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

troubled bank list | ailing banks

receive e-mail alerts when new Mortgage Graveyard stories published

graphic of MortgageGraveyard.com closings by year

Latest Mortgage Graveyard Headlines
Last Updated Saturday, March 13, 2010 04:49 PM Texas Time



Annual Activity


Struggling

2 NY Banks Fail
Among four bank failures last week were two institutions in New York City. Both were scooped up by a big New Jersey-based bank.

On Thursday, New York's Banking Department closed LibertyPointe Bank and -- as is done when any federally insured bank or thrift fails -- appointed the Federal Deposit Insurance Corporation as receiver. The failure of the New York City bank was the result of its inability to meet the requirements of a July 2009 cease-and-desist order by the state and the FDIC. It also faced an FDIC prompt corrective action in October.

Valley National Bank won its bid to assume the four-year-old bank's $210 million in deposits as of Dec. 31, 2009, at an 0.15 percent premium. Valley National also acquired the 37-employee firm's $210 million in assets -- which included $8 million in home loans, $128 million in commercial mortgages and $26 million in construction-and-land-development loans. With the FDIC sharing in losses on $182 million of the assets, the expected cost to the Deposit Insurance Fund is $25 million.
read full story

Huge RMBS Sale
A group of investors has acquired notes -- which are backed by more than $3 billion in residential mortgage-backed securities and guaranteed by the government -- for a purchase price of less than $2 billion. The assets were accumulated from failed banks.

ResCap Sale?
GMAC Inc. has reportedly hired an investment banker to help it unload Residential Capital LLC. But the majority of GMAC's residential originations would not be impacted from a sale of the struggling mortgage unit.

Growing Firm Scores Venture Capital Investment
A growing mortgage lender and servicer announced an equity investment by a venture capital firm. During the last few years, the Indiana-based mortgage company has acquired two other companies, expanded its retail branch program and pushed headcount past 100.

Banks Continue to Acquire Mortgage Firms
Two more mortgage firms have been swallowed up by banks. But bank merger activity was still dominated by the acquisition of other banks. Three mortgage service providers, meantime, announced acquisition deals.

No Buyers for 2 of 4 Failed Banks
Buyers couldn't be found for two of last week's four bank failures -- pushing projected losses to more than $300 million.

BoA Closes on Sale of Servicing Unit
Bank of America Corp. has closed on the sale of a nonprime servicing unit it acquired at the end of 2008.

FDIC Orders More Than Double
Monthly regulatory orders and other matters handled by the Federal Deposit Insurance Corporation have more than doubled from last year. The Federal Reserve has also been busy with its own orders.

2 Banks and 1 CU Fail, Net Branch Implodes
A bank that had nearly $300 million more in assets than in deposits was seized by state regulators last week as a result of heavy losses in collateralized-debt obligations. Also last week, a national net branch company that recently ranked as a top "non-imploded" lender ended operations.

All About Reverse Mortgage Lending
A bank that gave up on reverse mortgage lending at the beginning of the credit crisis has launched a new wholesale reverse lending channel, while another third-party lender hopes to help brokers focus more on the loan prospect's product education and less on sales. An originator and an issuer of reverse mortgages reported big growth, and a service provider is promoting a list of reverse mortgage prospects who are delinquent but have loan-to-values less than 60 percent.

Year Failed Acquired
2010 36 11
2009 229 55
2008 124 40
2007 166 48
2006 28 22
2005 9 9
2004 9 9
2003 11 7
2002 12 3
2001 7 6
2000 7 0
1999 4 1
1998 0 3

CMG Mortgage Insurance Co.

Impac Mortgage Holdings

The PMI Mortgage Insurance Co.

Residential Capital LLC

Silver State Schools Credit Union


archive of MortgageGraveyard.com stories






Mortgage Meltdown Leaves Failed & Bankrupt Lenders in Wake


The latest subprime meltdown has left many mortgage lenders out of business.

In addition, several mortgage bankers have filed for bankruptcy or been acquired.

The implosion from this subprime storm (more like a subprime tsunami) has resulted in many failed mortgage companies.

The Mortgage Graveyard focuses on mortgage lenders that have failed, been acquired or are currently struggling.

The new journal is supported by nearly a decade of mortgage industry news archives written by a variety of reporters for MortgageDaily.com, the dominant source of online news for the mortgage industry.

"We've seen the secondary market for subprime mortgages disintegrate over the past six months -- leading to an unprecedented number of company failures," said Sam Garcia, creator of The Mortgage Graveyard. "Information about the companies -- and the lessons to be learned from their failures -- is now easily accessible for analysis by future mortgage executives, analysts and educators."

Before becoming MortgageDaily.com's publisher in 2000, Mr. Garcia worked in mortgage lending for 20 years. His mostly subprime wholesale career included stints at companies that have gone out of business or been acquired.

Lender failures dating back to 1999 are featured in one of four columns.

Another column features lenders that have been acquired.

One column lists subprime mortgage bankers that are currently struggling.

Helping to keep things in perspective, a fourth column highlights recent mortgage company success stories.

By clicking on any of the companies listed in The Mortgage Graveyard, users are directed to a chronological listing of search results of news stories for that company.


read about The Mortgage Graveyard at the Wall Street Journal



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.

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

March

Growing Firm Scores Venture Capital Investment
A growing mortgage lender and servicer announced an equity investment by a venture capital firm. During the last few years, the Indiana-based mortgage company has acquired two other companies, expanded its retail branch program and pushed headcount past 100.

Fifth Third Expanding in Tennessee
After adding more than 100 mortgage loan originators during the past 90 days on a national basis, Fifth Third Bank has turned its attention to Tennessee.

Quicken Maintains Healthy Pace of Hirings
Quicken Loans Inc. has hired hundreds of new employees over the past two quarters. Today it is recruiting 75 more.

Fairway Boasts Boosted Business
Annual originations improved by more than two-thirds at Fairway Independent Mortgage Corp. Two Massachusetts branches were credited with originating more than $0.4 billion.

GA Firm Expanding, Hiring
Expansion at a mortgage outsourcing firm will result in dozens of new Georgia jobs.

PHH Performance Improves
Under the new management of its parent company, PHH Mortgage has boosted yearly loan production and pushed up quarterly and annual earnings. While residential originations eased from the third quarter, they might be headed higher as the company projects an increase in market share.


February

Lenders One Production Doubles
Members of the Lenders One Mortgage Cooperative have doubled their mortgage fundings.

Growing Firm Acquires $4 Billion in Agency Servicing
An Oklahoma-based lender that saw mortgage production more than double last year picked up the servicing on over $4 billion in agency mortgages.

Small Firm Sees Success in Recruiting
A small Connecticut firm has been hiring originators away from bigger competitors and has no plans to stop. The company's chief attributes its growth to a "loan officer centric model."


January

Business Surges at CA Bank
A California bank reported that residential originations soared nearly 300 percent last year to more than $4 billion.

St. Louis Firm Leaps Past $1 Billion
A St. Louis-based mortgage banking firm more than doubled its originations and exceeded $1 billion in volume.

Best Mortgage Employers
Three mortgage-related firms made the list of the 100 best U.S. employers.

Great Ginnie Performance
Quarterly issuances at the Government National Mortgage Association climbed to near-record levels, while delinquency improved.


December

Growing Lender Headed Past $1 Billion
A growing Connecticut firm is on its way to reaching $1 billion in annual originations.
Dallas Firm Earns IBM Award
A mortgage service provider grabbed top honors at an annual conference hosted by IBM.

Chase Hiring Originators
In preparation for a housing recovery, JPMorgan Chase & Co. is recruiting more than a thousand mortgage originators in nearly two dozen states.

USA Mortgage Originations Surpass $1 Billion
Business is booming at USA Mortgage, which has exceeded $1 billion in annual volume.


October

Mortgage Unit at IBERIABANK Expands
The mortgage banking affiliate of IBERIABANK has expanded in two states with five new offices.

Special Servicer Sees Success
A Texas-based servicer of distressed mortgages that launched only late last year expects to hire more than 100 employees during the next 12 months. The high-touch servicer is seeing big success with its modifications -- which are re-defaulting are a far lower rate than the rest of the industry.

New Billion Dollar Player
A mortgage banking firm with wholesale and branch operations saw annual originations exceed $1 billion. The company's chief is embracing high-quality mortgage brokers.


September

Colorado Firm Projects $3 Billion This Year
A mortgage banker based in Colorado has grown from just $13 million in annual originations to more than $3 billion. An in-house customer relationship management solution is credited with enabling loan officers to originate more.

FHA Lender Seeks Salespeople
A New York-based FHA lender is hoping to hire a hundred new loan originators by the end of this year. The company is prepared to provide extensive training for salespeople who might not have any mortgage experience.

Per Loan Profits Skyrocket
Mortgage banking profits shot up more than 600 percent in the first quarter as the share of profitable firms was up substantially. The dramatic improvement was attributed to a wave of refinances.


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