NHEMA Sues OTS
The National Home Equity Mortgage Association sued a government agency Friday over new regulations affecting prepayment and late fee rules on mortgage loans.
HEL Delinquency Falls
Mobile home loan delinquencies decreased, but delinquencies on home equity loans remained about the same, according to a third quarter report released Thursday by the American Bankers Association.
Conseco Bankruptcy Among Largest in U.S. History
After four years of heavy losses and deep debt, Conseco, Inc. filed chapter 11 bankruptcy Tuesday night, and its finance unit has entered an agreement to sell its assets, according to federal court documents.
Robust Environments
Recent subprime and "Alt-A" RMBS servicer ratings actions.
Production Falls at New Century
New Century Financial Corporation reported a decrease in mortgage loan volume during November.
OTS Bumps Deadline
After urging the federal government to delay deregulation of prepayment and late fee rules because the short notice would cause a major disruption in lending, the National Home Equity Mortgage Association got its wish Friday.
Conseco Delays Q3 Results; on Verge of Bankruptcy
Conseco, Inc. announced it will delay filing of its third quarter results and warned of an $8 billion loss, The Wall Street Journal online reported.
Well It's Buying Time Again
HSBC Holdings PLC announced Thursday the purchase of Household International, Inc. for $14.24 billion in stock, a promising move for Household's hardest critics.
Q3 Securitizations 2nd Highest Ever at RFC
Residential Funding Corporation (RFC) announced Monday its total asset-backed and mortgage-backed securities issuance reached $9.2 billion during third quarter 2002. This marked the second largest quarterly securitization volume in company history.
Alternative Lifestyles
Alt-A mortgage securitizations should reach a record-breaking $41 billion by the end of 2002, according to a report by Moody's Investors Service. The mortgage loans also are expected to increase about 50% over 2001's volume
Home Improvements Rise
With mortgage rates low and home sales at record highs, home buyers are again investing in remodeling, according to the third quarter Remodeling Activity Indicator (RAI), devised by the Joint Center for Housing Studies at Harvard University
.
$637 Million Q3 Volume at Saxon
Saxon Capital, Inc. announced increases in its mortgage loan origination volume and total service portfolio balance during the third quarter, as well as a substantial jump in net income.
Sudden Impac
Impac Mortgage Holdings, Inc. reported increases in loan acquisitions, originations, and net earnings during the third quarter.
CHEC In Time
Centex Home Equity Company reported the second quarter production figures of its fiscal year, announcing increases in several areas
Household Net Plummets
Household International Inc. reported a plummet in net income during the third quarter, the result of a huge settlement charge.
Strong Quarter, Soft Month
New Century Financial Corporation reported a new quarterly volume record Tuesday.
Why?
Citigroup has agreed to the largest consumer protection settlement in U.S. history. With the settlement, the Federal Trade Commission (FTC) may be setting a new standard for what is and isn't acceptable behavior for companies that provide mortgage loans to consumers.
Household May Settle With States for Up to Half Billion
Another subprime company may enter into a predatory lending-related settlement that would be among the biggest in U.S. history.
Happy Days Are Here Again
New Century Financial Corporation announced Friday that strong production and a robust secondary market are enabling the company to raise its expected fourth quarter earnings.
Associates Legacy Put To Rest
Citigroup has settled charges of abusive lending at its finance unit with the Federal Trade Commission (FTC), resulting in one of the largest consumer protection settlements in history.
Citigroup May Settle Predatory Case For $200 Million
Citigroup, Inc. may settle predatory lending allegations with the Federal Trade Commission. Such a settlement would be a record.
SEC Certification Prompts Household To Restate
Results
The recent SEC order requiring the CEO's and CFO's of
some publicly traded companies to certify their companies' financial
statements has prompted at least one subprime lender to restate
results. Several notable CEO's have complied thus far, but the
statements are still forthcoming for a couple of noteworthy
lenders.
Mobile Home Lender Misses Bond Payment
A
major lender in the mobile home market has announced that it will
miss a bond payment and seeks a capital restructuring.
