Another Wholesaler Falls
A California-based nonprime lender has closed its wholesale operations and laid off 150 people.

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Biggest Mortgage News in February
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Licenses Lost
Mortgage fraud is at the heart of several mortgage license revocations spanning two states.

ResMAE Files for Bankruptcy
ResMAE Mortgage Corp. has filed for bankruptcy protection and reached an agreement to sell assets.

Subprime Storm Isn't Over
The co-founder and chief of America's largest originator told Wall Street analysts Tuesday that as many as 50 subprime lenders are going down a day -- a trend that he expects to continue though this year.

Chase Dumps Subprime Loans
JP Morgan Chase & Co. has sold off much of its subprime mortgage holdings as the industry continues to struggle through a brutal downturn. But given the right deal, the financial giant would again take a big position.

Mismanagement Kills Mortgage Firm
Arizona regulators are shutting down a mortgage company with over 80 branches because of extremely lax hiring practices, poor record keeping and incompetent management.

More Mortgage Mergers
A $5.7 billion portfolio and a wholesale mortgage operation will trade hands in two upcoming acquisitions.

Subprime Layoffs at WaMu
There was no Valentine's Day celebration for hundreds of Washington Mutual Inc. subprime employees.

Mortgage M&A
The acquisition of a troubled subprime wholesaler wasn't the first deal of its kind, but it did top the latest week's mergers, acquisitions and other corporate activity.

Former Exec Sues Ameriquest
A lawsuit filed against Ameriquest Capital Corp. by a former senior executive alleges the subprime giant owes him $30 million it agreed to pay him as a consultant so he wouldn't compete against the company. But an attorney for the lender calls the complaint "fiction."

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Sam Garcia
Mortgage Industry News

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