Wachovia announced today that it would no longer offer the negative amortization payment option on its popular and now infamous “Pick-a-Payment” loan program amid heightened… Read More »Introducing Wachovia’s New Three-Pronged Option Arm
A new non-profit called “No Paws Left Behind” was launched today to help foreclosure victims find homes for their pets if they’re unable to take… Read More »Service Launched to Help Pets Affected by Foreclosure
FHA Commissioner Brian D. Montgomery said today that his organization realized $4.6 billion in “unanticipated long-term losses,” largely due to an increased number of seller-funded… Read More »Down Payment Assistance Loans Drive $4.6 Billion Loss at FHA
What a difference a mortgage crisis can make. Take a look at select mortgage stocks and their market cap declines from June 2007 to the… Read More »Mortgage Bust Market Cap Impact
Research and consulting firm Celent released a study yesterday titled, “Pathology of the US Mortgage Crisis,” which examines the evolution of the credit crunch from… Read More »Study: Originate to Distribute Model to Blame for Mortgage Crisis
Yesterday I saw a television ad from Wachovia touting their “Fixed Rate Pick-a-Payment Mortgage” as a sensible choice for homeowners. It struck me as a… Read More »Wachovia Pitching Pick-a-Pay Mortgage Amid Crisis
As the mortgage crisis deepens, it’s clear that opportunities will present themselves, and some winners must emerge. And so PennyMac, or Private National Mortgage Acceptance… Read More »Company Launched to Buy Distressed Mortgage Assets
Fortune magazine released its top 10 list of the most admired mortgage companies in the March 17th edition, which begs the question: What makes a… Read More »Top 10 Most Admired Mortgage Companies
Rare Opportunity for BofA? As expected, Bank of America announced this morning that it would buy struggling mortgage lender Countrywide Financial for $4.1 billion in… Read More »Bank of America to Buy Countrywide
Not surprisingly, the American Dialect Society voted “subprime” the word of the year for 2007. At a voting session in Chicago on January 4, the… Read More »Subprime Voted Word of the Year for 2007
