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September 1999 Subprime Archives

Mortgage Daily

Published On: September 30, 1999

September 1999 Subprime Archives

ContiFinancial Corporation Relaunches Effort to Seek Strategic Alternatives

Sale of company and recapitalization still being considered

CBSNews.com September 28

Banks told to watch standards for loans

Outspoken Fed Governor warns about an increase in shaky loans and relying on the economic boom continuing

TampaTrib.com September 28

Six-month-old Home Alliance Mortgage already profitable

Sister company to Alliance Mortgage has eight offices and operates in 29 states

Jacksonville.com September 28

Judge approves state settlement with mortgage company

State of Minnesota’s suit against First Alliance Mortgage Co. ended Friday when Ramsey County District Judge Michael Fetsch approved a settlement

StarTribune.com September 27

New Century Announces Completion Of Its Adjustable Rate Securitization

$550 million of adjustable rate loans from 47 states

PRNewswire.com September 27

Proposed FAMCO settlement restricts loan practices

Borrowers with pre-lawsuit ARM’s will be offered a fixed rate at same rate as was in effect when they chose the ARM program

StarTribune.com September 23

BNC Mortgage Inc. Announces Relationship With Loan Trader.com Inc.’s Internet System

BNC will be BETA participant and provide input for the development of the broker/wholesaler website

GO.com September 23

Advanta Mortgage Prices $275 Million Revolving Home Equity Loan Securitization

The pass-through rate on the notes will be 37 basis points over one-month LIBOR

CBSNews.com September 22

Minnesota, alleged high-fee lender settle suit

Three states have taken action against First Alliance Mortgage Corp for allegedly charging from 15% – 38% in loan fees

StarTribune.com September 22

Effort To Improve Minority Credit

According to Freddie Mac, about 27% of whites, 47 percent of blacks and 34% of Hispanics had bad credit

StarTribune.com September 21

Mortgage.com and Loan Page Form Alliance to Serve Subprime Mortgage Creditors

Loan Page to only offer Mortgage.com to subprime customers

PRNewswire.com September 21

Consumer Loan Delinquency Rate Drops

The composite rate for consumer loans, including auto loans and closed-end home equity loans edged down to 2.09%

StarTribune.com September 21

Delta Funding Corporation Finalizes Settlement With New York State Attorney General

Attorney General has agreed to join with the New York State Banking Department in the $12 million global settlement

AOL.com September 20

First Alliance Prices $117,440 Million Securitization

ARM’s priced at .43% over one month LIBOR; fixed priced at 1.80% over three year Treasury

PRNewswire.com September 20

SUBPRIME MORTGAGES DRAW CRITICS’ INTEREST

Chicago consumer watchdog group, state representative to hold separate meetings/hearings

ChicagoTribune.com September 19

Tips to help develop a phobia about debt

Some good and bad features about borrowing against home equity

UnionTribune.com September 19

Internet Submissions via WMC Direct Surpass One-Quarter of Total Wholesale Volume for Leading Subprime Originator

Automated underwriting to be added to mortgage broker site

GO.com September 17

Net.B@nk(TM) Rolls Out New State-of-the-Art Loan Center

Home equity loans to be approved online in 30 seconds; loans to be processed and serviced by PNC Bank Corp

PRNewswire.com September 16

First Alliance promises 30-second loan decisions

Service announced for brokers on eWholesale.com to be offered directly to borrowers

OCRegister.com September 17

Mortgage company will file new complaint in flipping case

The Judge said WMC’s allegations were too wordy and not specific enough, but gave WMC 30 days to sue again

StarTribune.com September 17

Centex Home Equity Corporation Completes $415 Million Securitization

This is the seventh subprime securitization for the Texas based subprime company since February, 1998

HoustonChronicle.com September 16

First Alliance Launches ‘eWholesale.com’ and ‘eNow!’ Internet Underwriting System

Site for mortgage brokers offers online approval within thirty seconds

AOL.com September 16

Home equity deals mount in U.S. asset-backed mart

Upcoming deals include Chase, New Century, and GE Capital

CBSNews.com September 15

Green Tree $600M HIL Ctfs Series 1999-E Rated By Fitch IBCA

Weighted average coupon home improvement certificates is 12.54%

NewsPage.com September 15

National Penn Mortgage Acquires Virginia-Based Sub-Prime Lending Company To Expand Mortgage Services

PRNewswire.com September 14

Long Beach Financial Shareholders Approve Merger with Washington Mutual

Ninety nine percent of shareholders of the Orange, California company approved the merger

AOL.com September 14

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