Repurchases Stinging Subprime Sector
Mortgage loan buybacks are exacting a devastating toll on subprime lenders -- even forcing some companies out of business.

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Biggest Mortgage Industry News in January
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Wholesaler Closes
Another California-based wholesale operation has shut down.

Subprime Wholesaler Out
The parent company of E-LOAN will exit subprime wholesale lending -- a move that will leave more than 600 employees out of work.

Best Mortgage Employers
The best mortgage-related company to work for last year paid its mortgage bankers an average of $82,000, provided employees with professional sports entertainment and brought in a major pop band for a big company celebration.

New Century Unit Downsizes
A branch reduction at a New Century Financial Corp. subsidiary resulted in hundreds of mortgage employee layoffs.

AZ Co. Shutting Down
An Arizona-based company has defaulted on its debts and is winding down mortgage operations -- leaving over 100 people unemployed.

Mortgage Shakeups
The latest corporate activity in mortgage banking was topped by Merrill Lynch & Co.'s acquisition of a subprime mortgage lender.

2 More Shut Down
Two Virginia-based bankers have decided to shutter their mortgage-lending units.

ResMAE Negotiating Sale
Another investment banking firm is negotiating the acquisition of a subprime wholesale lender.

Layoffs as Unit Closes
As one subprime unit of National City Corp. was sold, another closed its doors and laid off workers.

Read the full text of these articles and many more at:


Sam Garcia
Mortgage Industry News

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