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The Mortgage Graveyard
Closed, Failed, Struggling and Acquired Mortgage-Related Companies

troubled bank list | ailing banks

graphic of MortgageGraveyard.com closings by year

Latest Mortgage Graveyard Headlines
Last Updated Thursday, September 02, 2010 08:16 AM Texas Time



Annual Activity

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

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.

Troubled Credit Union Looking to Be Acquired
SAN DIEGO -- A credit union based in Southern California has run out of cash and is searching for another firm to acquire it. The head of the $600 million institution said that the company was simply a victim of the economy.

Half of Friday's 8 Bank Failures in California
State and federal banking regulators seized eight financial institutions with more than $4 billion in assets last week, and four were in California. Florida was home to two more. More than $400 million in losses are projected as a result of the latest round of bank failures.

Bank M&As Active
China is seeks a stake in Morgan Stanley, while Wilbur Ross has an interest in a New Jersey bank. Federal banking regulators have received more than 60 applications during the past two months for bank acquisitions.

Mortgage Firms For Sale, Sold
A New York-based investment management firm that already owns multiple mortgage firms is taking a stake in two more. Several other mortgage acquisitions are in the works and bids are reportedly being made to acquire one big player.

Service Providers Grow Through Acquisitions, Investments
A big law firm that services financial firms made a recent acquisition that included two former congressmen and signals aggressive growth planned at the firm. An investment in an income verification company is expected to enable an expansion into other services, while another mortgage service provider hopes to expand from investments it has received.

HSBC Mulling Sale of Mortgage Unit
Employees of HSBC's U.S. mortgage subsidiary have been notified that strategic options are being considered for the lender. The news comes more than a year after the company announced plans to liquidate HSBC Finance Corp.

2010 Bank Toll: 110
The failure of an Illinois bank last week brought to 110 the number of federally insured banks that have been declared insolvent this year.

Year Closed Acquired
2010 146 27
2009 229 58
2008 124 42
2007 166 49
2006 28 23
2005 8 11
2004 10 11
2003 11 7
2002 12 3
2001 7 6
2000 7 0
1999 4 1
1998 0 4

archive of MortgageGraveyard.com stories




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.

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

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

4th-quarter 2008 corporate bankruptcy lawsuits

3rd quarter 2008 corporate bankruptcy lawsuits

2nd quarter 2008 corporate bankruptcy litigation


Success Stories

August

Servicing Firm Sees Continued Growth
During the past year-and-a-half, a growing sub-servicer has added 150 employees. Executives at the firm forecast even more hirings. The company noted particularly high growth at its seller finance unit.

Help Wanted: Production Employees
A mortgage service provider is hoping to immediately fill more than a hundred openings for mortgage production jobs. The recruitment campaign follows the recent hiring of more than 300 employees and is part of a bigger plan to create more than a thousand jobs.

Fast Growing Fraud Detection Firm Adding 200
Rapid growth at a technology firm that helps lenders identify potential mortgage fraud has it expanding by 200 employees in Florida. The company has doubled in size each of the past three years and expects to do so again this year.

HFF Sees Soaring Activity
Whether comparing it to the prior quarter or a year earlier, commercial transaction volume leapt at HFF Inc. The company's chief is cautiously optimistic about upcoming activity.


July

Wholesaler Expands
Just seven months after launching a new wholesale division in the Northeast, a Connecticut lender is now operating in 17 states.

May

Originators Wanted
An East Coast bank-holding company has added more than 100 mortgage originators and has plans to hire 100 more.

Reverse Wholesaler Rises to Top Spot
As third-party reverse mortgage originations sank for the second consecutive month, one wholesaler managed two consecutive monthly gains -- rising to become the new biggest reverse mortgage wholesaler.

Quicken Emerges as Top-10 Originator
Quicken Loans Inc., which only originates mortgages through retail channels, has become a top-10 residential lender.


April

Chase Hiring Hundreds of Texas Originators
A recruiting campaign in Texas by JPMorgan Chase & Co. will bring to more than 500 the number of new loan originators the company expects to hire by October.

Chase Hiring Hundreds of LOs for Refi Blitz
Chase plans to boost its refinance production and is hiring hundreds of loan originators to execute the strategy.

FHA Firm to Triple Staff
A Rhode Island-based government lender announced plans to triple its staff over the next two months.


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