Firm Abandons Mortgage Lending for Energy
An Indiana-based firm is closing its mortgage originations business to focus on energy in the Middle East. More than 100 loss-mitigation employees are impacted from the decision.

GMAC Replaces CEO
After less than two years in the job, GMAC Financial Services is replacing its chief executive officer.

National City Mortgage Brand Gone
The National City Mortgage brand has been retired.

200 Mortgage Fatalities This Year
The number of mortgage-related operations to close so far during 2009 has hit 200 -- more than any year since MortgageDaily.com began tracking the data. IBERIABANK acquired more than $3 billion in assets from two of three failed banks Friday -- including nearly a billion dollars in residential mortgages.

Mortgage Mergers Jump
In addition to 18 bank merger transactions, nearly 10 new deals to acquire mortgage lenders and default service providers emerged. One of the acquirers is on the prowl for more targets.

Banks Cut Over 2,000 Jobs
U.S. banks cut, or plant to cut, more than 2,000 positions during the second half of this year. Many of the layoffs are directly tied to acquisitions made since last year.

Cost of Friday's Failures: $1.5 Billion
Five banks with assets of more than $11.5 billion failed Friday and are expected to cost the federal insurance fund for bank deposits more than $1.5 billion. A California-based institution is responsible for most of the cost.

FDIC Maintains Fast Pace of Regulatory Orders
Of more than 60 recent regulatory orders against U.S. financial institutions, the majority were issued by the Federal Deposit Insurance Corporation.

PHH Fundings Off, Big MSR Write-Downs
Quarterly home-loan volume fell and is likely to fall further at PHH Mortgage. Profits at the production unit weren't near enough to offset a big decline in the value of mortgage servicing rights.