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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

2 Casualties

Recent mortgage-related company closings

May 15, 2009

By staff

So far today, one financial institution has been seized. Earlier this month, a small-balance commercial mortgage unit was closed by a Wells Fargo & Co. subsidiary. The closing of more than 70 mortgage-related operations have been tracked to date during 2009.

Wells Fargo Home Mortgage began notifying correspondent and wholesale customers earlier this month that its wholesale small-balance commercial mortgage unit was being suspended, a spokesman said in a statement to Today is the last day the unit will accept applications.

The spokesman said the operation handled commercial mortgages between $50,000 and $500,000 and added that the programs will still be available through its retail channel.

"The decision to suspend the small balance commercial loan program is due to current market conditions," he said.

Rouge Employees Credit Union was seized today by the Michigan Office of Financial and Insurance Regulation, according to a copy of an order appointing the National Credit Union Administration Board as receiver.

The Dearborn, Mich., institution -- founded in 1964 -- was insolvent and in "an unsafe and unsound condition," the order said. Its continued operation would "jeopardize" the safety its 6,200 members' deposits.

As of March 31, deposits stood at $21 million. Chief Financial Federal Credit Union acquired all of Rouge's deposits. Rouge had just $23 million in assets -- which were purchased by Chief.

Rogue was the fifth federally insured credit union to fail this year.

Including Wells' commercial unit and Rouge, 71 mortgage-related firms or operations have closed this year according to data tracked by The toll is likely to rise later this evening as the Federal Deposit Insurance Corporation announces this week's seizures as it does late every Friday.

CUNA President and Chief Executive Officer Dan Mica wrote a letter to NCUA calling for capital holders in the corporate credit unions operating under NCUA's conservatorship to share in recoveries of mortgage- and asset-backed securities. He said more transparency is needed with MBS performance, and NCUA should not penalize credit unions if their net worth ratios decline as a result of expenses associated with the corporate credit unions.

Moody's Investors Service said this week that it downgraded the subprime servicer quality ratings of Accredited Home Lenders Inc. to SQ5 from SQ4- following its May 1 bankruptcy filing. The action reflects uncertainty over Accredited's servicing platform and a deterioration in morale, among other things.

In the Matter of the Petition of Ken Ross, Commissioner of the Office of Financial and Insurance Regulations, for the Appointment of a Receiver for Rouge Employees Credit Union, Dearborn, Michigan.
No. 09-692-PR, May 15, 2009 (State of Michigan, Circuit Court for the 30th Judicial District, Ingham County)

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