. Merriam-Webster unveiled its word of the year for 2008, selecting the term… Read More »Bailout is 2008 Word of the Year
Downey Savings was shut down late Friday by the FDIC on a busy day where two other banks were also seized. US Bank has agreed… Read More »Downey Savings Shut Down by FDIC
One the leading U.S. homebuilders has called for the government to temporarily cut mortgage rates to make homeownership more affordable and stimulate sales. Ara Hovnanian,… Read More »Hovnanian Wants Mortgage Rates Cut to Three Percent
The word “subprime” has undoubtedly been associated with massive losses over the past couple of years, but last Thursday, quite the opposite was true. It… Read More »Subprime Wins Ninth Race at Aqueduct Park
