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Subprime Archives February 2001

Subprime Archives February 2001

RBMG Subprime
Production Up 60%January subprime mortgage loan production was $59.9 million

MortgageDaily.com February 28

GMAC unit to issue
$2.2 bln asset-backeds

$1.5 bil in subprime 1sts; $700 mil in mix of 1sts, 2nds & high LTV

Yahoo.com February 27

Boom in foreclosure sales hurts poor U.S. borrowersForeclosure scam linked to subprime lending; Chase taking a beating

Yahoo.com February 26

How to Avoid
Predatory LendersInvestigate balloon payments, negative amortization and net cash proceeds

WashingtonPost.com February 24

Novastar Reports
Quarterly ProfitNet earnings were $2.3 million in
4th quarter

MortgageDaily.com February 12

Centex Home Equity Corporation Establishes Liquidity & Subordinated Note ProgramHarwood Street Funding II, LLC formed to purchase mortgages from CHEC

PRnewswire.com February 12

Countrywide Subprime Production Up 18.5%January subprime mortgage production $371 million

MortgageDaily.com February 9

Subprime Leaders To Meet In Palm SpringsNational Home Equity Mortgage Association holding annual conference next month

MortgageDaily.com February 8

New Century Reports $43.1 Million Loss For Q4Loan volume was $1.0 billion for quarter

MortgageDaily.com February 1

Fitch Upgrades
RFMSI 1997-S18Rating action on RFC certs being taken as result of low delinquencies & losses and increased credit support

Yahoo.com January 31

Fitch Rates $128.7MM
Option One Mortgage
Loan Trust 2001-1Weighted average original loan-to-value ratio is 77.47% & weighted average rate approximately 10.29%

Yahoo.com January 31

Impac said preparing $250 mln home equity transactionLoans are high loan-to-value home equity loans

Yahoo.com January 31

S&P: HELOC Volume Expected to IncreaseInvestors becoming more comfortable with buying B pieces backed by high CLTV collateral

PRnewswire.com January 31

Standard & Poor’s Raises and Affirms Ratings On Saxon Mortgage Securities CorpPerformances of transactions, together with seasoning, are indications that they may be beyond peak in the loss curve

PRnewswire.com January 30

Resource Bancshares Mortgage Group, Inc. Reports December Production and Operating StatisticsSubprime loan production for twelve months ended December 31, 2000 was $669.6 million

PRnewswire.com January 29

Complaints on Rise Over Lending FraudExperts suggest comparison shopping, avoiding paying more than 3% in fees

WashingtonPost.com January 27

Fitch Rates Chase Mtge Finance Trust $222.7MM Ser 2001-S1Weighted average original loan-to-value ratio 73.78%

Individual.com January 26

CIT Reports 13th Consecutive Year of Income GrowthHome equity business unit’s managed assets $2.45 billion

Marketwatch.com January 25

IndyMac Announces 42% Increase in Fourth Quarter EPS to $0.37Mortgage Banking Group produced $3.0 billion of mortgage loans during fourth quarter 2000

Marketwatch.com January 25

Option One prices $1.39 bln home equity-backed ABSHome equity transaction featured $1.26 billion portion guaranteed by Freddie Mac

Yahoo.com January 24

3rd Quarter Loss At Centex Home EquityCompany impacted from “Portfolio” method of accounting

MortgageDaily.com January 23

Aames unit files $1 bln shelf in certificates, notesCompany filed to sell up to $1 bil in AB certs & notes; to use proceeds for debt repayment, warehouse facilities & expenses associated w/pooling of loans and issuance of the certificates

Yahoo.com January 23

Irwin Financial Corporation Announces Quarterly and Annual EarningsIrwin Home Equity earned $13.3 mil in 4th qtr; combined loan and credit line originations were $1.8 bil

PRnewswire.com January 23

New Century Announces 4th Quarter LossCompany previously announced net income estimates of $0.30 to $0.35 per share

MortgageDaily.com January 22

Fitch Lowers Delta Financial Corp. to `CC’Rating of `CC’ indicates that default of some kind likely; Delta engaged Ocwen to subservice portfolio

Marketwatch.com January 22

Citigroup Announces 4th Quarter Core Income of $3.33 Billion

Associates First Capital net income for 2000 was $1.38 bil vs $1.4 bil in 1999

Individual.com January 16

First Union to revamp consumer bank unit5,500 1st Union employees were cut or transferred after businesses, including home equity lending, sold

Boston.com January 16

Franklin Financial Group Acquires Mortgage Acceptance CorporationPurchase by Michigan lender will increase Midwest presence

Marketwatch.com January 15

Fitch Dwngr Saxon Mortgage Securities Corporation 1994-8Action is result of a review of the level of losses incurred to date and current high delinquencies relative to the applicable credit support levels

FitchIBCA.com January 9

Advanta Corp.’s Ratings Remain On Rating Watch By FitchSale of subprime business will leave Advanta with only the business credit card and small ticket leasing units

FitchIBCA.com January 9

MBA Opposes HUD Data Collection ProcessAdditional reporting by GSE’s would help identify possible predatory lending activities

MortgageDaily.com January 8

JP Morgan Unit Buys Mortgage BusinessChase Manhattan Mortgage Corp to purchase Advanta

AltaVista.com January 8

S&P Subprime Prepayment Penalties Spur NIMS, CriteriaBy mid-2000 approximately 80% of subprime mortgages analyzed by S&P were originated with prepayment penalties, up from 50% prior to 1998

PRNewswire.com January 4

IndyMac Bancorp CEO Files To Sell 200,000 Common SharesVice Chairman Michael Perry filed Form 144 to sell 200,000 shares of common stock valued at about $5.8 million

AOL.com January 3

GMAC-RFC Announces $175 Million 1st Lien HLTV SecuritizationProduct allows for LTV up to 107% of purchase price and borrowing limits up to $400,000

PRNewswire.com January 3

Ocwen Financial Buys Servicing Rights For 40,000 MortgagesRights for more than $1.1 billion in high LTV & Title 1 mortgages purchased from City National Bank of West Virginia

Alta.org January 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

Centex

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Subprime Archives February 2001

Popular posts

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How to Refinance or Obtain a Mortgage With No Closing Costs

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How to Shop for and Compare Refinancing Rates: Seven Stages

Reduce Your Mortgage Payment Without Refinancing by Recasting Your Mortgage

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