twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

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



Fieldstone Halts New Business

Liquidity crisis at parent C-BASS paralyzes Fieldstone

August 1, 2007

By SAM GARCIA


Following Monday's disclosure of its new parent's potential insolvency, Fieldstone Mortgage Co. has stopped accepting new applications.

MGIC Investment Corp. and Radian Group Inc. each announced Monday that their $1 billion collective investment in Credit-Based Asset Servicing and Securitization LLC -- Fieldstone's parent -- may be completely wiped out.

C-BASS acknowledged its potential insolvency on Tuesday, indicating it faces "an unprecedented amount of margin calls from" its lenders.

On Wednesday, Fieldstone, based in Columbia, Md., halted -- at least temporarily -- new business.

"We are currently facing some liquidity challenges stemming from the severe state of disruption in the credit markets," C-BASS spokeswoman Lisa Brzezinski told MortgageDaily.com in an e-mailed message. "These challenges have naturally required us to carefully evaluate current cash allocations.

"As a result of this evaluation, Fieldstone Mortgage Company has temporarily stopped accepting new loan applications from consumers and mortgage brokers."

C-BASS only completed its acquisition of Fieldstone on July 17.

"Fieldstone will continue to fund loans on a limited basis, especially in cases where they can help existing borrowers refinance their adjustable rate mortgages that are about to reset," Brzezinski added. "Fieldstone will also work with borrowers who desire to transfer their pending applications to another broker or lender."


Related:

C-BASS Facing Liquidity Crisis
A rapid deterioration this month in the credit markets have investors in Credit-Based Asset Servicing and Securitization LLC warning that they could lose more than $1 billion invested in the company. The cash crisis has emerged just as the company completed the acquisition of another ailing subprime company.


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


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.


Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.



Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders