Latest Mortgage News Headlines

Wholesaler Done

A company that claims to be among the biggest U.S. lenders is pulling the plug on its wholesale lending operation. (Oct. 15)

Wells Sees Decline in Originations

Wells Fargo & Co. saw quarterly production fall -- but not nearly as much as two big rivals. (Oct. 15)

JPMorgan Results Deteriorate

JPMorgan Chase & Co. saw quarterly mortgage originations tumble. Earnings sank and are expected to worsen. (Oct. 15)

Credit Crisis Spawns 243 Mortgage-Related Failures

Since the beginning of the credit crisis in 2006, 243 mortgage-related operations have collapsed or closed down. (Oct. 15)

Mergers Pick Up Steam

At least four mergers are in the works -- including the acquisition of two mortgage firms and two banks. At the same time, there were plenty of regulatory orders, securities settlements and class actions to be found. (Oct. 14)

10-Year Treasury Tops 4%

The yield on the 10-year Treasury shot past 4% today, suggesting 30-year fixed mortgage rates have been pushed above 6%. (Oct. 14)

Reverse Volume Edges Higher

Reverse mortgage originations were among the few areas of mortgage lending to see an improvement, and upcoming program changes promise to boost business even more. (Oct. 14)

Multifamily Business Holds Up

Despite a decline in residential originations last year, multifamily production saw an increase. Meanwhile, the recent failure and potential acquisition of the two biggest multifamily lenders is creating a new world order in apartment lending. (Oct. 14)

Government to Invest in Banks Some of the $700 billion Troubled Asset Relief Program will be used for the U.S. government to invest directly in U.S. banks. The rescue package also includes bank loan guarantees and provisions to stabilize the commercial paper market. (Oct. 14)

Nonprime Ratings Pummeled

Downgrades recently accelerated on Alternative-A, second-lien and subprime residential mortgage-backed securities. Standard and Poor's Ratings Service alone downgraded more than $25 billion in securities. (Oct. 13)

Bankers Blast FASB Fair Value Guidance

The nation's bankers are calling on the Securities and Exchange Commission override a recent accounting pronouncement on mark-to-market accounting. (Oct. 13)

TARP Plowing Forward The chief of the $700 billion Troubled Asset Relief Program told bankers today that implementation of the program is moving quickly.

Suit Against WaMu Seeks Foreclosure Moratorium

The City of San Diego has sued Washington Mutual Inc. in an attempt to halt foreclosures by the former lending giant. The case, which accuses the thrift of mortgage fraud and predatory lending, is the second recent lawsuit filed by the city against a major lender just after it was acquired by a major bank. (Oct. 13)

2 Midwest Banks Fail

State banking regulators have closed down a Michigan bank and an Illinois bank. (Oct. 13)

Analysis of HOPE for Homeowners Program

The law firm of Weiner Brodsky Sidman Kider PC has prepared a white paper on the HOPE for Homeowners Program created under as part of the Housing and Economic Recovery Act of 2008. (free white paper - Oct. 10)

Lawsuit Dropped Against Illinois Sheriff

Accredited Home Lenders is backing away from a lawsuit against an Illinois sheriff that is refusing to perform evictions on foreclosed properties. (Oct. 10)

Inside Mortgage Fraud An attorney for the U.S. Department of Justice recently provided an inside look at the process involved in prosecuting a mortgage fraud case. While the government is looking to lock up ringleaders of mortgage schemes, industry insiders are their biggest targets. (Oct. 10)

New No. 1?

With Citigroup Inc. out of the way, Wells Fargo & Co. is on its way to becoming the biggest U.S. mortgage orginator with its potential acquisition of Wachovia Corp. But a problem portfolio and a $60 billion lawsuit loom over the deal. (Oct. 10)

Move by Sheriff Threatens Chicago Lending Bankers warn that a move by the sheriff's office to stop evictions on Chicago foreclosures could end up preventing new lending in the area.

Foreclosures Edge Lower

Loans entering the foreclosure process dipped last month, according to one foreclosure listing service. But filings were still nearly double the level a year earlier. (Oct. 9)

CitiMortgage Reduces Broker Business CitiMortgage is slashing the number of mortgage brokers it does business with -- leading to hundreds of layoffs. Business from a smaller and more productive group of brokers will ultimately be channeled through offices in Missouri and Texas. The O'Fallon, Mo.-based lender is cutting off some of its mortgage brokers, spokesman Mark Rodgers told MortgageDaily.com in an interview. He could not reveal which brokers are being cut or how exactly the company is determining this, but he did note that the brokers they are keeping tend to be those with the higher quality loans and higher volume. (Oct. 10) read full story Government to Invest in Banks Some of the $700 billion Troubled Asset Relief Program will be used for the U.S. government to invest directly in U.S. banks. The rescue package also includes bank loan guarantees and provisions to stabilize the commercial paper market. In a news conference this morning, President Bush said the federal government will purchase equity shares using funds from the $700 billion financial rescue plan. Once the market stabilizes, banks will be encouraged to buy back the government's shares with funds they raise on their own. (Oct. 14) read full story TARP Gives Hope to Mortgage Sector Combined with a recent improvement in subprime performance, the $700 billion plan for the U.S. Treasury Department to buy up mortgage assets has the potential to significantly help the mortgage business. (Oct. 8) Bailout Satire Mortgage Lending has reached the pinnacle of pop culture. A skit on the latest Saturday Night Live provided a humorous but comprehensive overview of the mortgage crisis -- highlighting the roles of borrowers, Democrats and the former leaders of Golden West Financial Corp. The Sandler featured in this skit, however, was not Adam. (oct. 6) Lack of FHA Kills Ohio Firm A once-booming mortgage company that specialized in subprime refinances has shut down. The Ohio-based company's demise appeared to be tied to its lack of government loan programs. (Oct. 7)