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/
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.

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.


Subprime Shakeout Dominates M&A

Recent mergers, acquisitions & other corporate activity

March 13, 2007

By COCO SALAZAR


photo of Coco Salazar

As subprime tremors reverberate throughout the industry and economy, some regions will be affected more than others. Meanwhile, the latest mortgage mergers and acquisitions include the launch of a company that will acquire the lower tranches of residential mortgage-backed securities.

OceanFirst Financial Corp. will reduce 2006 earnings because of early-payment defaults on 100 percent loan-to-value loans originated by subsidiary Columbia Home Loans LLC, according to an announcement Monday.

Recent subprime mortgage woes may greatly impact office space in Orange County, Calif.

Among the area's players are New Century Financial Corp., Ameriquest parent ACC Capital Holdings and Option One Mortgage Corp. -- each of which are either on the block or on their way to insolvency.

Subprime lenders occupy about 5 million square feet of office space in Orange County -- with nearly one-half million square feet by New Century, according to an announcement today from the company's landlord, Maguire Properties Inc. But expanding demand from other sectors, including healthcare, technology and other firms, will offset potential losses.

KeyBank Mortgage has a new president, Myron "Mike" Filarski, according to an announcement from parent KeyCorp. Filarski responsibilities include spearheading a significant effort to increase mortgage originations throughout Key's 13-state footprint.

First Federal Bank of California announced it has named Brian Leonard president of its Residential Wholesale Lending Division.

At ECC Capital, Roque Santi, president and chief financial officer, will assume the responsibilities of Greg Lubushkin, who will resign from the chief accounting officer post at the end of March, according to an announcement on Friday.

ECC announced its ability to distribute a cash dividends is dependant on potential increases in loan delinquencies and losses. The company, which recently sold its mortgage banking operations, announced today it was delisted from the New York Stock exchange.

Delta Financial Corp. announced it has been approved to list its common stock on the NASDAQ Global Market and will be able to retain its "DFC" ticker symbol when it begins trading on the list on March 22, a day after it ceases trading on the American Stock Exchange.

American Home Mortgage Investment announced that it believed "confusion may have arisen regarding the types of loans it holds and originates." The real estate investment trust reported only 1.3 percent of its loans held for investment had a FICO sore below 620, and noted that it focused on earning net interest income from self-originated loans and mortgage-backed securities, and, through its taxable subsidiaries, from originating and selling mortgages and servicing loans for investors.

Following American Home's clarification, Zacks Investment Research Inc. said shares of American Home satisfied the criteria to be placed on the High Rank Value Profit Track, "a successful stock picking strategy," due to the company's price-to-earnings multiple of 5.21 and a price-to-book multiple of 1.19, and fourth-quarter earnings of $1.21 per share, which surpassed the previous year's level of $0.27 per share and the consensus estimate by nearly 2 percent.

Fidelity National Real Estate Solutions announced it that its acquisition of the assets of Realigent will give it ownership of Realigent's software solutions for real estate professionals and brokers, including lead-generating tool VantagePoint.

BOK Financial Corp. has agreed to acquire Texas-based Worth Bancorporation Inc. as part of its strategy to increase market share in the Dallas/Forth Worth Metroplex by growing its full-service banking presence, according to a press release.

RBC Centura Bank announced that it has stepped into Alabama with the acquisition of 39 AmSouth Bank branches that also make it the seventh-largest bank in that state. The U.S. Department of Justice and the Federal Reserve Board required that AmSouth divest the branches to enable its merger with Regions Financial Corp.

Nevada-based Shearson Home Loans has entered into a joint venture agreement that will allow Stinson Financial's 30-branch loan origination platform to operate within Shearson's mortgage banking infrastructure, according to an announcement. The platform will give Shearson a broader reach into the Southern California market.

1st Source Bank will acquire Trustcorp Mortgage Co. from parent 1st Source Corp. The transaction, expected to be complete by May, will allow the parent to focus home mortgage efforts in the bank's retail footprint in Indiana and Michigan and minimize brand identity confusion amongst consumers. Diana Ringer will assume the title of president of Trustcorp upon the merger.

Home Energy Savings Corp. announced that it will sell Texas-based AIM American Mortgage Inc. to X-Press America Inc. for $100,000.

Home Energy, a provider of energy-efficient home improvement products and services, bought AIM in December 2005 to enter the mortgage and lending industry and recently acquired mortgage broker and lender MLI Capital Group Inc., formerly known as Money Lenders Inc.

"The recent acquisition of MLI Capital affords us the opportunity to consolidate the financing side of our business in one location while simultaneously obtaining value for our Texas subsidiary and improving our balance sheet," said a Home Energy executive in the announcement.

Ocwen Financial Corp. announced that it obtained definitive commitments from affiliates of Angelo, Gordon & Co., Metalmark Capital LLC and other lead investors to form and capitalize a new business, Ocwen Structured Investments LLC, which will invest in the lower RMBS tranches and residuals, related mortgage servicing rights, ABX Index Protection and other similar assets.

"In the current environment of rising mortgage delinquencies, our new venture presents an exciting opportunity to leverage our superior loss mitigation capabilities and knowledge of collateral to generate attractive returns for the investment partners," Ocwen Chairman and CEO, William C. Erbey, said in the written statement.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

e-mail: [email protected]


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.


Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.



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