Countrywide Blasts New Century, Ameriquest
Fierce competition from "irresponsible players" such as Ameriquest Capital Corp., New Century Financial Corp. and real estate investment trusts are to blame for tumbling earnings, according to America's largest mortgage banker.

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February Mortgage Headlines
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Argent Employees Laid Off
The wholesale subsidiary of America's largest subprime lender laid off hundreds of employees.

WaMu Laying Off Thousands
Washington Mutual Inc. announced it will close 10 mortgage processing offices and slash thousands of jobs.

Worst TIL Violators in 2005
Settlements with three mortgage companies over violations of the Truth in Lending Act were recently touted by the government.

Company, Employees Vanish Amid $100 Million Scandal
Federal investigators say a recently disbanded mortgage brokerage firm helped dozens of borrowers cheat financial institutions and secure up to $100 million in loans.

Fake Paystubs Online
A Florida Internet company has allegedly offered online services for mortgage loan applicants that needed fake paystubs.

Subprime Entrepreneur At It Again
After founding a subprime mortgage company, building it into a top wholesale lender, then selling it, a North Carolina man is confident he can do it again -- this time with technology on his side.

Option One Consolidating
Option One Mortgage Corp.'s consolidation will result in hundreds of layoffs.

Option One, Accredited Stung by Drug Ring
Federal prosecutors in Ohio have snared their first guilty plea in their investigation of a large drug ring that used a mortgage brokerage to launder some of its ill-gotten funds.

Judgment on $31,000 Mortgage Costs Servicer $1.8 Million
A Florida-based nonconforming mortgage servicer seeks reversal of a $1.8 million judgment connected to a $31,000 home improvement loan.

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


Sam Garcia
Mortgage Industry News

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