Mortgages sold on the secondary market quickly after being originated were underwritten more poorly than loans kept on banks’ books, according to a report from… Read More »Report: Originate to Distribute Mortgages Default More
A report released by the Boston Fed last week found that home price depreciation is a leading cause of mortgage default, challenging common arguments that… Read More »Home Price Depreciation Leading Cause of Mortgage Default
It’s a relatively new business, but like any other, it’s been infiltrated by fraud and scams in no time at all. That’s a good thing… Read More »The Worst Loan Modification Companies
The California Association of Realtors has become the latest group to offer to make mortgage payments if you lose your job after purchasing a new… Read More »California Realtors Offer to Make Mortgage Payments
The FDIC completed its sale of Indymac Federal Bank yesterday to OneWest Bank Group LLC, a newly formed federal savings bank headquartered in Pasadena, CA.… Read More »Indymac Federal Becomes OneWest Bank Group
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
