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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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HR 3915 Approved by Committee
HR 3915 advanced through the House Committee on Financial Services. The proposed legislation would limit yield spread premiums and push more loans into the burdensome, high cost category.

Broker Grows Despite Meltdown
While he may not be earning the $10 million he earned in 2003, a Massachusetts mortgage broker is still increasing loan closings and adding more originators.

Mortgage broker Leif Thomsen adding employees, closing more

Brokers to Fight Expanded YSP Disclosures
Mortgage brokers blasted an expanded Good Faith Estimate proposed by the U.S. Department of Housing and Urban Development. They are concerned the proposed disclosure of yield spread premiums will give an unfair advantage to mortgage bankers.

Mortgage Jobs Off 100k From 2006
Nearly 100,000 people have given up careers in mortgage lending since last year.

NY Lawsuit Alleges Massive Appraisal Fraud
The State of New York has filed a lawsuit against eAppraiseIT alleging the company conspired with Washington Mutual Inc. to produce fraudulent appraisals. But the accusations are primarily based on just a few e-mails that marginally support the state's case.

Originators Wanted
A California-based broker is looking to hire loan officers in at least five Western states. The company's chief, who attributes the success to its mortgage brokerage structure, forecasts a net branching demise.

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


Sam Garcia
Mortgage Industry News

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