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
Wells Fargo, the second-largest U.S. mortgage lender, took a $490 million charge in the third quarter related to the write down of its mortgage assets,… Read More »Wells Fargo Takes $490 Million Mortgage Charge
CreditXpert Inc. has released a new credit scoring system that has the ability to filter out authorized user accounts, allowing banks and mortgage lenders to… Read More »New Credit Scoring Model Filters Authorized Users Accounts
Boston-based Summit Mortgage Co. will wind down by the end of the month, with CEO Richard Fedele saying his firm “essentially faced a lack of… Read More »Summit Mortgage Co. to Close Its Doors
According to a survey released by the California Reinvestment Coalition on Wednesday, very few mortgage lenders are willing to execute loan modifications for borrowers at… Read More »Survey Says Few Lenders Making Loan Modifications
