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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.
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PRESS RELEASE
Mortgage and Bank Failures Fall in 2011
DALLAS -- (Jan. 3, 2012) The U.S. mortgage industry saw a marked decline in business closings last year. Non-bank casualties fell to the lowest level since before the financial crisis, while bank failures fell for the first time in six years. The biggest players in reverse mortgage lending called it quits.
During 2011, Mortgage Daily tracked the failure or closing of 131 mortgage-related entities.
Business closings in real estate finance tumbled 35 percent from 2010.
Just 20 of last year's closings were non-bank entities, less than the two dozen tracked a year earlier and the lowest number since 2005's eight.
Among last year's biggest events was Bank of America Home Loans' decision to exit correspondent lending. The business originated around $100 billion annually.
PMI Mortgage Insurance Co. stopped writing new policies and was seized from parent The PMI Group Inc. by the Arizona Department of Insurance.
Much of the non-bank activity was concentrated in the reverse mortgage sector, with three of the biggest reverse mortgage lenders -- BofA, Wells Fargo Home Mortgage and Financial Freedom -- all disclosing in the first half plans to exit the sector.
| Type |
2011 |
2010 |
| Nonbanks |
20 |
24 |
| Banks |
92 |
157 |
| Credit Unions |
19 |
22 |
| Total |
131 |
203 |
Last year saw 92 federally insured banks fail, fewer than in 2010. It was the first time since 2005 that bank failures have declined.
Among last year's most significant bank failures were Community Bank, where assets were $2.3 billion; Integra Bank, N.A., which had $2.2 billion in assets; and United Western Bank, with $2.1 billion in assets.
Other high-profile banks to close included Lydian Private Bank, with $1.7 billion in assets; Community Banks of Colorado, which had $1.4 billion in assets; and Bank of Choice, where there were $1.1 billion in assets
Mortgage Daily tracked the failure of 19 credit unions last year, a few less than in 2010. |
Complete details about all failed and closed mortgage companies and operations are available at:
http://www.MortgageDaily.com/MortgageGraveyard.asp?spcode=pr
About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a dominant online source of mortgage news and mortgage statistics for the mortgage industry.
CONTACT:
Holly Himelright
NewsAlert@MortgageDaily.com
Source: MortgageDaily.com
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Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.
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Bank news
Credit Union news
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Reverse Mortgage News
Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.
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Financial Regulation News | Regulatory Actions | Mortgage Regulations Table
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.
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