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Subprime Mortgage News

Last Updated Friday, March 11, 2005 02:27 PM CST

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.




National Home
Equity Association
National Center for
Home Equity Conversion
Association of Community
Organizations for Reform Now

To the rescue
New owners of Superior Bank FSB intend to re-examine whether to continue sub-prime mortgage loans
Yahoo.com May 26
At Any Rate
Recent subprime mortgage industry ratings actions
MortgageDaily.com May 25
$100 Million In Missing Assets Sought In Pinnfund Scam
Investors Hold Little Hope Of Seeing Money
TheSanDiegoChannel.com May 22
Former PinnFund CEO Planned To Escape To Caribbean On
$1 million Yacht
Estranged wife obtained injunction preventing yacht from sailing
MortgageDaily.com May 14
Group Protests Against Lender
About 35 protesters from Association of Community Organizations for Reform Now (ACORN) were met by armed guards and rooftop security agents as they demonstrated outside Household International's annual shareholders' meeting in Tampa
Yahoo.com May 8
D.C. Housing Group Calls for Moratorium on Foreclosures

First Government Mortgage & Investors Corp. made predatory loans and is now in bankruptcy proceedings
WashingtonPost.com May 2
Lending Abuses Overstated, Claim Industry Advocates

MBA has maintained that the best way to prevent abusive practices is to enforce current laws, not enact new ones
RealtyTimes.com April 30
Home-equity loans face defaults
High-risk lenders foresee problems
ChicagoTribune.com April 29
Delta To Be Delisted From NYSE
Shares trading at 25 cents
MortgageDaily.com April 27
Debt service
Rate drop primes the pump for home-equity lending
Marketwatch.com April 27
New Century Takes Total Loss On LoanTrader Investment
$1.1 million charge taken in first quarter
MortgageDaily.com April 26
PinnFund Figure Tells His Version of Alleged $330 Million Mortgage Fraud

SEC contends alleged coconspirator -- James Hillman -- came across enough warning signs over the years that he should have known what was going on
Yahoo.com April 20
X-rated
Recent subprime mortgage ratings actions
MortgageDaily.com April 19
Option One said readying $1.4 bln home equity bond deal

Option One is the depositor, originator and servicer of the issue, and Freddie Mac is the issuer and guarantor of the planned offering
Yahoo.com April 16
Protecting Against Predatory Lending

Illinois group touts preventative predatory ordinance
ChicagoTribune.com April 14
Subprime Mortgage Production Up 44% at RBMG

March subprime production $76.2 million
MortgageDaily.com April 12

PinnFund Chief Missing, Sought In Alleged $330 million Securities Scheme
Michael J. Fanghella, chief executive and majority owner has not been seen or heard from since well before a federal judge in San Diego issued a bench warrant for his arrest on April 6
Yahoo.com April 12

Subprime Production Falls 10% At Countrywide
Home equity fundings up
MortgageDaily.com April 11

Troubled Waters
Consumer Groups Battle Lenders Over Borrowers' Costly Credit Insurance
WashingtonPost.com April 7

New Century Addresses Pending Litigation
10-K filing reveals FTC investigation and Ohio class-action suit
MortgageDaily.com April 5

Mortgage Firm Bilked Investors
PinnFund investors were kept in dark with bogus financial statements showing a profit; investors to likely see 10 cents on the dollar
Yahoo.com April 3

Friction With Fannie and Freddie
Some subprime lenders unhappy with GSE participation
MortgageDaily.com April 2

Risky Home Loans May Take Hits
Bank examiners worried about lenders that make 125% LTV home equity loans
WSJ.com March 29
(subscription required)
S&P Projects 20%-plus Jump in HELOC Securitizations in 2001
Projection based on increasing size of HELOC securitizations, Mellon Bank & Fleet National Bank's return to securitization market; and appreciating home prices
LendingIntelligence.com March 28

Money for everything
Tax-cut pitch rings hollow with home-equity argument
Marketwatch.com Mar 28

Rate This One
Recent subprime mortgage industry ratings actions
MortgageDaily.com March 27

RBMG Subprime Production Falls
Decline follows jump in January
MortgageDaily.com March 23

Fed faces balancing act on mortgage rules-Gramlich
Predatory red flags are loans based on value of assets & not borrower's ability to pay back
Yahoo.com March 23

Russians Find Mobile Homes a Hard Sell
Touted as Answer to Shortage, U.S.-Style Housing May Still Be Out of Reach
WashingtonPost.com March 21

Downwardly Mobile
Manufactured housing industry seeing contraction
MortgageDaily.com March 20

NovaStar seen offering $408 mln home equity ABS
Home equity loan transaction will feature 4 classes of floating-rate notes
Yahoo.com March 19

Old Standards
Servicers talk about servicing nonstandard mortgage loans
MortgageDaily.com March 13

Tyco International to Acquire CIT Group for $9.2 Billion
Tyco already has $1 billion in loans on its books
WSJ.com March 13
(subscription required)
Subprime Leaders Network
National Home Equity Mortgage Association holds annual conference in California
MortgageDaily.com March 12

Countrywide Subprime Fundings Jump 32% From January
Mixed results from home equity fundings
MortgageDaily.com March 12

GMAC unit seen selling $1.5 bln subprime home loan ABS
Seven-part AAA-rated RFC transaction will carry a financial guarantee from bond insurer FGIC
Yahoo.com March 12

Complaint Filed By FTC Against Citigroup Unit
Complaint alleges predatory lending at Associates unit
MortgageDaily.com March 7

Ocwen to buy servicing rights to New Century loans
Deal is expected to cut New Century's debt by $60 million
Yahoo.com March 1

Advanta Closes Sale of Mortgage Business to Chase
Cash price is in excess of $1 billion
Yahoo.com March 1

RBMG Subprime Production Up 60%
January subprime mortgage loan production was $59.9 million
MortgageDaily.com February 28

NovaStar Reports Quarterly Profit
Net earnings were $2.3 million in 4th quarter
MortgageDaily.com February 12

Countrywide Subprime Production Up 18.5%
January subprime mortgage production $371 million
MortgageDaily.com February 9

Subprime Leaders To Meet In Palm Springs
National Home Equity Mortgage Association
holding annual conference next month
MortgageDaily.com February 8

New Century Reports $43.1 Million Loss For Q4
Loan volume was $1.0 billion for quarter
MortgageDaily.com February 1

E-Loan Enters Home Equity Lending
Company sold 342 home equity loans for a total dollar volume of $13.9 million in fourth quarter
MortgageDaily.com January 26

Myers Internet Services Forms Strategic Alliance with New Century Mortgage Corporation
New Century brokers now able to submit loan applications via Internet
MortgageDaily.com January 24

3rd Quarter Loss At Centex Home Equity
Company impacted from "Portfolio" method of accounting
MortgageDaily.com January 23

New Century Announces 4th Quarter Loss
Company previously announced net income estimates of $0.30 to $0.35 per share
MortgageDaily.com January 22

MBA Opposes HUD Data Collection Process
Additional reporting by GSE's would help identify possible predatory lending activities
MortgageDaily.com January 8

Freddie's Going Down (in credit grades)
Freddie Mac
Executive Indicates He'd Like To See All Subprime Borrowers Qualify For Freddie Mac Mortgages
MortgageDaily.com November 2

Bridging The Gap
LoanTrader.com
Providing Technology For The Technophobic Subprime Mortgage Industry
MortgageDaily.com November 2


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05.22.01
Standard & Poor's Updates Subprime RMBS Default, Loss Assumptions

05.17.01
New Century Announces $750 Million Forward Sale Commitment Whole Loan Prices Continue to Improve

05.15.01
WMCDirect Passes $4 Billion Milestone

05.16.01
Approved Financial Corp. Reports 1st Quarter Loss

05.01.01
New Century Announces Insider Stock Sale

04.30.01
Chase's Manufactured Housing Division Named Industry "Lender of the Year''

04.30.01
S&P Releases First-Time Data on Alt A RMBS

04.27.01
Delta Financial Corporation Announces First Quarter Results

04.26.01
New Century Financial Corporation Reports First Quarter Results

04.25.01
NovaStar Financial, Inc. Reports Record Earnings

04.19.01
RFC Announces Second Largest ABS Issuance in Company's History

04.17.01
CFI Mortgage, Inc., Signs Letter of Intent to Expand Mortgage Capabilities With Joint Venture Partner

04.16.01
Downey Financial Corp sees $135 mil in Q1 subprime production; portfolio stands at
$1.8 bil
PRnewswire.com

04.09.01
Aames Financial Corporation Completes $150 Million Securitization and $365 Million of Whole Loan Sales
Yahoo.com

04.06.01
Course On Manufactured Housing Offered Online
MortgageDaily.com

04.05.01
New Century Announces Completion of Debt Modifications
PRnewswire.com

04.02.01
New Century Announces the Completion of the Ocwen Transaction; Ocwen Federal Bank FSB Purchased New Century's Servicing Rights
PRnewswire.com

3.30.01
Delta Financial Corporation Announces Fourth Quarter and Year-end Results
Yahoo.com

3.28.01
Oakwood Homes Corporation Completes Securitization and Sells Certain Retained Securities
Individual.com

3.21.01
Fitch Publishes Revised RMBS Subprime Rating Criteria
Yahoo.com

3.19.01
Resource Bancshares Mortgage Group, Inc. Announces Pilot of Its Online Sub- Prime Business-to-Business Lending Service
Individual.com

3.19.01
E-LOAN Offers Five-day Payout On Home-equity Lines of Credit
Yahoo.com


3.12.01
Delta Financial Corporation Expands Community Lending Initiatives
Yahoo.com


3.2.01
Option One Mortgage Partners With ENTEX IT Service for Complex IT Standardization Project
Yahoo.com


2.12.01
New Hard Money Loan Exchange
Yahoo.com


2.07.01
GMAC-RFC Unveils Internet Portal for Investors
PRnewswire.com


1.11.01
New Century Announces Primewest Merger
PRnewswire.com

12.7.00
Aames Financial Corporation Announces Pricing of Securitization
AOL.com