Subprime Wholesaler Winding Down
A company that recently ranked among America's fastest-growing private companies is calling it quits.
|AE Crowned Mrs. World
An account executive for Argent Mortgage has been crowned Mrs. World 2007.
Option One Defaults on Covenants
Option One Mortgage Corp., which saw its quarterly originations fall, is operating with waivers from its warehouse lenders until April -- when the company hopes to obtain extensions.
Fremont Exiting Res Lending
A cease and desist order was disclosed by Fremont General Corp. -- which said it will exit subprime lending.
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.
The parent of Ameriquest has laid off workers and consolidated operations across all business lines in order to survive the "very challenging" nonprime market.
LoanCity No More
LoanCity has closed down.
New Century Stops Taking Apps
New Century Financial Corp. has been unable to fund mortgage loans and has stopped accepting new applications.
Brokers Bcrraged with Bad News
More wholesale lenders -- including Countrywide Financial Corp. -- have advised mortgage brokers they are no longer interested in stated-income and 100 percent loan-to-value loans, according to correspondence reviewed by MortgageDaily.com.
Stated, 100% Programs Fading
Mortgage brokers say the recent subprime sector crunch has curtailed stated-income lending, reduced 100% loan-to-value products and increased underwriting problems.
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