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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.

Fitch Upgrades Option One's Subprime Servicer Rating To 'RPS1'
Ratings based on company's experienced & tenured mgmt team, effective loan admin processes, & strong internal controls
FitchIBCA.com November 30

Fitch Rates GMACM $332MM Home Equity Loan Trust 2000-HE4
Additional loans will be purchased up to 90 days after the closing date
FitchIBCA November 29

Advanta Corp Says Talks To Sell Mortgage Ops 'On Track'
On Oct. 24 Advanta reported it accepted offer to sell mortgage business to unnamed financial institution
AOL.com November 27

Retiring Baby Boomers' Home Equity Under Valued
Studies of baby boomer savings rates do not factor in home equity accumulated
RealtyTimes.com November 24

Use, Don't Abuse Home Equity
Home owners lost an average $1,500 in home equity in the past decade and experts are concerned younger home owners are squandering their equity
RealtyTimes.com November 22

Approved Financial Corp. Reports Results For The Third Quarter Of 2000 And Launch Of New Wholesale Division
Approvedwholesale.com to provide password protected pipeline info
Marketwatch.com November 17

Amster-Led Group Reports 5.2% Stake In Advanta Corp
Group led by Howard Amster bought shares between Feb 1998 & Nov 13 for between $4.44 and $29.28 a share
AOL.com November 16

Management`s Discussions: 10-Q, AAMES FINANCIAL CORP
Quarter ended September 30
Marketwatch.com November 16

AARP Concerned About Predatory Lenders
Concern is older people are more likely to have significant equity, making them targets for abusive lenders
AltaVista.com November 15

Delta Financial Corporation Announces Third Quarter Results
Company reported net income of $763,000 for quarter ended September 30
Individual.com November 13

The Trader
part 2

New Century, which has little franchise value since >75% of volume consists of purchased mortgages, has been on block for long time
WSJ.com November 13
(subscription required)

Groups Question Citigroup's Record On Loans in Minority Communities
Groups focus on ratio of prime to subprime loans to minorities Vs whites in Buffalo, NY
WSJ.com November 13
(subscription required)

Meehan, 3 co-defendants face flipping prosecution
Wave of flipping coincided with the national emergence of subprime lenders
StarTribune.com November 13

GSE to make refinancing loans available to Chicago subprime homeowners
ChicagoTribune.com November 12

Bank of America Comes To Terms With, Signs Lending Practices Pledge
25% of EquiCredit Chicago mortgages considered "predatory" by new city ordinances; company to stop providing these loans
ChicagoTribune.com November 12

Associates workers may be in demand
Mainframe Technology workers and middle managers could have a challenging job search
DallasNews.com November 7

Citigroup strengthens consumer loan protections as part of acquisition of Associates
Chairman Sanford Weill said Citigroup is making changes to CitiFinancial unit, where Associates will be merged, to boost consumer protections
Boston.com November 7

2,100 could lose jobs at Associates
Company doesn't expect jobs cut at call centers, branch offices and other operations units - where it employees about 34,000 worldwide
DallasNews.com November 3

Fitch Affirms Wells Fargo's Mtge Servicer Ratings
Affirmation based on demonstrated ability to achieve economies of scale while maintaining high levels of performance in loan administration
FitchIBCA.com November 3

Associates employees awaiting layoff details
Employees who spoke on condition of anonymity said they have heard the layoffs will primarily affect the company's Las Colinas headquarters
DallasNews.com November 3

Freddie's Going Down
(in credit grades)

Freddie Mac Executive Indicates He'd Like To See All Subprime Borrowers Qualify For Freddie Mac Mortgages
MortgageDaily.com November 2

D.C. Council Panel Approves Lending-Law Changes
Foreclosure laws amended to combat predatory lending practices in Washington DC
WashingtonPost.com November 2

United Companies Plan of Reorganization Confirmed
Company to Exit Chapter 11
Individual.com November 2

Aames Financial Corporation Reports Positive September Results From Operations
After accrual for convertible preferred stock dividend requirement, net loss to common shareholders was $2.5 million for 3 months ended September 30
Individual.com October 31

Fitch Rates $100MM Option One Mortgage Loan Trust 2000-4
Weighted average loan rate is 10.32% & weighted average original ltv is 76%
Individual.com October 31

Fitch Downgrades Saxon Mortgage Securities Corp Issues
Action is result of a review of level of losses incurred to date & current high delinquencies relative to applicable credit support levels
FitchIBCA.com October 26

Ferguson says Fed reviewing low-income mortgage rules
Federal Reserve Vice Chairman Roger Ferguson said central bank exploring strategies to battle predatory lending
AltaVista.com October 19

Irwin Financial Corporation Announces Third Quarter Earnings
Quarter was marked by continued strong performance in home equity line of business
PRNewswire.com October 19

Imperial Credit Indus Sr Debt Cut To Caa1: Moody's
Primary reasons for downgrade are decline in cash flow from operations and deterioration in asset quality
AOL.com October 19

S&P Raises and Affirms Ratings on ContiMortgage Home Equity Trust
PRNewswire.com October 19

Democratic Rep Seeks Hearing On Citigroup-Associates Deal
Maxine Waters (CA) said she was worried about potential for undue concentration in "subprime lending" market
AOL.com October 18

Associates First Capital 3Q Net 61c/Diluted Shr
Company discontinued Mfg housing lending & surpassed $88 billion in managed receivables
AOL.com October 17

S&P Raises GMAC Mortgage Corp.'s Ranking to Strong
Rating is for Client Branded Solutions business unit second lien operation
Marketwatch.com October 17

8 loans top the list of those to avoid
125% mortgage at top of list in The Common Sense Mortgage
UnionTribune.com October 15

What's in a name? A big investment, for starters
Associates to likely shed name; experts say company should adopt Citigroup brand totally and immediately
DallasNews.com October 13

Associates outlines severance plans
Memo details payments for employees who lose jobs in merger with Citigroup
DallasNews.com October 12

Advanta Corp. Down Another 17% After 3Q Warning
Company is still reeling from "poor underwriting in the 1997 to 1998 period"
AOL.com October 10

Aames Financial CFO Sees Improvement For Next Quarter
Jim Huston hinted at some positive news for investors when the company releases fiscal first-quarter financial results in late October
AOL.com October 10

RBMG Announces the Write-down of Residual Interests in Its Six Subprime Securitizatons
CFO stated that tax treatment of trusts would not have allowed re-REMIC of the residuals
PRNewswire.com October 9

Delta Funding Corporation Announces It Will No Longer Offer HOEPA -Section 32- Loans
Company originated only a small percentage of HOEPA loans
AOL.com October 5

FTC Files Lawsuit Against Mortgage Firm First Alliance
Any judgment the FTC wins would be transferred to the Bankruptcy Court for distribution to consumers
AltaVista.com October 5

Fitch Assigns Irwin Home Equity Its 'RPS3' Servicer Ratings
Ratings based on experienced management team, highly experienced servicing staff, access to capital, and the performance of portfolio
FitchIBCA.com October 5

Fitch Dwngrs GE Capital Home Equity Loan Pass-Through Ctfs
Rating actions reflect likelihood of loss to referenced classes, given performance to date and o/s 90+ day delinquent loans
FitchIBCA.com October 5

Fair-Housing Lawsuit to Proceed
Washington DC based Capital City Mortgage Corp. being sued for engaging in allegedly predatory lending
WashingtonPost.com October 4

NYSE Warns Aames Financial Of Possible Delisting
Company has until December 29 for stock price to exceed $1
AOL.com September 29

Associates buys majority stake in Japanese firm
Purchase of Unimat Life K.K. will make Associates one of Japan's top four consumer finance companies
DallasNews.com September 28

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