3 Head to the Graveyard
Three recent subprime casualties include companies based in Arizona, California and New Jersey.

For weeks, Alternative Financing Corp. of Northern California has had a message posted on its Web site telling customers it has exited the wholesale business.

"Due to market conditions Alternative Financing Corp. will be discontinuing its wholesale operation ... and will focus on its retail business channel," the company said.
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Mortgage Market Chaos Continues
Mortgage mergers were overshadowed this week by the collapse of a wholesale operation, the forced closing of a credit union and the planned divestiture of a mortgage unit. As earnings at financial institutions continued to be dragged down by subprime problems, one subprime lender saw its credit lines cut further.

As Losses Mount, Investors Sue
With almost $4 billion more in subprime related charges announced yesterday by two financial giants, investors are becoming extremely litigious. But one mortgage company acquisition did manage to close.


The Mortgage Graveyard
Journal of failed, ailing and acquired lenders.


Corporate Mortgage News
Mortgage mergers, acquisitions and other corporate activity including
executive appointments, bankruptcies and public offerings.

Full House Passes H.R. 3915
The full U.S. House of Representatives passed H.R. 3915 today. Those happy with its passage include mortgage brokers -- who successfully lobbied for the preservation of yield spread premiums. But the president and mortgage bankers oppose it.

The bill, known as the Mortgage Reform and Anti-Predatory Lending Act, was passed by a vote of 291-127, according to the Mortgage Bankers Association.

The chief sponsor of the legislation was Rep. Brad Miller (D-N.C.). In his interview with C-SPAN today, some of the major provisions outlined were a suitability requirement, mortgage broker licensing, and some legal liability for securitizers.
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