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Subprime Mortgage News

Last Updated Monday, June 06, 2005 12:14 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

Trouble In Texas
Allied Mortgage defends use of name; Money Mortgage faces cash crunch
MortgageDaily.com October 3

Master Of Destinies
This week's subprime mortgage ratings actions
MortgageDaily.com October 1

Explore reverse mortgage choices before acting
Compare FHA, Fannie Mae and Financial Freedom Plan reverse mortgage plans to select the best alternative
SFGate.com September 30

Abandoning the field
Are laws banning ?predatory? lending spooking subprime lenders?
Inman.com September 27

Mobile Homes Increasingly Popular In Canada
Mobile Homes found in every province and territory in Canada, with British Columbia and Alberta accounting for half of these homes
MortgageDaily.com September 26

A ban on bamboozling

California's 'predatory' lending legislation awaits governor's signature
Inman.com September 25

Sub-prime lenders breaking the mold

Non-conforming lenders offer a needed option
Inman.com September 12

Delinquent Or Not?
TheStreet.com reports that Conseco is hiding bad loans
MortgageDaily.com September 11

Failed Bank Received Top Rating
OTS gave top rating to Superior Bank through much of the 1990s, despite high concentration of risky investments & concerns of other agency regulators
WashingtonPost.com September 11
More Subprime Thrifts Expected to Fail
According to the outgoing head of the Office of Thrift Supervision, others may soon fall
Mortgage Daily.com September 10
Homeowners Should Think Carefully Before Taking Home Equity Loans
Homeowners should consider how they will use the money, the fine print, how much they will borrow, how they'll pay it off, the possibility of higher interest rates and potential home value depreciation
cnnfn.com September 9

CitiGroup Settles With North Carolina For $20 Million

Associates-related settlement one of largest paid
MortgageDaily.com September 7

Triple 'A' Or Less
This week's subprime mortgage ratings actions
MortgageDaily.com September 4

Number Of Suspended Citigroup Brokers Rises
More than half of correspondents also suspended
MortgageDaily.com August 31

To Rate Or Not To Rate
This week's subprime mortgage ratings actions
MortgageDaily.com August 27

Chase Subprime Exec: We'd Swap States for Feds
EVP suggests that subprime lenders open their doors to periodic federal banking examinations, and the government, in turn, would exempt them from compliance with state and local antipredator laws
TheBankingChannel.com August 21
A Practice That Lends Itself to Trouble
Superior's Failure Spotlights Banks That Court High-Risk Borrowers
WashingtonPost.com August 21
Time For Action

Recent subprime mortgage industry ratings actions
MortgageDaily.com August 20

Wamu Primed For More Subprime
Wamu originated $2 billion of these loans in the first quarter, or 5.9% of the loans made
TheBankingChannel.com August 20
Predatory lending takes a big hit
Bank of America says business reasons prompted its subprime bailout, although the Wall Street Journal reported the bank's subprime affiliate has been profitable so far this year

AccessAtlanta.com August 20
Reverse mortgage can help cash-poor, house-rich seniors
The basic requirements for a reverse mortgage are to be at least 62 years old and the occupant of your own home
SFGate.com August 19
PinnFund founder indicted on federal charges
Michael J. Fanghella is charged in a 20-count indictment with illegally transferring firm money overseas and deceiving HUD
SFGate.com August 16
Meritage To Buy 15 Equicredit Branches
Bank of America exiting subprime
MortgageDaily.com August 15
Unbalanced sheet showed writing on wall
Superior Bank held nearly 70% of the entire banking industry's interest-only "strips,", the highly risky, interest-sensitive portion of mortgages it sold

ChicagoTribune.com August 15
Vanderbilt prices $400 mln manufactured housing ABS
Total Clayton Homes deal size was increased to $400 million from $250 million because several tranches were oversubscribed
Yahoo.com August 14
Subprime Loans Grow With Good Times
The dollar volume of subprime loans grew from $20 billion to $150 billion between 1993 and 1998

MortgageDaily.com August 14
`Subprime' could be bad news for banks
Big banks have been snapping up subprime lenders and bolstering their own internal subprime lending units
SFGate.com August 9
Slowdown Hits Subprime Credits
Serious delinquencies on subprime mortgage loans were 21% higher at the end of last year than they were a year earlier
TheBankingChannel.com August 8
Fear Of Defaults
New loan products and underwriting exceptions have helped push the nation's homeownership rate to a record level, but those home loan trends of the last 10 years have never been tested in a weak economy

TheBankingChannel.com August 7
PinnFund Fugitive Surrenders
Michael Fanghella surrenders to U.S. Marshals in San Diego
MortgageDaily.com August 2

Prepayment Penalty Haunts Some Borrowers
Many low-income subprime consumers are missing the refinance party
SFGate.com August 1
New Century Set to Lay Off 140
Layoffs are related to sale of servicing to Ocwen
LendingIntelligence.com July 31
Chase Sues Advanta
Chase said it sustained $67 million in damages as a result of Advanta's alleged actions
MortgageDaily.com July 30

Mortgage firm has good model for subprime lending
Ameriquest Mortgage tells customers to check out the competition to confirm best terms
ChicagoTribune.com July 29

Pritzkers' Chicago Bank Fails
Regulators found that Superior Bank engaged in poor lending practices, inadequate supervision of employees and poor record keeping
WashingtonPost.com July 28
Citigroup Hires Lawyer in Loan Abuse Case
Former Clinton defense attorney met with at least current and former CitiFinancial employees to remind them of agreements to keep quiet about their employer, leaving many of them frightened
Yahoo.com July 27
Illinois lending rules challenged
Illinois Association of Mortgage Brokers has filed a lawsuit seeking to void many of the state's new regulations against predatory lending
ChicagoTribune.com July 26
High-Cost Home Loans Estimated
Estimated annual cost to borrowers is $9.1 billion, including $2.1 billion for credit insurance, $1.8 billion for upfront fees, $2.3 billion for prepayment penalties and $2.9 billion for excess interest rates

SFGate.com July 25
Saxon seen offering $650 mln home equity ABS
Deal will be Saxon's first securitization since Dominion Resources Inc. completed divestiture of company earlier this month
Yahoo.com July 24
Household eases subprime lending terms
Company to cut prepayment fees, reduce rates for on-time payments, lower rates to customers with good credit, allow more time to cancel insurance policies and assist customers of other subprime lenders in avoiding foreclosure if they were victims of unfair mortgage-lending practices
ChicagoTribune.com July 24

Subprime Borrowers Confused, Dissatisfied
Fannie study focusses on credit-impaired
MortgageDaily.com July 20
Option One prices $296.9 million home equity ABS
Notes are part of a subprime home-equity loan deal totaling $2 billion

Yahoo.com July 19
CitiFinancial Income Up 40%
Increase from 2nd quarter 2000 attributed to Associates integration and receivable growth
MortgageDaily.com July 17

Are Credit Scores Plummeting?
Sampling of FICO scores generated by a large independent credit reporting agency suggests that home mortgage applicants' scores are slipping
MortgageDaily.com July 16

How unscrupulous lenders prey on the vulnerable
Predatory lending activity in California
SFGate.com July 15

Home equity loan rates hit lowest levels in years
Average home equity line-of-credit rate has fallen to an 8-year low of 6.98%
(+/- 7.5% without teaser rates included)
BankRate.com July 12

Household To Drop Single Premium Insurance
Move -- which follows similar Citigroup move -- will cost company $10 million in net annual income
WashingtonPost.com July 12
Long Beach launches $1.56 bln mortgage ABS
Subprime mortgages use European indices
Yahoo.com July 10
Subprime Company Raises $277 million
Dominion divests Saxon per Consolidated merger requirement
MortgageDaily.com July 9

How To Move Up With Old Equity
Options for buyers who don't sell old home before buying new one
RealtyTimes.com July 6
Fed to Review CitiGroup Lending Efforts

CitiGroup has cut ties with many former Associates brokers and announced it would stop selling single-premium credit insurance on mortgages
Yahoo.com July 2

Good credit bad credit
Some questions about credit
Inman.com July 02

How much of our homes do we own?

Harvard study reports that last year 16% of borrowers put down 5% or less on their mortgages, and equity is at a record low
ChicagoTribune.com July 1

Popular Subprime Archive Stories

At Any Rate
Recent subprime mortgage industry ratings actions
MortgageDaily.com May 25
Former PinnFund CEO Planned To Escape To Caribbean On
$1 million Yacht
Estranged wife obtained injunction preventing yacht from sailing
MortgageDaily.com May 14

New Century Takes Total Loss On LoanTrader Investment
$1.1 million charge taken in first quarter
MortgageDaily.com April 26

Subprime Archives

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Aames Loses $30.5 Million In Fiscal 2001

Growth In Production & Online Advertising Face Mortgage Industry

Recession Will Hurt Subprime, Manufactured Housing MBS Performance

RBMG Completes Equicredit Branch Purchase

Option One Completes $131.9 Million NIM

Defaulted Delta Noteholders Accept Debt Exchange

BoA Subprime Exit Attributed To Governmental Restrictions

GreenPoint Intrduces Broker 'Pipeline Manager'

WMCDirect Posts Record $112 Million Month

Conference to Examine Growing Niche in Lending Industry

S&P Comments on High-Cost Residential Mortgage Loans

BoA To Exit Subprime Mortgage Lending

Delta Reports $16.5 Million Loss

Delta Defaults On $150 Million Notes

New Century Files for Secondary Stock Offering

Oakwood Homes Reports $50 million Loss

NovaStar Financial, Inc. Reports Record Earnings

Aames Completes $150.0 Million Securitization, $383.4 Million Whole Loan Sales

New Century Financial Corporation Announces $0.51 EPS for Second Quarter 2001

IMC Mortgage Company Announcement

Bay View Sells $309 million In Loans To Goldman Sachs

CIT sells Manufactured Housing Assets

New Century Increases EPS Estimate to
$1.30 - $ 1.45 for 2001

New Century Increases Warehouse Credit Lines By $70 Million

Hard Money Lender Sees "Fantastic" Ad Responses

New Century Reports Smooth Transfer of First $1.2 Billion To Ocwen Servicing Platform

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

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

WMCDirect Passes $4 Billion Milestone

Approved Financial Corp. Reports 1st Quarter Loss

New Century Announces Insider Stock Sale