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Nonprime and Subprime News | Subprime Statistics
Coverage of Alternative 'Alt-A', subprime and home equity lenders. Loan production reporting for largest nonprime mortgage lenders. Analysis, studies, lawsuits and other industry insight.
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September 1999 Subprime Archives
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ContiFinancial Corporation Relaunches Effort to Seek Strategic Alternatives
Sale of company and recapitalization still being considered
CBSNews.com September 28
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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
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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
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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
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New Century Announces Completion Of Its Adjustable Rate Securitization
$550 million of adjustable rate loans from 47 states
PRNewswire.com September 27
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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
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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
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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
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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
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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
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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
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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
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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
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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
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SUBPRIME MORTGAGES DRAW CRITICS' INTEREST
Chicago consumer watchdog group, state representative to hold separate meetings/hearings
ChicagoTribune.com September 19
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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
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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
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First Alliance promises 30-second loan decisions
Service announced for brokers on eWholesale.com to be offered directly to borrowers
OCRegister.com September 17
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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
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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
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First Alliance Launches 'eWholesale.com' and 'eNow!' Internet Underwriting System
Site for mortgage brokers offers online approval within thirty seconds
AOL.com September 16
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Home equity deals mount in U.S. asset-backed mart
Upcoming deals include Chase, New Century, and GE Capital
CBSNews.com September 15
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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
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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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