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
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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
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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
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Retiring Baby Boomers’ Home Equity Under Valued
Studies of baby boomer savings rates do not factor in home equity accumulated
RealtyTimes.com November 24
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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
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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
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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
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Delta Financial Corporation Announces Third Quarter Results
Company reported net income of $763,000 for quarter ended September 30
Individual.com November 13
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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)
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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)
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Meehan, 3 co-defendants face flipping prosecution
Wave of flipping coincided with the national emergence of subprime lenders
StarTribune.com November 13
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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
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Associates workers may be in demand
Mainframe Technology workers and middle managers could have a challenging job search
DallasNews.com November 7
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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
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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
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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
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D.C. Council Panel Approves Lending-Law Changes
Foreclosure laws amended to combat predatory lending practices in Washington DC
WashingtonPost.com November 2
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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
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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
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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
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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
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Irwin Financial Corporation Announces Third Quarter Earnings
Quarter was marked by continued strong performance in home equity line of business
PRNewswire.com October 19
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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
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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
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Associates First Capital 3Q Net 61c/Diluted Shr
Company discontinued Mfg housing lending & surpassed $88 billion in managed receivables
AOL.com October 17
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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
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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
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Associates outlines severance plans
Memo details payments for employees who lose jobs in merger with Citigroup
DallasNews.com October 12
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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
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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
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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
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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
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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
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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
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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
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Fair-Housing Lawsuit to Proceed
Washington DC based Capital City Mortgage Corp. being sued for engaging in allegedly predatory lending
WashingtonPost.com October 4
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NYSE Warns Aames Financial Of Possible Delisting
Company has until December 29 for stock price to exceed $1
AOL.com September 29
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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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