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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 102, November 30, 1999

Subprime Mortgage Stories
Subprime Mortgage Technology
Advanta sees year 2000 profits above expectations

Higher production and fewer defaults caused better numbers

CBSNews.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

National Lending Center is Spun Back to Founders From IMC/Citifinancial

PRNewswire.com November 29

Resi Accredit Loans, Inc. Mtge ABs P-T Ctfs 1999-QS14 Rated

1st mortgage portfolio, serviced by RFC, has a weighted average

FitchIBCA.com November 29

Home Equity Loans Are Surging With the Help of Tax Law Reform

Consumer Bankers Association 1999 home equity study is scheduled for publication in December

WashingtonPost.com November 27

Ocwen focuses on loan service, technology

Residential subprime losing money, but CEO sees opportunity in servicing 'high-touch' loans

CBSNews.com November 24

Little Bank's Failure Means Outsize Loss For Bank Fund

Pacific Thrift and Loan, which originated 1st & 2nd mortgages to subprime borrowers, has been considered a problem institution since 1997

AmericanBanker.com November 23

Predatory lending

Sub-prime lenders target blacks, Chicago area study says

NationsMortgage.com November 22

Shapiro Haber & Urmy LLP Brings Class Action Against Delta Financial Corp. on Behalf of Purchasers of DFC Securities From 10/31/96 to 8/18/99

Company alleged to have issued false and misleading statements

AOL.com November 19

Hldrs File Purported Class Action Suit Vs ContiFinancial

Complaint alleges that Conti issued false and misleading statements about its business, finances and prospects that artificially inflated its stock price during the class period.

AOL.com November 19

Household Finance $500.4M Asset-Backed Ctfs Ser 1999-1 Rated

Pool of closed end, fixed rate, home equity mortgage loans has a WAC of 11.64% and combined loan-to-value ratio of 93.32%

FitchIBCA.com November 19

Homeowners With Bruised Credit May be Paying Too Much

LoanGuide.com service provides free credit report, analysis of credit grade, analysis of current financing, & guidance on improving credit in general

CBSNews.com November 18

Countrywide Offers Affordable 100% Home Equity Financing

100% ltv heloc for "A" borrowers

AOL.com November 18

ContiFinancial Reports a $333.7 Million Loss for the Fiscal Quarter Ended September 30, 1999

Loss, which was almost three times loss for same quarter 1998, may cause delisting from NYSE

CBSNews.com November 15

IMC Mortgage Company Announces Sale of Certain Assets to CitiFinancial Mortgage Company

CitiFinancial purchased fixed assets and servicing & origination operations for $96 million

GO.com November 15

Approved Financial Corp. Announces Results for the Third Quarter of 1999

Weighted-average premiums on subprime loan sales decreased to 3.04% and 3.16% (excluding seasoned loan sales), during the three and nine months ended September 30, 1999, from 5.29% and 5.73% in 1998

BusinessWire.com November 15

WMC Mortgage refiles flipping lawsuit

Suit was originally filed in February, but dismissed in October when it was ruled to be too wordy and not specific enough

StarTribune.com November 13

Giving Credit Where Credit Is Due

Fannie Mae competing with Countrywide, Associates for subprime borrowers who earn a lower rate for timely payments

WashingtonPost.com November 13

Delta Funding Sells $700 Million of Asset-Backed Securities

GO.com November 12

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

U.S. Bancorp to Sink Millions Into New Century Financial

Capital to be used to develop an Internet-based loan channel

LATimes.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

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

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