Mortgage Failures Balloon in 2007 from The Mortgage Graveyard
DALLAS, April 17 /PRNewswire/ So far this year, more than three times as many mortgage companies have gone out of business than did all of last year, according to http://www.MortgageGraveyard.com, a newly-launched free journal from https://www.mortgagedaily.com.
Through April 16, 2007, 34 failed mortgage operations have been chronicled by The Mortgage Graveyard. The figure represents the number of medium to large mortgage lenders or lending divisions identified and confirmed as closed down by MortgageDaily.com.
Among the most notable failures so far this year were LoanCity, Mortgage Lenders Network and SouthStar Funding.
During all of 2006, only 10 failed operations were identified. Acoustic Home Loans LLC, Ownit Mortgage Solutions and QuoteMeARate.com were among last years’ biggest failures.
An analysis of mergers and acquisitions indicates the mortgage sector is on track to maintain the heavy pace of consolidation started last year.
Six mortgage banking firms, including ABNÂ AMRO Mortgage Group, MortgageIT Holdings Inc. and ResMAE Mortgage, have been acquired during 2007.
New Century Financial Corp. is operating under bankruptcy protection and hoping to find a buyer before it goes completely defunct. Also hoping to find a buyer are Accredited Home Lenders Holding Co., NovaStar Financial Inc. and Option One Mortgage Corp. Fieldstone Investment Corp. has agreed to be acquired by C-BASS — albeit at a lower price than originally negotiated.
For all of 2006, 14 lenders, including Aames Investment Corp., Centex Home Equity and First Franklin, were acquired. Other notable mergers included Saxon Capital Inc. and Waterfield Financial Corp.
The Mortgage Graveyard is supported by nearly a decade of mortgage industry news archives written by a variety of reporters for MortgageDaily.com. The free online journal was created by Sam Garcia who, before becoming MortgageDaily.com’s publisher in 2000, worked in mortgage lending for 20 years. His mostly subprime wholesale career included stints at companies that have gone out of business or been acquired.
Visit The Mortgage Graveyard at https://www.mortgagedaily.com/MortgageGraveyard.asp.
About MortgageDaily.com
Founded in 1998, MortgageDaily.com is the 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:
Press:Â Shaun Bartlett
214.521.1300
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
Source:Â MortgageDaily.com
