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.
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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.
