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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.


www.lenderhomepage.com
PRESS RELEASE


Record Pace of Mortgage Failures


DALLAS -- (April 6) /PRNewswire/ The mortgage sector is on pace to see a record number of failures this year as regulators seize banks at an accelerating rate, according to data tracked at the Mortgage Graveyard -- a journal of failed, ailing and acquired lenders. A lack of government loans programs and lost warehouse financing played a role in some of the closings.

From Jan. 1 through March 31, MortgageDaily.com reported 50 mortgage-related company closings. The annualized rate of first-quarter failures, 200, would be a big leap from 120 during 2008 and higher than 2007's 160 -- the most of any year since tracking began in 1998.

At 21, federally insured bank failures are on pace to exceed 80 this year -- about three times last year's level. First-quarter nonbank closures were 25, while four credit unions were shut down.

JPMorgan Chase & Co. closed its mortgage broker unit during January in a move the company's chairman and CEO said he regretted not making sooner.

On one recent Friday, the FDIC took control of three banks, while two corporate credit unions were placed in conservatorship.

Credit unions have also had to contend with the collapse of Central States Mortgage and CU National Mortgage -- two firms that provided mortgage services to credit unions.

Chase and National City Corp. both closed their warehouse lending operations. As mortgage bankers have found it increasingly difficult to finance loan originations, many have failed. Recent warehouse casualties include Home Loan Consultants Inc., Popular Mortgage Corp. and Residential Loan Centers of America Inc.

Around 1,000 loan officers in 100 branches were impacted by the failure of Arizona-based Liberty One Lending. Among the reasons for the company's collapse was its slow adoption of FHA programs.

A resistance to FHA business also played a role in the closing of California-based First Security Loan Corp.

Mortgage Related Failures
Type of Company 2009
(through 3/31)
2008
Non-Mortgage Firms 25 81
Banks 21 25
Credit Unions 4 14
Total 50 120


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

http://www.MortgageGraveyard.com

http://www.MortgageDaily.com


About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a dominant online source of mortgage news for the mortgage industry. Around 1 million news pages are viewed monthly at MortgageDaily.com and its affiliated publications.


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


Source: MortgageDaily.com


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