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Old Standards

PinnFund Fugitive Surrenders
Michael Fanghella surrenders to U.S. Marshals in San Diego August 2

Prepayment Penalty Haunts Some Borrowers
Many low-income subprime consumers are missing the refinance party August 1

New Century Set to Lay Off 140
Layoffs are related to sale of servicing to Ocwen July 31

Chase Sues Advanta
Chase said it sustained $67 million in damages as a result of Advanta’s alleged actions July 30

Mortgage firm has good model for subprime lending
Ameriquest Mortgage tells customers to check out the competition to confirm best terms July 29

Pritzkers’ Chicago Bank Fails
Regulators found that Superior Bank engaged in poor lending practices, inadequate supervision of employees and poor record keeping July 28

Citigroup Hires Lawyer in Loan Abuse Case
Former Clinton defense attorney met with at least current and former CitiFinancial employees to remind them of agreements to keep quiet about their employer, leaving many of them frightened July 27

Illinois lending rules challenged
Illinois Association of Mortgage Brokers has filed a lawsuit seeking to void many of the state’s new regulations against predatory lending July 26

High-Cost Home Loans Estimated
Estimated annual cost to borrowers is $9.1 billion, including $2.1 billion for credit insurance, $1.8 billion for up-front fees, $2.3 billion for prepayment penalties and $2.9 billion for excess interest rates July 25

Saxon seen offering $650 mln home equity ABS
Deal will be Saxon’s first securitization since Dominion Resources Inc. completed divestiture of company earlier this month July 24

Household eases subprime lending terms
Company to cut prepayment fees, reduce rates for on-time payments, lower rates to customers with good credit, allow more time to cancel insurance policies and assist customers of other subprime lenders in avoiding foreclosure if they were victims of unfair mortgage-lending practices July 24

Subprime Borrowers Confused, Dissatisfied
Fannie study focusses on credit-impaired July 20

Option One prices $296.9 million home equity ABS
Notes are part of a subprime home-equity loan deal totaling $2 billion July 19

CitiFinancial Income Up 40%
Increase from 2nd quarter 2000 attributed to Associates integration and receivable growth July 17

Are Credit Scores Plummeting?
Sampling of FICO scores generated by a large independent credit reporting agency suggests that home mortgage applicants’ scores are slipping July 16

How unscrupulous lenders prey on the vulnerable
Predatory lending activity in California July 15

Home equity loan rates hit lowest levels in years
Average home equity line-of-credit rate has fallen to an 8-year low of 6.98%
(+/- 7.5% without teaser rates included) July 12

Household To Drop Single Premium Insurance
Move — which follows similar Citigroup move — will cost company $10 million in net annual income July 12

Long Beach launches $1.56 bln mortgage ABS
Subprime mortgages use European indices July 10

Subprime Company Raises $277 million
Dominion divests Saxon per Consolidated merger requirement July 9

How To Move Up With Old Equity
Options for buyers who don’t sell old home before buying new one July 6

Fed to Review CitiGroup Lending Efforts
CitiGroup has cut ties with many former Associates brokers and announced it would stop selling single-premium credit insurance on mortgages July 2

Good credit bad credit
Some questions about credit July 02

How much of our homes do we own?
Harvard study reports that last year 16% of borrowers put down 5% or less on their mortgages, and equity is at a record low July 1

Home Equity Delinquencies Holding Firm
Moody’s Index & HEAT Index indicate home equity pool performance withstanding slowing economy June 29

Canceled Policy
CitiFinancial to stop selling Single Premium Life June 29

Manufactured Housing Captures New Residents
A current look at the industry June 27

Equity loans and the new tax law
Under new alternative minimum tax, home-equity loans used for purposes other than home improvements generally don’t qualify for the mortgage deduction June 24

Getting A Loan After Bankruptcy
The difference to lenders between chapter 7 and chapter 13 June 22

ACORN Says Lender Exploits D.C. Clients
Household accused of gouging Washington D.C. customers by requiring excessive fees and charging higher interest rates than are justified by clients’ credit history. June 21

H&R Block Reports Record Full-Year Revenues and Earnings
Option One and H&R Block Mortgage originated $6.5 billion in loans during fiscal 2001, an increase of 14.7 percent over last year June 20

The Ups And Downs Of Reverse Mortgages
The basics of reverse mortgage loans June 11

Household in activists’ sights
Acorn said it plans to file complaints against Household in several states June 10

Which is worse: No loan, or one with high rates?
A look at some of the factors involved in deciding whether to take a subprime loan June 10

Retiring on a Reverse Plan
Mortgage Option Gaining in Favor as Population Ages June 9

Nonconforming Australia Mortgages Perform
Exceptionally Well
Subprime, High-LTV and commercial property loans cited by S&P June 6

At Any Rate
Recent subprime mortgage industry ratings actions May 25

Former PinnFund CEO Planned To Escape To Caribbean On
$1 million Yacht
Estranged wife obtained injunction preventing yacht from sailing May 14

Friction With Fannie and Freddie
Some subprime lenders unhappy with GSE participation April 2

New Century Takes Total Loss On LoanTrader Investment
$1.1 million charge taken in first quarter April 26

Old Standards
Servicers talk about servicing nonstandard mortgage loans March 13

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