Mortgage Industry News from

buy subscription | login | online help or call Carmen at 214.521.1300 | advertise

podcast for iPods & MP3 players |view these headlines on web

Employment
Subprime Meltdown

Servicing

Other Headlines

ACC Lays Off Thousands This Week
The parent of Ameriquest Mortgage will complete this week the layoff of over 500 Illinois employees and thousands more throughout five other states.

Outsourcing Leads to Layoffs
National City Mortgage Co. will be offshoring more Ohio jobs.

Employment By State Report
Analysis of mortgage layoffs and hirings by
state from Jan. 1, 2006 to April 27, 2007.

Mortgage Bankers Blame Brokers
WASHINGTON, D.C. -- Mortgage bankers said mortgage brokers are responsible for the rash of foreclosures facing the industry. They also criticized a report which "disingenuously" overstates the degree of subprime problems. Meanwhile, the group is taking proactive steps to deal with overextended borrowers.

Fraud at Core of Repurchases
NEW YORK -- Mortgage fraud, which cost lenders more than $4 billion last year, could be at the heart of the recent wave of repurchases, according to panelists at a mortgage banking conference.

Mixed Subprime Activity

The performance of subprime loans backing residential mortgage-backed securities with variable interest rates worsened, according to a recent investment report. But spreads improved on new transactions for the fifth consecutive week.

Home Prices Fueled Subprime Meltdown
A new ratings agency study found a link between property values and subprime mortgage defaults.

The MortgageGraveyard
Journal of failed, struggling and acquired mortgage-related companies.

Foreclosure Help On The Way
In addition to proposed legislation, a series of programs have recently emerged to combat a projected wave of foreclosures.

Reset Wave Coming
LAS VEGAS -- The effectiveness of loan modifications on the wave of rate resets expected to hit subprime borrowers -- many who lied on their loan applications -- was questioned by panel of secondary market experts.

Stressed Servicers Speak
Subprime servicers, who saw the first signs of trouble last fall, are going "old school" in their approach to heading off defaults and foreclosures. But some sub-servicers need more experienced employees to administer increasing activity from overwhelmed lenders.

Mortgage Licensees Diminish
New laws designed to make it tougher for mortgage brokers and loan officers to be licensed are living up to expectations in at least two states -- leading to fewer licensed originators. And mortgage industry consolidation is also having an impact on the number of licensees.

Loan Program Updates
Changes have been announced for a popular lower-income mortgage program. Meanwhile, a federal banking regulator is calling for tighter limits on stated income loans.

Wells Exec Running for Office
A California executive for Wells Fargo Home Mortgage also has a political career.

Rates Jump
Comments from the Federal Reserve helped send mortgage rates soaring during the latest week. And as interest rates move higher, more adjustable-rate borrowers are refinancing into fixed rate loans.

Mergers and Boardroom Business
Deals involving reverse and commercial mortgage companies complimented a host of banking mergers.

Freddie Purchases Tumble
After climbing almost $10 billion in March, Freddie Mac's new business purchased retreated last month. But business was better than a year earlier.

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

.................................................

Thanks,
Sam Garcia
Publisher

Mortgage Industry News

Mortgage Advertising
Reach mortgage brokers, mortgage executives and other people in mortgage lending at MortgageDaily.com -- the dominant online news source for the real estate finance industry. Mortgage ads available on specialty news sections, high-traffic pages and mortgage newsletters.
more about advertising | purchase ad online | ad analysis | media kit | ad newsletter | e-mail or 214.521.1300

This email was sent by: %%Member_Busname%%
%%Member_Addr%% %%Member_City%%, %%Member_State%%, %%Member_PostalCode%%, %%Member_Country%%