Issue Number 113, March 29, 2000 Subprime Mortgage Stories Subprime Mortgage Technology First Alliance fended officials off until end The troubled Irvine firm surrenders its license in Washington before bankruptcy filing OCRegister.com March 29 Single Premium Credit Insurance Press release from Consumer Credit Insurance Association in favor of controversial insurance used in subprime mortgage lending CBSNews.com March 28 H&R Block Announces Mortgage Financing Commitments for Option One And Authorization of 12 Million Share Repurchase Program No suitable offers were made to purchase Option One; company may use whole-loan sales for up to 100% of 2000 production CBSNews.com March 27 Washington Mutual Offers Home Equity-Linked VISA Card AOL.com March 27 Bankrupt lender is still solvent First alliance is using Chapter 11 as a shield against litigation, adversaries say OCRegister.com March 25 Troubled Mortgage Lender Seeks Bankruptcy Protection First Alliance filed Chapter 11 to protect shareholders from mounting lawsuits AltaVista.com March 24 PREYING ON HOMEOWNERS Positive article about need to continue subprime lending in the face of recent criticism ChicagoTribune.com March 24 Associates First Capital And Subs' Ratings Lowered By Fitch IBCA Heavy acquisitions and higher losses hurt capitalization FitchIBCA.com March 24 Greenspan On Predatory Lending Fed Chief Suspicious Of Sub-Prime Lenders speech prepared for a meeting of the National Community Reinvestment Coalition MBAA.org March 24 New Century A-B P-T Ctfs Ser 2000-NC1 Rated By Fitch IBCA Weighted average ltv 77.6% FitchIBCA.com March 24 FREDDIE MAC ANNOUNCES STEPS TO PROTECT BORROWERS FROM PREDATORY LENDING PRACTICES GSE makes statement with comments about single premium policies and mandatory credit reporting FreddieMac.com March 24 Bank One sells mortgage portfolio Household to purchase $2.15 billion portfolio, mostly subprime Austin360.com March 23 Household International And Units Affirmed By Fitch IBCA However, concern remains over lower capitalization ration and increased exposure to subprime auto and credit card portfolios FitchIBCA.com March 22 Centex Home Equity Corporation Completes $310 Million Securitization Company has securitized $2.4 billion since February 1998 CBSNews.com March 20 FIGHTING FORECLOSURE CITY OFFERS HOPE FOR VICTIMS OF SUBPRIME LENDING ChicagoTribune.com March 19 Aames Financial Senior Debt Lowered To 'CCC' By Fitch IBCA Credit line expires this month and company may default on senior debt FitchIBCA.com February 25 Seasoned HiCombined LTV Issuers Comfort Investors With big players at the forefront, Subprime climate is steadily improving Individual.com February 11 THE FORECLOSURE MESS GOES PRIVATE Chicago area foreclosures doubled from 1993 to 1998 ChicagoTribune.com February 11 DCR Takes Rating Actions on Seventeen Public Classes of Subprime Residential Mortgage-Backed Securities Downgrades are a result of high levels of delinquent loans, loans in foreclosure, and REO properties DCRCO.com February 11 Banks' loan rules examined Failure of 2 banks in subprime lending prompted Federal proposals DallasNews.com February 9 FREDDIE MAC LAUNCHES “CREDITWORK” CCC participants to qualify for "A" rate mortgages after 18 months' timely payments FreddieMac.com February 9 United PanAm Financial Discontinues Subprime Mortgage Origination Operations President said "economics and capital needs of subprime mortgage lending were no longer favorable for a company our size" CBSNews.com February 9 New Century Introduces Instant Loan Approvals On A 24/7 Basis Brokers can access service @NewCentury.com AOL.com March 6 VLDC Technologies, Inc. Announces $100 Million First Year Loan Production Wholesale sub-prime lending division, sold its first loan pools 9/99 CBSNews.com February 8 Whitehall Enterprises' Alternative Lending Group Subsidiary Enters Portal Marketing Agreement With America Online's Digital City AlternativeLending.com to advertise subprime mortgage services at local level on AOL CBSNews.com January 27 Downey Fincl Unit, Amer Online In Home Loan Pact Downey to provide automated home loan application process for AOL's Personal Finance channel AOL.com January 18                                                                              <