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Subprime Mortgage Stories

Subprime Mortgage Technology

DiTech Founder Buys $7-Million Smithcliffs Home Laguna Beach property bought by former owner of subprime mortgage company which was sold to GMAC this summer LATimes.com October 27 Imperial Credit Industries Reports Third Quarter 1999 Results Net income for the quarter ended September 30, 1999 was $8.2 million versus a net loss for the same period last year was $109.4 million Individual.com October 27 U-Turn Americredit turned around in 1994 by using Fair Isaac & Co. credit-scoring formulas to evaluate lesser-quality risks without rejecting every applicant Forbes.com November 1 Centex Corporation Reports Record Second Quarter and Six Months Earnings Centex Home Equity reported $6.0 million of operating earnings for the quarter ended September 30, 1999, 63% higher than a year ago, and loan volume reached $320 million versus $241 million for the year ago quarter AOL.com October 27 BNC Mortgage Inc. Q1 net falls Net income for the 3 months ended Sept. 30, 1999 was $1,180,000, compared to $2,451,000 in 1998 Individual.com October 26 Advanta Reports Third Quarter Profits Results Continue On Track Mortgage originations were down to $567.3 million from $727.7 million last quarter, which was related to the reduction in purchasing of wholesale pools and broker originations BusinessWire.com October 26 Delta Financial Corporation Reports Third Quarter Results $6 million settlement agreements with the New York State Banking Department and the New York State Attorney General cause net loss of $6.1 million AOL.com October 26 New Century Announces Record Third Quarter Earnings Quarterly net earnings increased 39% to $11.9 million versus $8.6 million for the same quarter a year ago PRNewswire.com October 26 Advanta Corp. Names Rosoff President Current president, Olaf Olafsson, resigned his post to become vice chairman of Time Warner Digital Media unit WSJ.com October 25 (subscription required) Aames Financial Corporation Names New Chief Executive Officer Former KeyBank USA Chief Executive Will Lead Company Turnaround BusinessWire.com October 25 NovaStar Financial, Inc. Announces Third Quarter Production and Operating Results Loan originations for the 9 months ended September 30, 1999 aggregated $322 million, compared to $743 million for the same period 1998 PRNewswire.com October 25 Higher-risk buyers are more savvy these days Subprime borrowers refinancing quickly out of high rate loan StarTribune.com October 23 GROUP PROTESTS HIGH-RATE LOANS A consumer advocacy group staged a demonstration Thursday at NHEMA meeting in Chicago ChicagoTribune.com October 22 DCR Rates AMRESCO Residential Securities Corporation $208,740,000 Mortgage Loan Trust 1999-1 Trust contains res 1-4 unit properties with fixed & ARM loans secured by 1st liens. The weighted average coupon of approximately 9.795% & weighted average ltv at origination was approximately 76% DCRO.com October 22 U.S. subprime asset-backeds fetch mixed receptions A $163 million home equity transaction from Option One parent to be priced by Friday CBSNews.com October 21 Big Bank Scandal Unearthed in Tiny W.Va. Town Bank sold subprime, home equity loans at a loss, but didn't report the sale on its books WashingtonPost.com October 20 Full Spectrum Lending Gives Consumers a New Tool for Debt Consolidation Home equity loan has a 95% LTV CBSNews.com October 20 Flipping out Proposition 2 would amend state's reverse mortgage rules Texas voters to consider allowing reverse mortgages StarTelegram.com October 19 BNC Mortgage Inc. Announces a Forward Sales Commitment of Subprime Loan Production New York investment bank to buy $280 million; previous transactions between 2 entities are >$2 million BusinessWire.com October 19 Household International Reports Highest Quarterly Earnings in Company's History The strongest growth was in home equity loans CBSNews.com October 19 125 LTV Homecomings using statistical appraisal procedure for high ltv loans StarTribune.com October 19

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 Alliance Mortgage Announces ``Nothing Down" Home Loans For Those Who Don't Meet The Strictest Credit Standards Alliancemtg.com will now be able to finance loans for as much as 350,000 - 400,000 for borrowers with credit problems BusinessWire.com October 21 NFC Announces Instant Decision Web Technology for Non-Conforming Mortgages Instantwebmortgage.com to provide subprime approvals within 6 seconds PRNewswire.com October 20 Wells Fargo Adds Internet Home Equity Loans to National Offerings; Online Banking Innovator Extends Home Equity Lending through Financial Destination Site WellsFargo.com to offer instant approvals for home equity loans BusinessWire.com October 7