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-Related Casualties Continue


DALLAS -- (Oct 12, 2010) During the third quarter, the failure or closing of 49 mortgage-related companies and operations were tracked in the Mortgage Graveyard from MortgageDaily.com. A subprime mortgage lender called it quits during the latest period, while a huge mortgage banker subsequently abandoned mortgage broker originations. Overall casualties this year are on track to subside from 2009.

As of the end of September, 158 entries had been made to the Mortgage Graveyard this year. At the end of June, the figure stood at 109 -- indicating nearly 50 mortgage-related casualties during the third quarter. The prior period, around 54 such events were recorded.

Type through 9/30/10 through 9/30/09 Full-year 2009
Nonbanks 13 53 69
Banks 127 98 140
Credit Unions 18 13 20
Total 158 164 229

Some of the third's quarter's most notable Mortgage Graveyard events included the seizure by the National Credit Union Administration of three corporate credit unions: Members United Corporate Federal Credit Union, Southwest Corporate Federal Credit Union and Constitution Corporate Federal Credit Union.

On Sept. 17, six banks failed causing an estimated $300 million in losses to the Deposit Insurance Fund, while eight bank failures on Aug. 20 were expected to cause more $400 million in losses and seven bank failures on July 23 were projected to cost more than $400 million.

Among the quarter's biggest graveyard events was Wells Fargo Financial Inc.'s exit from the origination of nonprime mortgages for its own portfolio. The closing of that unit was expected to result in nearly 4,000 layoffs.

After the end of the third quarter, the Florida Office of Financial Regulation seized Wakulla Bank, and Shoreline Bank was shut down by the Washington Department of Financial Institutions.

But the two bank failures were dwarfed by Bank of America Home Loan's Oct. 5 disclosure that it would abandon the wholesale mortgage lending channel.


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 for the mortgage industry. Around 1 million news pages are viewed monthly at MortgageDaily.com and affiliated publications. www.MortgageDaily.com.


CONTACT:
SamGarcia@MortgageDaily.com
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
Bank news

Credit Union news

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.


Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.



Public Relations News | PR Agencies | Mortgage Daily Press Releases
Announcements about mortgage industry public relations firms. Stories about building your brand and increasing your exposure.




Logout forgot
password?
Closer Look at Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This 16-page summary looks at various provisions of the new law that will affect how the residential mortgage industry operates for the foreseeable future.

Q1 2013 regulatory lawsuits

Q4 2012 regulatory lawsuits

Q3 2012 regulatory lawsuits

Q2 2012 regulatory lawsuits

Q1 2012 regulatory lawsuits

Q4 2011 regulatory lawsuits

Q3 2011 regulatory lawsuits

Q2 2011 regulatory lawsuits

Q1 2011 regulatory lawsuits

Q4 2010 regulatory lawsuits

Q3 2010 regulatory lawsuits

Q2 2009 federal preemption lawsuits

Q4 2008 federal preemption lawsuits

Q3 2008 federal preemption lawsuits

Q2 2008 federal preemption lawsuits

full-year 2007 federal preemption lawsuits


Financial Regulation News
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.
Bank news


Credit Union news


Mortgage Regulation Table


Regulatory Actions Against Financial Institutions

Q1 2011

Q4 2010

Q3 2010

Q2 2010

Q1 2010


Q4 2009

Q3 2009

Q2 2009

Q1 2009

Q4 2008

Q3 2008


Q3 2009 Regulator Litigation


Regulatory Statistics



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