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Subprime News Archives December 2000

Mortgage Daily

Published On: December 31, 2000
Subprime Archives 2000
RISING HOME PRICES SHOULD CHEER CONSUMERS
Available home equity growing

ChicagoTribune.com December 31
Critics Take Credit Life Insurance To Task
Industry: There’s need for single-preimum policies

ChicagoTribune.com December 28
Federal Reserve Board approved new proposed rules to modify HOEPA
MBA is reacting to the proposals by opposing the changes

MBAA.org December 26
Unwrapping Home Equity
Low mortgage rates make accessing home equity less expensive

WashingtonPost.com December 23
STATE TAKES ON PREDATORY LENDING
Proposed Illinois regulations would prohibit financing of single-premium credit life insurance

ChicagoTribune.com December 15
Fed Favors Tougher Loan Rules
New rule covers all loans exceeding the comparable Treasury benchmark by 8% (the current margin is 10%)

AltaVista.com December 14
Fed Urged to Toughen Predatory-Lending Rule
Consumer groups want loans with single premium life to be subject to “high cost” loans regulations

WashingtonPost.com December 12
Gordon Downgrades IndyMac, Doral
UBS Warburg analyst Gary Gordon wrote that the companies’ stock prices are within 20% of his targets

LendingIntelligence.com December 12
Fitch Affirms Ocwen’s `RPS2′ & `RSS2′ Resi Svcr Ratings
Rating based on capabilities in new loan set up, general loan admin, customer svc, cash mgmt, investor accounting, training & development, and loan collateral control

Individual.com December 11
Regulators Take Aim At Halting Predatory Lending Practices
Federal Reserve expected to present recommendations this week on how to curb abusive mortgage lending practices

ChicagoTribune.com December 10
Obscure Insurance Policy Squeezes Borrower
Discussion of single premium life insurance issues

AltaVista.com December 9
Downey Stock Beating the Big Guys
Tech stocks investors moving to financial sector; Downey‘s size makes it a takeover target

AltaVista.com December 8
Riseman Wins $6M from Advanta in Age-Bias Suit
Advanta wasn’t liable for age discrimination but did violate Age Discrimination in Employment Act when it retaliated against Riseman for filing complaint

LendingIntelligence.com December 6
RE/MAX Relocation Unit Lands Major Agreement With Centex Home Equity
Centex Home Equity has in excess of 1,200 employees and currently services almost 47,000 accounts totaling approximately $2.8 billion

RealtyTimes.com December 6
D.C. Council Plans Vote on Foreclosures
NHEMA attorneys oppose GSE exemptions on proposal which is considered one of strongest consumer protection measures in the country

WashingtonPost.com December 4
Associates buy is a done deal

Regulators give green light to $27 billion Citigroup merger

DallasNews.com December 1
Fitch Raises Associates First Capital; Citigroup & Subs Rtgs Affd
The long & short-term debt of Associates now guaranteed by Citicorp

FitchIBCA.com December 1
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)
FANNIE MAE TACKLES PREDATORY LENDING
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
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