twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.reversefunding.com

subscribe to free Mortgage Daily email newsletter
The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.


www.lenderhomepage.com

PRESS RELEASE


Mortgage Meltdown Cools


DALLAS -- (April 2, 2008) /PRNewswire/ The pace of collapsing mortgage companies has slowed this year, according to data from
http://www.MortgageGraveyard.com, a journal of failed, ailing and acquired lenders. Net branch operations are dominant among the latest victims.

During the first quarter, 22 mortgage companies have closed, according to the Mortgage Graveyard, which is maintained by http://www.MortgageDaily.com.

Companies tracked primarily included those that employed at least 50 people.

Year
Failed
Companies
Acquired
Companies
2008 1st quarter
22
11
2007
148
42
2006
18
19

Among the most notable activity was Shearson Financial Network Inc., which temporarily discontinued all operations. Shearson's demise follows two years of rapid growth.

Merrill Lynch announced the closing of subprime subsidiary First Franklin Financial Corp.

Friedman, Billings, Ramsey Group Inc. announced the liquidation of subsidiary First NLC Financial Services LLC.

Millennium Mortgage Corp., which in February said it planned to add 150 account executives by June, reported it suspended wholesale operations.

Downeast Mortgage Corp., which last year was presented with its second award from the Maine State Housing Authority for originating the most first-time homebuyer loans, is in the process of shutting down.

Global Mortgage Inc., which previously promoted itself as a haven for brokers looking to avoid collapsing companies, has itself collapsed.

First National Mortgage Sources, a 200-office net branch that previously billed itself as one of the fastest growing U.S. brokers, is being shut down by its parent.

"The pace of mortgage lending failures has slowed significantly this year," said Sam Garcia, founder of the Mortgage Graveyard and Publisher of MortgageDaily.com. "We are on track to see fewer than 90 companies collapse this year -- a big improvement over the 148 failures tracked during 2007."

Among a growing number of mergers announced was Bank of America's agreement to acquire Countrywide Financial Corp. in a deal expected to close during the third quarter. The combined company will likely originate around $450 billion annually -- more than any other U.S. lender.


A complete report of all failed companies is available at:
http://www.MortgageDaily.com/MortgageGraveyard.asp?spcode=pr


About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a dominant online news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.


CONTACT:
Sam Garcia
214.521.1300
3811-700 Turtle Creek Blvd.
Dallas, TX 75219


Source: MortgageDaily.com


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.

www.lenderhomepage.com
Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.


Mortgage Branch News | Net Branch | Mortgage Branch Directory
Coverage of new and existing net branch operations. Programs, payouts and other details. Profiles of brokers and net branch lawsuits.

www.financeofamerica.com

Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

sales blog

secondary marketing

social media

servicing news

subprime news

wholesale lenders

wireless mortgage news