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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.


Bankruptcy a Possibility at American Business Financial
Faced with the inability to pay its creditors, American Business Financial Services Inc. has notified the Securities and Exchange Commission that it may need to seek bankruptcy protection.
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Delta Secures Additional $200 Million Warehouse Lines
Subprime lender Delta Financial Corp. has increased its warehouse funding capacity by nearly 30% and anticipates production next year will continue to increase from its record level this year.
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Branch Manager at Former BoA Unit Sentenced for Fraud
A former branch manager of Bank of America's one-time subprime lending subsidiary was sentenced for approving loans he knew were fake while at the unit.
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Mortgage Finance Trends
In the world of residential mortgage lending, what's hot and what's not? Interest-only loans, ARMs and first lien HELs are hot. Fixed rates, refinances and stand-alone seconds are not.
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Nice November Production at National City
National City reported that subprime originations from First Franklin reportedly totaled $1.5 billion during November.
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Study Looks at Nonprime Wholesalers
While onsite visits are helpful in persuading mortgage brokers to try a nonprime wholesale lender, a new study says the value of subsequent visits diminishes significantly. It's returned phone calls and reliable preapprovals that brokers value most.
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Vanderbilt, 21st Century to Add Servicing jobs
In the game of musical chairs that's been played with mortgage jobs lately, servicing positions in Tennessee are all the rage today.
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Delinquency Down, But Subprime Soars
A major trade group representing the mortgage industry had some good news and some not-so-good news; while overall mortgage delinquency was lower, delinquency in the subprime sector rose.
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$4 Billion Mfg Housing Portfolio Trades Hands
Vanderbilt Mortgage and Finance Inc. has agreed to purchase a $4 billion portfolio of manufactured housing loans from a unit of JPMorgan Chase & Co.
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Bigger Share of Cashout Proceeds Going to Investments
As more borrowers liquidate high amounts of home equity to make investments -- a move that can result in losing their home, NASD has once again stepped in to alert the firms it regulates to carefully analyze investors' suitability before recommending such activity.
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Fitch Ups First Horizon Servicer Ratings
First Horizon Home Loan Corp. received upgraded servicer ratings on Alt-A and home equity loans.
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NovaStar Helps Delinquent Borrowers Find Jobs
How can lenders reduce the number of unemployed borrowers that wind up in foreclosure? Help find them jobs.
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Amerisave Adding Origination, Production Employees
Production personnel looking for employment in Atlanta will benefit from the subprime expansion next year of one mortgage company.
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Fundings Hold Steady at New Century
One of the nation's biggest subprime lenders maintained the pace of the previous month's production and remains positive it will achieve its annual goal.
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NovaStar Lawsuit Comes on Heels of Critical HUD Audit
Subprime lender NovaStar Financial, already facing the fallout from a tough government audit over its net branch structure, is now being sued for $200 million in a Georgia federal court for allegedly using unlicensed brokers.
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Judge Halts Foreclosure in Low LTV Case
A low loan-to-value ratio in a California bankruptcy case convinced a judge to halt a foreclosure against the owner of a Monterey County residential property.
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Option One Has Plans for Brokers
As production eased at Option One, parent company H&R Block announced plans to enhance broker services and cut mortgage unit costs.
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Countrywide Exec Fired for Steering Borrowers to Subprime
Countrywide Financial Corp. said Friday that it fired a mid-level executive at one of its mortgage units after he encouraged loan officers in a memo to downgrade borrowers' credit ratings in order to steer them into more expensive loans.
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FDIC Report Highlights HELOC Growth
Home equity lines fueled loan growth at FDIC-insured institutions.
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Continued Decline at ABN AMRO
ABN AMRO's American mortgage unit has seen its production fall off most of this year, and October was no exception. But the company is looking to second mortgages to stop the bleeding.
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Most Vulnerable Fueling ARM Activity
More than in any other mortgage sector, the largest concentration of subprime borrowers is in an ARM/hybrid loan, according to Fannie Mae's report The Pluses and Minuses of Adjustable-Rate Mortgages.
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UC Star Selling Subprime 2nds
It was when he tried to buy his own house that former college basketball star Anthony Buford learned how difficult it can be for some people to achieve what is known as "The American Dream" of home ownership.
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95% LTV on Mfg Housing for All
The nation's largest secondary lender has expanded standards to purchase higher loan-to-value manufactured home loans from all of its approved mortgagees.
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Broker Vs Broker
In an unusual case of identity theft, an unlicensed originator used the California license of a legitimate mortgage broker to submit loans to New Century's wholesale unit and collect the associated fees -- leading to a lawsuit and leaving claim to nearly a quarter million dollars in commissions unresolved.
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Countrywide Sued Over Stated Income Loans
Countrywide Home Loans has been named as a defendant in a lawsuit because it allegedly approved a borrower for stated income financing on $1 million in properties even though his annual income was only $30,000. The filing of the lawsuit appears to be motivated, however, by a significant drop in the value of the properties involved.
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Impac Originations Up
While third quarter production has been off for many mortgage bankers, volume grew by one-fourth at Impac Funding Corp.
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Option One Adding Northern Calif Jobs
H&R Block Inc.'s subprime arm will soon open an office to serve northwestern clients that will make room for over 150 new production positions.
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Incredible IndyMac
Production edged up to a new record at Alt-A lender IndyMac Bancorp Inc.
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Record 3rd Quarter Production at NovaStar
NovaStar Financial Inc. fundings grew as it announced it would shed conforming branches and focus on nonconforming business.
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Record 3rd Quarter Production at NovaStar
NovaStar Financial Inc. fundings grew as it announced it would shed conforming branches and focus on nonconforming business.
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Accredited Activity Off Slightly
The third quarter represented a small setback for Accredited Home Lender's growing mortgage production.
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Lawsuit Accuses Household of Racketeering
Household International spent almost half a billion dollars in 2002 to settle claims with regulators and prosecutors in all 50 states that it mislead subprime borrowers over loan costs, fees and other expenses.
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Single Borrowers Making up Bigger Slice of Subprime Pie
Expect explosive growth in nonprime lending, driven a growing income gap between America's most wealthy and most needy.
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WaMu Production Tumbles
A drop in home equity lending at Washington Mutual Inc. contributed to an overall slide in quarterly mortgage production.
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Fannie to Buy More Subprime
Fannie Mae is looking to subprime mortgages to replace its dwindling conforming purchases and, in the process, lower the cost to subprime borrowers.
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Chase Production Off, But Home Equity Soars
Quarterly home equity fundings surged at Chase Home Finance, with originations up 42% in the third quarter.
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C-BASS Picks Up PCFS Portfolio
Following the decision to shut down a subprime business acquired through a merger, National City Corp. will now sell much of the unit's assets.
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Bass Vs Fieldstone
Not only is Fieldstone Mortgage trying to go public before the end of the year, it is locked in a messy lawsuit with the very rich and very powerful Bass family of Texas. At stake is millions of dollars the well-connected Bass family says it is owed from the sale of the mortgage company.
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First Franklin Originations Fall
Third quarter production took a downturn for National City Corp. as subprime fundings declined for the first time in almost two years.
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Countrywide Volume Nudges Down
While home equity originations climbed for the eighth consecutive month to a new record high, subprime slipped at Countrywide Financial Corp.
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Biggest Subprime Lenders
In addition to being the fastest growing mortgage company, New Century holds the title of biggest subprime originator.
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3rd Quarter Production Off at New Century
While September's mortgage production was unchanged from the prior month, quarterly volume was off nearly 20% for one of the largest U.S. subprime lenders.
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Defining Your Nonprime Niche
Who is your company? While this might seem like a strange question, if you can't answer it, how do you expect your customers to know who you are and what you do? It's impossible to be all things to all customers. If you want to be a nonprime mortgage originator, tell your customers who you are, what you do and what their brand experience will be when they work with your company.
click here to read article

Subprime Coalition Moves to Reign In Predatory Players
Subprime lenders have formulated a legislative plan they say will increase consumer protection in a larger number of subprime mortgages and push a uniform national anti-predatory standard.
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Former Owners of Bankrupt Subprime Lender in Trouble Again
Two of the most notorious figures from the 1980s saving-and-loan scandal -- a husband and wife who are the former operators of a mortgage company -- are once again facing legal problems.
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Saxon to Add 234 Virginia Jobs
Hundreds of new jobs will become available next year when a subprime mortgage lender that is in the process of converting to a REIT finishes constructing a new Virginia facility.
click here to read article

A Closer Look at Subprime Unit's Closure
At a time when subprime mortgage lending is thriving, National City's decision to close PCFS Mortgage seems somewhat baffling. But as the banking giant grows, it is moving away from the subprime business, says an equity analyst who follows the company.
click here to read article

Nonprime Hurricane Shows No Signs of Weakening
There may be uncertainty in some lending quarters, but in the nonprime sector of the American mortgage market all signs point to growth as far as the eye can see. This expansion will add to an already amazing success story that has been taking place in nonprime over the last eight years.
click here to read article

New Century Volume Dips Again
Production slipped for the second consecutive month at the fastest growing mortgage company.
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FDIC Concerned About Home Equity Loan Growth
Home equity lending at commercial banks and savings institutions grew in the second quarter, but there is concern that the elevated rate of growth in this sector increases risks for lenders.
click here to read article

Option One Activity Up
Quarterly production increased for the subprime mortgage arm of H&R Block Inc.
click here to read article

Home Equity Jobs to be Cut at Chase
Of the massive merger-related layoffs expected to occur at J.P. Morgan Chase & Co., over one hundred home equity employees will soon be cut in Florida.
click here to read article

National City Axes Subprime Unit
Cleveland-based National City Corp. is closing a subprime lender it picked up in the acquisition of Provident Bank in Cincinnati, and up to 500 mortgage-related jobs may be at risk.
click here to read article

1998 Bond Crisis; Subprime Lending Before and After
The case of a CEO who will keep his job and $2 million salary while serving an 18-month prison sentence sheds more light on the bond crisis of 1998 and the extreme effects it had on the subprime mortgage market.
click here to read article

Beyond Originations; The Virtues of REITs
Home equity mortgage originators should hold on to their loans and convert to REITs, according to the cofounder of one of the country's leading investment bankers.
click here to read article

Impac Production Climbs
Volume jumped 57% for the mortgage operations unit of Impac Mortgage Holdings Inc.
click here to read article

Northeast Lender Refinances Borrowers Out of Chapter 13
While thousands of people file for bankruptcy every year -- leaving their prospects for a new mortgage in shambles, one New Jersey mortgage banker sees their financial woes as an opportunity to elevate its niche business.
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Unconventional Loans in the Secondary
The secondary market for loans other than government-grade, prime is experiencing a shift that mirrors changes in the national economy as well as the mortgage industry itself.
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WaMu's Mortgage Banking Earnings Zero
While residential originations were up from the prior quarter, a decrease in mortgage banking income helped cut quarterly earnings in half for one of the country's largest mortgage originators. However, subprime and home equity originations appear to be strengthening.
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IndyMac Completes Financial Freedom Acquisition
IndyMac Bancorp, Inc. has now become the largest provider of reverse mortgages in the U.S.
click here to read article

Franklin Credit Nabs $310 Million Portfolio
Shopping for scratched and dented products is an activity not usually associated with the mortgage industry. But Franklin Credit Management Corp. said it picked up some less-than-perfect loans -- and at a pretty good discount.
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Subprime Drives Higher Originations at Regions
Soaring subprime volume by EquiFirst enabled its parent company to report a 41% boost in quarterly volume.
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Company Heading Toward Insolvency
Long simmering financial problems at subprime mortgage banker Paragon Financial Corp. boiled over with the Florida-based firm revealing it can no longer pay its top executives and other corporate employees.
click here to read article

NovaStar v PMI
Subprime lender NovaStar is locked in a federal court battle with mortgage insurer PMI Group over unpaid claims.
click here to read article

Challenges Facing Subprime Industry
Nonprime lenders will have to grow up to keep pace with the maturing market they will be serving.
click here to read article

Provident Shedding Subprime, Again
Cincinnati-based Provident Financial Group, which is in the process of being taken over, is looking to shed its $12.5 million subprime mortgage business. This is the second time in as many years that the company has sought to rid itself of subprime assets.
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Wells Fights Back
ACORN's public demonstrations and lawsuits against Wells Fargo are "deliberate attempts to distort and misrepresent our business practices and procedures," according to a company executive. The lender, which has been under increasing pressure by ACORN to change its lending practices, pointed to cases where it helped borrowers even as it was accused of harming them.
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Long Beach Reaches Settlement With Golden State Regulators
As part of an agreement to settle a civil complaint for charging excessive interest on residential mortgage loans, a Washington Mutual subsidiary paid California's investment and financing authority $800,000 -- which is less than 10% of the amount the state was originally seeking.
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ACORN Continues Assault on Wells
More than 2000 rally participants will converge in Los Angeles today to protest alleged predatory practices by one of the country's biggest mortgage lenders. The rally coincides with the planned filing of a nationwide lawsuit by consumer advocate group ACORN -- which accuses the company of not informing borrowers they might qualify for a better rate.
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Home Equity Biz Resisting Internet
A new study by the TowerGroup, a Boston-based market research firm, found that just under 10 percent of home equity loans closed in 2003 originated as online applications.
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Best Ever at First Franklin
The subprime subsidiary of National City reported that its May production was higher than any other month in its history.
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Wholesaler Databases Available Online
Mortgage brokers have yet another venue to search for loan programs and lenders that fit their borrowers needs. A recently launched service providing a database with such Internet accessible information anticipates its network will grow by about 50% within the year, and give the older folks in the business added competition.
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New Century Discloses 2 Class Action Filings
Two class action lawsuits have been filed against New Century. A New Jersey case accuses the company of RESPA, TIL and state violations while another case in Illinois alleges violations of that state's high rate loan laws.
click here to read article

GE Completes WMC Acquisition
The consumer lending division of industrial giant General Electric has completed an acquisition that makes it a player in the subprime game.
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Option One Roaring Ahead
Business is strong for Option One Mortgage Corporation, which saw marked gains in production from the prior quarter and the pri
or year.
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Class Action Against Wells Focuses on Illinois High Cost Loans
A class action lawsuit has been filed against Wells Fargo Financial on behalf of Illinois borrowers. The case, which focuses on high cost loans, challenges the federal government's preemptive authority to regulate the nation's financial institutions.
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Non-Refi Business Continues to Sizzle at Countrywide
Amidst an overall drop in mortgage loan production, Countrywide Financial Corp. reported -- again -- record purchase, subprime and ARM fundings.
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New Century Fundings Soar
Month-over-month mortgage production jumped 27% at New Century Financial Corp.
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Deutsche Launches Correspondent Unit
The investment banking arm of a European banking conglomerate has decided to try its hand at correspondent mortgage lending in America. The unit will focus on closed loan purchases of nonagency loans.
click here to read article

CitiFinancial Settles With Fed for $70 Million
CitiFinancial has entered into an agreement with the government to settle charges that it violated federal lending requirements and tried to mislead federal examiners.
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First Franklin Fundings Fall
The subprime arm of National City Corp. reported that adjustable-rate mortgages and branch expansion prompted its latest mortgage production to exceed monthly projections by 20 percent. But the unit still saw its business fall from the prior month.
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Subprime Loans Cost More to Originate, Service
If lawmakers and regulators would stop interfering with the mortgage lending process, the free markets would sort out right from wrong and winners from losers.
click here to read article

Lawyer for Predatory D.C. Firm Fined by FTC
The Federal Trade Commission has fined the legal counsel of a mortgage company for his roll in collecting payments on loans the FTC considers predatory. In addition to the fine, the attorney has been booted from the debt collection business.
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Differences Between Prime, Subprime Markets Blurring
Shakespeare asked: "What's in a name?" and subprime lenders couldn't agree more. While the Bard was referring to the sweet smell of a rose, lenders armed with loan-level pricing technology find that, like Romeo and Juliet, they are no longer burdened by labels either.
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US Bancorp Haunted by FirstPlus Loans
Minneapolis-based US Bancorp has agreed to pay $20 million to settle a class action lawsuit brought by consumers who alleged that they were charged mortgage loan fees that violated some state laws. The loans were originated and purchased from a now defunct subprime lender.
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GE Getting Into Subprime Game
The consumer lending unit of General Electric Co. recently announced plans to acquire a subprime mortgage wholesaler. The move comes at a time when subprime lending is expected to rise.
click here to read article

New Century Reports April Production
Monthly loan volume slipped for New Century Financial Corp.
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MILA to Add 800 Jobs Within 3 Years
A wholesale nonprime lender said it will add 800 new employees to its Washington state staff by 2006.
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Production at Impac Increases
The mortgage operations unit of Impac Mortgage Holding Inc. reported increased production.
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Record Production Expected to Continue at Accredited
Accredited Home Lenders started the year with the highest quarterly mortgage loan volume in its 14-year history and sees continued growth over the year. The company also will reconsider becoming a REIT in 2005.
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IndyMac Activity Up
Overall mortgage volume nudged up at IndyMac Bancorp Inc. -- driven by a wave of refinances.
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Group Attacks Wells Fargo
Numerous members of a prominent anti-predatory lending organization will attend Wells Fargo & Co.'s annual shareholder meeting Tuesday to protest against alleged subprime predatory lending practices, and additionally propose a resolution to tie executives' multimillion-dollar pay with their efforts to end such acts.
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Option One Operations Reviewed
A leading ratings agency confirmed that the subprime lending arm of H&R Block has strong financials and efficient management of its business operations. According to the report, the majority of the company's business is originated from nearly 13,000 mortgage brokers.
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Seniors Oppose Federal Predatory Laws
Consumer groups won't support a mortgage industry proposal to establish uniform national lending standards as long as preemption remains a key goal of the bill, a spokesman for AARP told mortgage bankers this week in Washington.
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NovaStar Faces SEC Inquiry, Shareholder Lawsuits
Subprime lender NovaStar Financial's legal woes continue to mount as the Kansas City-based company is facing an inquiry into its business practices from the Securities and Exchange Commission (SEC) as well as a spate of class action lawsuits from disgruntled shareholders.
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Fitch Gives Nod to GMAC-RFC
The mortgage arm of one of the world's biggest automakers continues to maintain a strong staff and financials, according to a leading ratings agency.
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National City Conforming Production Down, Subprime Soars
A jump in originations at First Franklin enabled the subprime mortgage lender's parent company to report an increase in overall first quarter fundings.
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NovaStar Shares Tank Following News Story
Shares of subprime lender NovaStar Financial took a sharp nosedive Monday after the company was slammed in a Wall Street Journal article.
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New Century to Convert to REIT
On the heels of announcements by other subprime mortgage lenders stating their intentions to convert to real estate investment trusts, one of the country's largest has said it will follow suit. In the same breath, the company said its production jumped more than a quarter from the prior month.
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Parties at Odds Over Effect of High Cost Loan Ruling
Plaintiffs' attorneys and industry insiders are sharply at odds over the impact of an Illinois appellate court ruling last week that upheld a state law prohibiting mortgage lenders in the state from writing high-cost loans. The homeowners' attorneys say the court's ruling could affect thousands of homeowners while others dismiss that claim as exaggerated.
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Foreclosure Costs Outweigh Homeownership Benefits, Subprime Study Says
As conforming lenders have seen their production levels seesaw recently, subprime lenders have experienced consistency and growth. And while subprime mortgages make a home purchase possible for many borrowers that otherwise might not experience the American dream, a study by one group suggests the higher rate of foreclosures on these higher risk mortgages outweighs the benefit.
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New Jersey is Latest Casualty in Predatory Legislation War
Predatory lending laws that are being implemented across the nation are touted as ways to protect subprime borrowers from unscrupulous lenders. But in at least one state such a law is making it harder for nonprime customers to qualify for a loan, according to a new study.
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Subprime Group Blasts Predatory Report
Subprime mortgage lending is forecasted to grow this year, and the sector has many critics. Even the critics have critics as one annual study was bashed by a trade association defending the role of subprime lenders. Another study places the blame for disproportionate minority subprime lending on mortgage brokers.
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Home Equity Lines Shine
In line with the rest of the mortgage market, home equity loan delinquencies improved during the fourth quarter -- with lines of credit leading the way.
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Class Action Lawsuit Pending Against Ocwen
The National Community Reinvestment Coalition is preparing to file a class action lawsuit against an Ocwen Financial Corp. subsidiary for alleged abusive servicing and foreclosu
re practices.
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Big Plans at First Franklin
On the heels of a jump in production, First Franklin Financial Corporation says it intends to become the nation's third largest subprime mortgage lender.
click here to read article

Subprime Performance Improves
Recent subprime RMBS ratings news.
click here to read article

Subprime Bubble?
While adjustable rate subprime borrowers may have been responsible for helping push the national homeownership rate to historically high levels, a government agency says this segment of borrowers poses a threat to the country's consumer credit system. Most at risk are borrowers in high cost areas.
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Subprime Delinquency Falls as FHA Rate Climbs
Amidst a recovering economy, an industry report said overall national delinquencies fell further during the fourth quarter, although foreclosures increased slightly.
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Saxon, Aames Going REIT Route
Looking to tap the lucrative equity market, two subprime mortgage lenders have announced plans to convert to real estate investment trusts.
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New Century Production Holds Up
As February fundings held strong at one of the nation's largest subprime lenders, the chief executive said he expects total 2004 production to increase over last year.
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GMAC Relents on Widow's Foreclosure
After being allegedly duped by a home improvement contractor, a Pennsylvania widow saw her mortgage passed from servicer to servicer -- only to wind up on the verge of foreclosure. However, Friday she received a letter from GMAC Mortgage Corp. confirming that her mortgage debt had been forgiven.
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Management, Procedural Changes Drive Improvement in Fairbanks' Servicer Rating
Recent subprime RMBS ratings news.
click here to read article

FTC Testifies on Predatory Lending
In recent senate testimony about the subprime market, the Federal Trade Commission delivered a warning to those engaging in predatory and illegal practices as it emphasized its "vigorous" efforts to combat such acts.
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Subprime Share of Mortgage Market to Rise
While refinance activity is slowing and total originations are expected to deflate by half this year, industry predictions point towards a higher demand for subprime loans.
click here to read article

S&P Sees Bright Outlook for Subprime
Recent subprime ratings news c
overage.
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Mortgage Lender Takes $500k Hit Over Language Issues
An Oregon jury voted to award a Spanish-speaking couple $545,000 in damages after finding they were defrauded by signing loan documents they could not read.
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95% LTV on Manufactured Housing
The manufactured housing industry breathed a sigh of relief as LTVs for the offsite-built structures shot up 5% for some lenders.
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WaMu Suing IndyMac
Two of the nation's largest mortgage lenders are in a $50 million court fight.
click here to read article

December Production Off at New Century
Monthly volume decreased for one of the nation's biggest sub
prime lenders.
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IndyMac Reports Lower Fundings
Fourth quarter levels of subprime and home equity production decreased for a Pasadena, Calif.-based bank.
click here to read article

Production Off at Impac
Quarterly volume decreased for the mortgage operations unit of Impac Mortgage Holdings Inc.
click here to read article

Subprime Strong at WaMu
Subprime and home equity production soared in 2003 at Washington Mutual Inc.
click here to read article

Radian Takes Big Conseco Hit
Philadelphia-based mortgage insurer Radian Group Inc. is taking a big loss -- and a beating from the ratings agencies -- over a manufactured housing deal gone bad with bankrupt Conseco Finance Corp.
click here to read article

$4.1 Billion in December Subprime, Home Equity Fundings at Countrywide
The subprime division of a Calabasas, Calif.-based lender announced milestone production.
click here to read article

December Originations Up at New Century
New Century Financial Corp. announced increased monthly production while achieving record-breaking annual volume.
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Tennessee Study Says Minority Share of Subprime Loans Not Disproportionate
A new study found Tennessee subprime lending contributed significantly to the state's economy and defies previous reports that this type of lending is not concentrated in minority neighborhoods or within low-income groups.
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Report Says Predatory Lending Issues Mostly Resolved for RMBS Issuers, Servicers
Recent subprime RMBS ratings news.
click here to read article



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