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



PRESS RELEASE


Over 100 Mortgage Failures


DALLAS -- (July 20) /PRNewswire/ So far this year, more than 100 mortgage-related operations have shut down, according to data tracked by the MortgageGraveyard.com -- a journal of failed, ailing and acquired lenders operated by MortgageDaily.com. The majority of the failures were U.S. banks.

From Jan. 1 through July 20, MortgageDaily.com reported on 103 mortgage-related entities that have either failed or been shut down.

Mortgage origination is dominated by federally insured financial institutions, and 57 such banks have failed so far this year -- more than double the level for all of last year.

On July 2 alone, seven federally insured institutions were seized. Six were in Illinois, controlled by just one family and operated under a model that concentrated exposure.

The closing of four institutions on Friday was projected to cost the FDIC's Deposit Insurance Fund $1.1 billion.

The Office of Thrift Supervision oversaw some of the biggest U.S. bank failures. Among failed institutions it previously supervised were BankUnited, IndyMac Bank and Washington Mutual Bank. The Obama administration is calling for the agency's dismantling.

The number of non-bank mortgage operations to close this year has reached 40. This group generally includes firms with at least 50 employees.

World Alliance Financial Corp., which operates the Senior Lending Network, said this month that funding was no longer available for reverse mortgages. The company warned it might wind down the business if it doesn't find a buyer or partner.

In June, Michigan regulators seized mortgage servicer Northwestern Financial Corp. for allegedly pocketing investors' payments and siphoning off escrow funds.

Also during June, Arizona regulators seized hard-money lender Landmarc Capital and Investment Co., which subsequently consented to permanent receivership.

Mortgage-Related Closures
Company Type 2009
(through 7/20)
2008
(full-year revised)
non-banks 40 84
banks 57 25
credit unions 6 14
Total 103 123


But the news isn't all bad.

CitiMortgage Inc. resumed its correspondent lending operations -- which were suspended on June 23. The resumption followed an overhaul of quality control procedures.


Complete details about all failed companies are 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 affiliated publications.


CONTACT:
Sam Garcia
mtgsam@aol.com
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.



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