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