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Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

Biggest Subprime Lenders: Where Are They Now?

Ranking by Center for Public Integrity

May 7, 2009

By staff

Nine of the ten biggest subprime lenders between 2005 and 2007 have vanished from the landscape.

The Center for Public Integrity this week released an analysis of 7.2 million high-interest mortgages made from 2005 to 2007. The report identified 25 lenders that were responsible for $998 billion in subprime originations -- or about 72 percent of subprime production during the period.

Subprime volume at Countrywide Financial Corp. was at least $97 billion during the three years, according to the center. Countrywide was acquired by Bank of America Corp. in July 2008 and the Countrywide brand was abandoned last week.

Next on the list was Ameriquest Mortgage Co. and ACC Capital Holdings, which originated at least $81 billion in subprime mortgages. The company sold its Argent Mortgage Co. wholesale business to Citigroup Inc. in August 2007, shut down Ameriquest in August 2007 and saw the passing of founder Roland Arnall in March 2008.

No. 3 was New Century Financial Corp., which the report indicated originated $75.9 billion. The April 2007 failure of New Century was among the first major subprime casualties.

Fourth was First Franklin Financial Corp., where subprime originations were $68 billion. After being acquired from National City Corp. on Dec. 30, 2006, the operation was shut down in March 2008 by parent Merrill Lynch -- which itself was subsequently acquired by BoA.

More than $65 billion in subprime production landed Long Beach Mortgage Co. in the No. 5 spot. Former parent Washington Mutual Inc., which itself failed in September 2008, closed the former Ameriquest subsidiary near the end of 2007.

The only top-10 subprime lender that is still around is Wells Fargo Financial. The Wells Fargo & Co. subsidiary originated $52 billion in subprime mortgages from 2005 through 2007, the report said.

The analysis noted that nine of the top-10 subprime lenders were based in California.

Rank Company Minimum Subprime Originations From 2005 to 2007 Status
1. Countrywide Financial Corp. $97.2 billion Acquired by Bank of America Corp. in July 2008.
2. Ameriquest Mortgage Co. / ACC Capital Holdings Corp. $80.6 billion Closed in August 2007.
3. New Century Financial Corp.

75.9 billion Closed in April 2007
4. First Franklin Corp. $68 billion Closed in March 2008.
5. Long Beach Mortgage Co. $65.2 billion Closed in late 2007.
6. Option One Mortgage Corp. $64.7 billion Closed in December 2007.
7. Fremont Investment & Loan $61.7 billion Parent filed bankruptcy and sold Fremont to Capital Source in June 2008.
8. Wells Fargo Financial $51.8 billion Active.
9. HSBC Finance Corp. $50.3 billion Closed in March 2009.
10. WMC Mortgage Corp. $49.6 billion Closed in September 2007.
11. BNC Mortgage Inc. $47.6 billion Closed in August 2007.
12. Chase Home Finance $30 billion active
13. Accredited Home Lenders Inc. $29.0 billion Filed for bankruptcy protection in May 2009.
14. IndyMac Bancorp Inc. $26.4 billion Failed in July 2008.
15. CitiFinancial $26.3 billion active
16. EquiFirst Corp. $24.4 billion Closed in February 2009.
17. Encore Credit Corp. $22.3 billion Acquired by Bear Stearns in 2007.
18. American General Finance Inc. $21.8 billion Active.
19. Wachovia Corp. $17.6 billion Acquired by Wells Fargo in December 2008.
20. GMAC LLC $17.2 billion Active.
21. NovaStar Financial Inc. $16 billion Has halted operations.
22. American Home Mortgage Investment Corp. $15.3 billion Ended operation in August 2007.
23. GreenPoint Mortgage Funding Inc. $13.1 billion Closed in August 2007.
24. ResMAE Mortgage Corp. $13 billion Closed in November 2007.
25. Aegis Mortgage Corp. $11.5 billion Ended operation in August 2007.
Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

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