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Wachovia Closing Broker Channel
Wachovia Corp. is exiting its wholesale lending business. The lender is not the only lender to abandon the broker channel.

Wachovia will stop accepting new broker business after Friday, July 25, spokesman Don Vecchiarello told MortgageDaily.com today.

The decision affects both the former legacy World Savings operations and Wachovia operations.
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Schumer Letter Leads to Collapse of Biggest Thrift Ever
Troubled IndyMac Bank F.S.B. was shut down today by federal banking regulators. The government said a June 26 letter from Sen. Charles Schumer sparked the crisis that led to the collapse.

The Office of Thrift Supervision issued a press release today stating it has shut down the Pasadena, Calif.-based company and transferred operations to the Federal Deposit Insurance Corporation.

The bank, which OTS said was the biggest thrift under its supervision to ever fail, will reopen Monday as IndyMac Federal Bank FSB under the management of FDIC.
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Housing Bill Approved
Landmark housing legislation has made it through both houses of Congress and is now on its way to the president's desk.

Responding to an epic housing crisis and faced with a potential loss of confidence in Fannie Mae and Freddie Mac, Congress has enacted a sweeping legislative package that will bring help to the nation's ailing housing market.

The U.S. Senate, in a rare Saturday vote, approved H.R. 3221 today on a vote of 72-13; the House passed the bill 272-152 on Thursday.
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Anti-Broker Campaign Sparks Anger
An "I hate mortgage brokers" campaign has been launched by a former real estate professional who is afraid to reveal her true identity over fears for her safety.

The www.IHateMortgageBrokers.com Web site was announced Tuesday by Outrageous Enterprises LLC. The site was originally registered in March, according to data from Network Solutions.
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IndyMac Sells Retail Branches
IndyMac Bancorp has agreed to sell the majority of its retail operation.

Prospect Mortgage announced today that it will acquire more than 60 branch offices from the Pasadena, Calif.-based company.
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Wholesale Operation Re-Emerges
A significant portion of National City's former wholesale lending unit has been acquired and launched as part a new California-based company.

Biggest Mortgage Lenders
A new company has emerged as the biggest U.S. mortgage lender.

IndyMac Halts New Business
The company formerly owned by Countrywide is taking drastic steps to survive, including laying off nearly 4,000 employees.

Nonconforming Wholesaler Hiring, Lending
A California-based wholesale lender is adding account executives to meet demand for a wide array of nonconforming, conventional and government programs.

Bank Shuts Down Mortgage Unit
A Maryland bank has disclosed that it will close its mortgage unit. The move follows the ouster of the company's chief executive after the company reported losses tied to loan fraud.

Read the full text of these articles and many more at: www.MortgageDaily.com

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