The House introduced legislation this morning that would require all loan originators to be licensed, while protecting borrowers from forms of predatory lending and penalizing… Read More »House Introduces Mortgage Reform Bill
Before the bell Monday morning, securities firm Lehman Brothers downgraded several mortgage lenders, including Countrywide, IndyMac, and Washington Mutual. The firm cited the ongoing problems… Read More »Lehman Downgrades Countrywide, IndyMac, and WaMu
The Office of Federal Housing Enterprise Oversight has released the proposed 2008 conforming loan limit guidance. If the index used to calculate the maximum loan… Read More »2008 Conforming Loan Limit Guidance
Bank of America shocked investors today when it announced a 32 percent decline in third-quarter profits from the same period a year ago, pointing to… Read More »Bank of America Profit Down on Loan Writedowns, Trading Losses
As jumbo loan financing continues to be increasingly difficult, many potential homeowners in expensive regions of the country are finding it next to impossible to… Read More »Lack of Jumbo Financing Hurts Bay Area Home Sales
Seattle-based Washington Mutual reported third quarter profit of $210 million, or 23 cents a share, compared with profit of $748 million, or 77 cents a… Read More »WaMu Profit Hit by Mortgage Mess
Sante Fe-based Thornburg Mortgage reported a net loss of $1.084 billion, or $8.83 per share in the third quarter, compared to net income of $75.3… Read More »Thornburg Mortgage Reports Billion Dollar Loss
According to a forecast released today by the Mortgage Bankers Association, mortgage originations will fall to their lowest levels since 2000 next year as tighter… Read More »Mortgage Originations to Slide in 2008
GMAC’s finance arm Residential Capital LLC is expected to announce a 25 percent reduction in its workforce tomorrow, according to a report by The Wall… Read More »GMAC Expected to Cut 25 Percent of Mortgage Workforce
Countrywide said Tuesday that pretax restructuring costs associated with a slowdown in business and the resulting massive layoffs that occurred could be as high as… Read More »Countrywide Restructuring Charge Up to $150 Million
