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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.

Issue Number 108, January 2, 2000
Subprime Mortgage Stories
Subprime Mortgage Technology
United Companies Signs Letter Agreement With EMC Mortgage Corporation for the Sale of Its Whole Loan Portfolio, Residual Interests and Servicing Operation

Individual.com December 29

Suit accuses firm of defrauding mortgage borrowers on life insurance

Associates First Capital Corp named in class-action

Postnet.com December 28

Associates First Capital Affirmed by Fitch IBCA

However, negative Outlook reflects Fitch IBCA's increasing concern about AFCC's capitalization

FitchIBCA.com December 28

DCR Rates Impac Secured Assets Corp., Series 1999-2
$226,876,290 Mortgage Pass-Through Certificates

WAC (current rate) is 9.732% and most loans less than 80% ltv

DCRO.com December 28

Associates chief eyes overseas opportunities

Keith Hughes said AFS expect to keep a high priority on acquisitions in the future

DallasNews.com December 27

Centex Unit Closes $305M Equity Mtge Loan Securitization

Centex Home Equity securitizes subprime equity mortgage loans

AOL.com December 21

First Alliance Closes Five Retail Branches

Five of its 29 retail branches being closed to focus more on E-Commerce strategy

Individual.com December 17

ACORN: subprime lenders loan more to blacks in Twin Cities than elsewhere

Minnesota ACORN compared home lending data reported to federal regulators by the biggest subprime lenders and by conventional lenders in 20 metro areas

StarTribune.com December 16

CFI Mortgage Acquires PMC Mortgage, Direct Originator of Subprime Loans

Florida company's acquisition of Indiana originator will give it nationwide access to direct originations

PRNewswire.com December 15

Fitch IBCA Releases IndyMac Mortgage Holdings Report

Unlike most specialty lenders in 1998, IndyMac increased liquidity and reduced leverage

FitchIBCA.com December 14

GMAC-RFC's November Securitization Volume Reaches $2.1 Billion

GMAC-RFC ranks number one in private-label MBS, HEL and subprime issuance

PRNewswire.com December 13

Berger & Montague Represents Shareholders In Class Action Against ContiFinancial Corporation

Complaint alleges that ContiFinancial & certain of its officers and directors issued a series of materially false and misleading statements regarding the Company's financial condition and the level of prepayments the Company was experiencing

AOL.com December 13

Ocwen Financial Corporation Expands Servicing Business to Italy

Joins Forces With FBS to Service Loan Portfolios

AOL.com December 8

WSFS Announces Initiative to Expand Its Home Equity Lending Business

Former ContiMortgage executive hired as president

PRNewswire.com December 7

Citigroup Unit Forms Mortgage Subsidiary

CitiFinancial Mortgage, comprised of former IMC Mortgage assets, will provide flow and bulk non-conforming mortgages

AOL.com December 7

Don’t let blotchy credit rating derail your home-buying dreams

Some tips about mortgages and the home-buying process

DetNews.com December 4

Second Interstate company seized by Nevada mortgage regulators

Las Vegas company Interstate Trust, Inc., used IRA funds targeted for 1st mortgages to fund higher risk 2nds

LasVegasSun.com December 3

DCR Approves Option One Mortgage Corp. as Both Accredited Servicer and Designated Special Servicer

Option One has a strong management team that has worked together several years

Individual.com November 30

Saxon Asset Securities Trust Ser 1999-5 Rated by Fitch IBCA

The 1st lien home equity portfolio has a weighted average coupon of 10.29% and the original LTV of approximately 77.74%

FitchIBCA.com November 30

Excess Spread Evaluation Crucial for Sub-Prime Securitizations: DCR

DCRO.com November 30

WMC Direct Online Loan Submission System Expands to Include Automated Underwriting

Brokers can now obtain instant automated approvals

Individual.com December 22

Fieldstone Mortgage Company Enhances its Website

Brokers and borrowers can access loans in process @Pipelinereports.com

Individual.com November 24

Former Money Store CEO joins Realty Plus Online

William S. Templeton and Harry Puglisi, Jr. have made equity investments in the online company that automates real estate purchases

Individual.com November 10

Aames Financial Joins the LendingTree Network

Aames Home Loan To Offer Consumers Mortgages and Equity Loans Through LendingTree's Online Loan Marketplace

AOL.com November 2

Information Week Ranks the CIT Group as Top Technology Innovator Among 500 Companies for Second Year

In-CIT-e call center has streamlined efficiency in dealing with high volume of mortgage and consumer loan customers

AOL.com October 27