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Corporate Mortgage News

Mergers, Acquisitions, Failures, Executive Activity
and Other Corporate News



industry directory | originations | REITs
| make corporate your home page | advertise

Last Updated Thursday, September 02, 2010 08:17 AM Texas Time

M&A | investor fraud news

Over 1,000 Layoffs as Servicer Offices Close
HomEq Servicing offices in California and North Carolina are shutting down -- impacting more than 1,000 employees. The office closings follow the sale of the company by Barclays bank PLC.

The acquisition of HomeEq by Ocwen Financial Services has completed.

Ocwen said Wednesday that it plans to close a facility in Raleigh, N.C., and eliminate 242 jobs.
read full story


www.loans4less.com
OTC: LFLS IS SEEKING EQUITY CAPITAL FROM ACCREDITED INVESTORS
FOR NATIONAL GROWTH AND BRANDING PLANS.
STEVEN HERSHMAN, PRESIDENT 310.408.1058
www.Loans4Less.com

Bank Performance Improves
Over the past year, banks and thrifts have reduced their mortgage holdings and improved their earnings. More recently, the number of bank employees rose -- though so did the number of troubled institutions.

Behind-the-Scenes Look at Collapse of Wachovia, WaMu
It was nearly four years ago that Washington Mutual Bank and Wachovia went into a tailspin and were eventually deemed insolvent. A behind-the-scenes look at the demise of the two companies by a regulatory insider reveals two different strategies used in resolving the institutions.

Employees Await Fate as Subprime Servicer Acquired
The acquisition of a servicer in California has hundreds of employees wondering whether they will be laid off. The deal involves servicing rights on more than 100,000 mortgages.

Lender's NFL Tickets Auctioned by IRS
A Texas-based mortgage lender's problems with the Internal Revenue Service landed six prime NFL season tickets on the auction block. An affiliate of the company also faces accusations by state regulators of defrauding consumers.

Merger Creates Top-10 Subprime Servicer
An upcoming acquisition of a default servicer is expected to create a new top-10 servicer of subprime mortgages and boost demand for servicing portfolios.

Credit Union Growth Slows, Delinquency Mixed
Credit unions saw quarterly growth in outstanding loans, deposits and membership -- albeit at a nominal rate. Late payments rose on fixed-rate mortgages but improved on loans with adjustable rates.

Furious Pace of Regulatory Actions Continue
There were no shortage of regulatory actions against financial institutions over the past month. Officials are meeting this week to discuss regulation of the largest financial services companies.

Wholesaler Launching
A company that originates more than $3 billion a year in retail business is launching a third-party channel that will focus on government programs. The expansion into the mortgage broker arena follows similar moves recently by other wholesale lenders.

Credit Union Consolidation Ahead in SoCal?
SAN DIEGO -- The chief executive of a credit union in Northern California is leaving to run a smaller institution in Southern California. Some see the move as a signal that a wave of credit union mergers is ahead.

The Mortgage Graveyard
Stories about failed, ailing and a c q u i r e d lenders.

Financial Regulation News | Regulatory Actions | Mortgage Regulations Table
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.

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.


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Mortgage Industry Directory
Profiles of conforming, Alt-A and subprime mortgage bankers. Production data, servicing portfolio size and senior executives.
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The Mortgage Graveyard
Journal of failed, ailing and acquired lenders.
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Federal Reserve
Bank Merger
Announcements

Approval of proposal by Metcalf Bank

Approval of proposal by China Investment Corporation

Approval of proposal by The Toronto-Dominion Bank

Approval of proposal by Premier Commerce Bancorp, Inc. to become a bank holding company

Approval of proposal by National Agricultural Cooperative Federation to establish a representative office

Approval of proposal by City Holding Company

Federal Reserve Board approves Banco Popular de Puerto Rico to acquire assets and assume liabilities of Westernbank Puerto Rico

Approval of proposal by First Niagara Financial Group to become a bank holding company

Approval of proposal by ABN AMRO Bank N.V. to establish a representative office

Approval of proposal by The Warehouse Trust Company to become member of Federal Reserve System

Approval of proposal by Banque Transatlantique to establish a representative office

Approval of proposal by Sandhills Bancshares to become a bank holding company

Approval of proposal by Canadian Imperial Bank of Commerce

Approval of proposal by Morgan Stanley to acquire up to 9.9 percent of the voting shares of Chinatrust Financial Holding Company

Approval of proposal by Morgan Stanley to retain up to 9.9 percent of the voting shares of Herald National Bank