Wells Unloads Subprime Loans
A big portfolio of subprime mortgages has been sold by Wells Fargo & Co.
The San Francisco-based institution sold a $600 million portfolio of subprime loans, a spokeswoman confirmed to MortgageDaily.com.
While the size of the portfolio sale is huge, it's still a drop in the bucket given that Wells originated more than $50 billion in home-equity and subprime loans annually during its heyday.
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Regulators Seize Hard-Money Lender
A 10-year-old Arizona hard-money lender was seized this week by state regulators. The company was founded by a "second-generation money lender" who started in the business as a teen.
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Investor Litigation Falling
While investor lawsuits tied to the credit crisis more than doubled from 2007 to last year, quarterly filings have been trending down. Cases against subprime mortgage lenders have tumbled.
Direct Mail Volume Stabilizes
After two years of declines, direct mail volume by U.S. home-equity lenders might be near a bottom.
ResCap Ratings Raised
Residential Capital LLC's nonprime servicer ratings have been upgraded.
Taylor Bean Settles With 13 States
Allegations of mortgage fraud on nontraditional loans have led to a $9 million settlement with 13 states by Taylor, Bean & Whitaker Mortgage Corp. As part of the agreement, the company will implement a federal modification program.
Chase Sued Over Suspended HELOCs
JPMorgan Chase & Co. is being sued because it allegedly shut down a self-employed couple's home-equity line-of-credit even though their income hadn't changed. Another class action alleges that faulty appraisal values were used in decisions to close HELOCs.
2004 Alt-A Ratings Slammed
Two ratings agency downgraded ratings on hundreds of Alternative-A residential mortgage-backed securities -- with one of the agencies being especially hard on the 2004 vintage.
Older Subprime Vintages Deteriorating
Recent rounds of downgrades on subprime securitizations reached back to the 2000 vintage.
First Tennessee Servicing Ops Deteriorate
Deterioration in the servicing platform at First Tennessee Bank National Association, which is just a shell of its former self, prompted a downgrade to the company's servicer rating for junior liens.
