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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 91, October 28, 1999

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