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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.


Even When Credit Score Considered, Study Says Minority Loan Terms Worse
Despite having similar credit scores, borrowers living in minority or elderly areas get higher-cost loans, a study found. However, one economist disputes how much the report reflects lending today.
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Average Home Equity Line Up
Home equity line and loan production grew in 2003, said the Consumer Bankers Association.
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Fannie Purchasing 95% Mfg Housing Loans From Some Lenders
Poised to maintain liquidity in a troubled housing sector, Fannie Mae announced it will swerve from the manufactured housing LTV requirement it previously imposed on 30-year mortgages.
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Fannie Poised to Dive Deeper into Subprime
Despite a slowed economy, Fannie Mae said it is in a suitable position to continue expanding its activity in the higher-risk loan market.
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Hot Tip: Subprime Stocks
Want a good stock tip? Invest in the subprime mortgage market next year. That's the word on the street from financial analysts who follow the companies that make subprime loans.
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Subprime Fundings Edge Down at Countrywide
Subprime loan production nudged down at Countrywide Financial Corporation.
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2nd Monthly Decline at New Century
Mortgage production stepped further down the ladder at New Century Financial Corporation, but the company remained positive that it will reach its 2003 vol
ume target.
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Borrowers at Risk of Foreclosure to Benefit from Settlement
Household announced it reached a proposed multimillion-dollar settlement with ACORN and a series of borrowers in a lawsuit relating to its U.S. mortgage lending practices.
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Subprime Sales Up at HR Block Sub
Option One Mortgage Corporation's latest financial results showed an increase in subprime loan originations.
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CitiFinancial to Pick Up Florida-Based Finance Unit
Washington Mutual Inc. announced it has agreed to sell its consumer finance unit to Citigroup's CitiFinancial Credit Co.
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Saxon Settles Suit With Originators
They sat all day in cubicles, typing loan applications into computers, putting in more than 40 hours a week but not getting paid the overtime.
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Devil is in the Details
The FTC and HUD have filed a proposed settlement in their case against Fairbanks Capital for alleged unfair servicing practices in connection with subprime mortgage borrowers.
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Subprime Production up at Countrywide
Subprime production at Countrywide continued to defy it's overall fundings.
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New Century Fundings Down From Record September
After reaching record levels in September, loan volume decreased at New Century Financial Corporation.
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Record IndyMac Production
Pasadena, Calif.-based IndyMac reported record mortgage loan production helped third quarter net income soar to a record of its own.
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New WMC CEO Draws Scrutiny
Three months after departing Wells Fargo Financial to spend more time with his family, Daniel W. Porter has reemerged as CEO of a California-based subprime lender.
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Servicing Problems Result in $40 Million Fairbanks Settlement
One of the nation's leading servicers of subprime mortgages, under intense regulatory pressure because of consumer complaints, has agreed to a $40 million settlement with the federal government.
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Fitch Says Bank of America Leading 'Alt-A' Player
Recent subprime RMBS ratings news
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Conseco Foreclosing on Former CEO
In April of 2000, Stephen Hilbert was forced out as CEO of manufactured housing lender Conseco Inc. after the company ran up staggering debts of $8.2 billion.
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Subprime Lender Thrives Even as Prior Execs of Former Parent May Face Jail
Getting spun off from scandal-plagued Tyco International Ltd. was probably the best thing that could have happened to CIT Group Inc.
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S&P Cuts Ratings on 2002 Mfg Housing Issues
Recent subprime mortgage RMBS ratings news.
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Subprime Segment Soars at Countrywide
Contrary to Countrywide's conventional mortgage production, rising rates did not hurt subprime lending.
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OCC Vs. States; Opponents of Federal Preemption Talk
While some say OCCs proposal needs clarification to avoid future problems, others say it just won't work and ask for withdrawal.
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Record $3.4 Billion New Century September Production
September set monthly and quarterly records for New Century Financial Corporation.
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Subprime Lender's Woes Hit FHLB System
The financial woes of Philadelphia subprime lender have had a ripple effect that are now causing problems for the Federal Home Loan Bank of New York.
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Use of Lender-Paid MI Growing in Subprime RMBS Deals
Recent subprime RMBS r
atings news
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Lawsuits Against, By New Century Dismissed
Two California mortgage-lending companies dismissed lawsuits against each other, but the aftermath is not in acco
rdance.
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Subprime in Southwest Supreme
The biggest state in the Southwest no longer reigns as one of the nation's best subprime mortgage-lending places, according to one industry report, but other states in the region do.
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New Issuances Holding Down HEL Delinquencies
Recent subprime RMBS ratings activity.
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Subprime Business Holds for Countrywide
As conventional mortgage business drops off for one of the nation's biggest mortgage originators, its subprime production holds steady.
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Subprime Giant Sets Production Record
Loan production reached new heights at New Century Financial Corporation, where rising rates don't present much of a concern.
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Fannie Tightens Mfg Housing Guidelines
A growing concern about the performance of manufactured housing loans had led Fannie Mae to issue new guidelines for maki
ng and servicing the loans.
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Drop in Refi's to Impact Subprime Lenders
Common wisdom holds that mortgage rate changes affect conventional and subprime lenders exactly opposite. When rates drop, the A lenders are in the catbird seat -- when they rise, the B/C crowd rides high. Or, so it has seemed.
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Option One Reports Over $5 Billion Quarterly Production
A company mostly in the business of assisting personal income-tax filers posted a profit this quarter due to its mortgage sector.
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Fed Revises Loan Disclosure Threshhold
The Federal Reserve Board has announced an upward revision of the fee which triggers disclosure of mortgage information.
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Subprime RMBS Market Strong
Recent subprime RMBS ratings activity.
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North Carolina Lending Revisions Vetoed
The governor of North Carolina has vetoed a bill which would have allowed consumer finance companies to charge extra fees to borrowers.
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Servicing Issues Drive Fairbanks Management Appointments
Fairbanks Capital Corporation recently named several new executive hires.
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Q2 Subprime Upgrades Outnumber Downgrades at S&P
Recent subprime RMBS ratings actions, news.
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OCC Proposes Rule on Predatory Lending
The Office of the Comptroller of the Currency this week proposed a rule regarding predatory lending by banks.
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Lender to Pay Monumental Settlement
Household Financial will pay hundreds of millions of dollars to borrowers as a result of an investigation into the company's lending practices.
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IndyMac Posts Record Earnings
Another lender reported record production for the second quarter of 2002.
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Former MBA Director Now Board Member of Bank
IndyMac Bancorp, Inc., has named to its board a former member of the board of the Mortgage Bankers Association of America.
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Comptroller Says Banks Not Really the Predatory Problem
Predatory and abusive lending is, based on the evidence, virtually non-existent in the national banking industry, the Comptroller of the Currency said Thursday.
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These Are a Few of My Favorite Ratios
Recent subprime RMBS ratings actions.
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Cali Sub-Prime Lender Marks Record Quarter
A California-based subprime lender reported a new quarter record for mortgage origination, beating their previous quarter's record by 31 percent.
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New Jersey's Predatory Law Gets Pre-empted By OTS
Predatory lending laws set to go into effect this fall in New Jersey have lost some of their effectiveness, thanks to a ruling by the Office of Thrift Supervision.
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Subprime CEO Out at Wells Fargo
The chairman and chief executive officer at subprime lender Wells Fargo Financial has resigned.
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H.R. 833 Would Provide Uniform Subprime Standards
National uniform standards for subprime mortgage lending would be established under legislation Congress could begin taking before the end of this year.
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Provident to Sell Branch Banks and Subprime Loans
Provident Financial Group said it has sold off subprime loans and its payment solutions provider, and intends to sell its Florida franchise.
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Low Rates Pushing Up Credit Support on Subordinate Home Equity Certs
Recent subprime RMBS ratings activity.
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New Century Sees Upswing In Production
June turned out to be the busiest month of the quarter for subprime lender New Century Financial Corporation.
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Ratings Services Review New Kentucky Lending Laws
Two companies have announced changes in the way they will rate RMBS originated in Kentucky.
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Predatory Lending Laws Get Attention of S&P
The financial analyst group held a conference call last week to discuss their approach to new legislation.
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Tougher for Subprime Borrowers to Keep Homes, Harvard Says
For that less-than-perfect creditor, a subprime loan is an increasingly popular bridge to home ownership.

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Lehman Liable in Predatory Lending Case
A federal jury has found an investment banker partially liable for a mortgage company's alleged predatory lending scheme, according to wire reports.
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LTVs, OLTVs, & CLTVs
Recent subprime RMBS ratings actions.
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New Century May Production off Slightly
Loan volume tapered slightly in May for mortgage banker New Century Financial Corporation, according to the company's latest news release.

Fannie's Going Inside Fairbanks
According to a letter delivered to a senator, one of the nation's secondary lending behemoths intends to start personally monitoring the business practices of one of their mortgage servicers.

Combined, Original & Total LTVs
Recent subprime mortgage ratings actions.

Factors Indicating Possible Fraud
Mortgage executives got a lesson in fraud detection during an association seminar in North Texas recently.

CitiFinancial Reaches Agreement With Consumer Group
A consumer-advocacy group has teamed up with CitiFinancial in a partnership designed to encourage responsible lending, both groups announced.

Fairbanks Among Ratings Casualties
Recent subprime RMBS and servicer ratings actions.

Record April Production at New Century
Loan production dwarfed last year's April numbers at New Century Financial Corporation, according to the company's most recent figures.

IndyMac Production Steady
Another mortgage banking entity reported first quarter production.

LTVs & Subordination Levels
Recent subprime ratings actions.

Subprime Sector Performing Well
Recent subprime ratings actions.

$4.5 Billion 1st Quarter Subprime Fundings at Long Beach Mortgage
As home equity fundings headed higher at Washington Mutual, subprime fundings edged down.

Subprime Production Jumps at Countrywide
After falling last month, one of the nation's biggest conforming lenders saw subprime fundings increase in March to the highest level this year.

Record March Production at New Century
Loan production at one of the country's biggest subprime lenders jumped to a record level last month.

Former Employees Sue New Century
Two former Louisiana loan officers are suing New Century Financial Corp. for unpaid overtime.

HomeGold Files for Bankruptcy
A Columbia, South Carolina subprime lender has sought bankruptcy protection.

Cincinnati Area Employees Feel Sting of HomeGold Bankruptcy
A local mortgage company and investment firm under investigation by SEC closed its doors Tuesday, leaving 40 people out of work.

Option One Parent Challenged for Cross Marketing IRS Referrals
A coalition of consumer groups has asked for a federal investigation into how one of the nation's leading subprime lenders is receiving sales leads through the Internet Web site of tax preparer H&R Block.

Subprime Delinquency Improves, 90-days Worsen
Subprime lenders saw their overall levels of delinquency fall, even as 90-day subprime delinquency edged up.

Fairbanks Under Fire by Senator, Consumers
A Utah-based company that is the nation's leading servicer of subprime mortgages has emerged as the target of dozens of lawsuits, hundreds of complaints and a possible criminal probe by federal authorities.

Subprime Business off at Countrywide
Subprime fundings continued to soften at Countrywide, with subprime mortgage production falling below $1 billion.

$1.43 Billion February Production at New Century
New Century Financial Corp. posted a slight decrease in February mortgage production from January, but that could have been because of February's fewer funding days, the company said.

Reorganization May Pre-empt Sale of Conseco Finance
A group led by Warren Buffet's Berkshire Hathaway is one of many bidders for bankrupt Conseco Finance Corp., the St. Paul Pioneer Press reported. But the group -- or any other bidder -- may not get a piece of Conseco after all.

$4.5 Billion Quarterly Production at Option One
Option One Mortgage Corp. reported increases in origination and in it servicing portfolio during what was the company's third quarter.

Fannie's Bid for Conseco Servicing Portfolio Draws Concern
Fannie Mae's bid last week on the manufactured housing servicing platform of bankrupt Conseco, Inc. has the mortgage industry worried about the government entering the competitive marketplace. But Fannie says it would win the bid only in the unlikely event that no one else wants the loans, and even then Fannie intends to find an outside servicer.

CA Company, Executives Banned from Brokering in Washington
After charges of various state violations were upheld earlier this month, Washington state's financial agency has ordered a California mortgage company to pay fines and consumer restitution totaling more than $1 million. A lawyer for the company's president said the violations were the work of a rogue broker and that the legal proceedings were tainted.

Subprime Fundings Edge Down at Countrywide
Countrywide Financial Corporation announced its January subprime funding total, which was just an arm's length away from December's production.

New Century Production Falls From Record Levels
New Century Financial Corporation posted its mortgage loan production for January, which was just shy of December's record volume.

Option One Took $2.3 Mil Loss on Fraud Loans
Option One Mortgage Corp. has taken a loss on fraudulent loans made against properties from a New York builder. The head of the company's fraud unit defended giving loans to co-conspiring family members of the builder, who are accused of providing lenders with bad appraisals.

Former PinnFund CEO Sobs at Sentencing
PinnFund U.S.A.'s former chief executive officer reportedly sobbed as he was sentenced for one of the biggest fraud cases in southern California history.

2002 Impac Production Doubles
Impac Mortgage Holdings, Inc. announced it more than doubled total loan production during 2002.

Record Production at Indymac
IndyMac Bank reported record mortgage loan production for the fourth quarter and the year.

Household Net Drops
After a rough year, Household International, Inc. reported an increase in net income during the fourth quarter, but experienced a decrease since last year.

Calif Sues Long Beach for Interest Overcharges
California's investment and financing authority has sued a Washington Mutual, Inc. subsidiary for allegedly overcharging subprime borrowers even two years after the authority warned the lender that it was in violation of state law.

Scratch & Dent RMBS Issuance Up
Moody's reported that the market for non-standard RMBS deals backed by scratch-and-dent, reperforming, sub-performing, and non-performing loans is gaining ground. However, some analysts say this characterization is skewed because issuance in general has multiplied.

New Century Production Soars
New Century Financial Corporation announced record mortgage loan production for the December, fourth quarter, and fiscal year periods.



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