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Bridging The Gap

To the rescue
New owners of Superior Bank FSB intend to re-examine whether to continue sub-prime mortgage loans May 26

At Any Rate
Recent subprime mortgage industry ratings actions May 25

$100 Million In Missing Assets Sought In Pinnfund Scam
Investors Hold Little Hope Of Seeing Money May 22

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

Group Protests Against Lender
About 35 protesters from Association of Community Organizations for Reform Now (ACORN) were met by armed guards and rooftop security agents as they demonstrated outside Household International’s annual shareholders’ meeting in Tampa May 8

D.C. Housing Group Calls for Moratorium on Foreclosures
First Government Mortgage & Investors Corp. made predatory loans and is now in bankruptcy proceedings May 2

Lending Abuses Overstated, Claim Industry Advocates
MBA has maintained that the best way to prevent abusive practices is to enforce current laws, not enact new ones April 30

Home-equity loans face defaults
High-risk lenders foresee problems April 29

Delta To Be Delisted From NYSE
Shares trading at 25 cents April 27

Debt service
Rate drop primes the pump for home-equity lending April 27

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

PinnFund Figure Tells His Version of Alleged $330 Million Mortgage Fraud
SEC contends alleged coconspirator — James Hillman — came across enough warning signs over the years that he should have known what was going on April 20

Recent subprime mortgage ratings actions April 19

Option One said readying $1.4 bln home equity bond deal
Option One is the depositor, originator and servicer of the issue, and Freddie Mac is the issuer and guarantor of the planned offering April 16

Protecting Against Predatory Lending
Illinois group touts preventative predatory ordinance April 14

Subprime Mortgage Production Up 44% at RBMG
March subprime production $76.2 million April 12

PinnFund Chief Missing, Sought In Alleged $330 million Securities Scheme
Michael J. Fanghella, chief executive and majority owner has not been seen or heard from since well before a federal judge in San Diego issued a bench warrant for his arrest on April 6 April 12

Subprime Production Falls 10% At Countrywide
Home equity fundings up April 11

Troubled Waters
Consumer Groups Battle Lenders Over Borrowers’ Costly Credit Insurance April 7

New Century Addresses Pending Litigation
10-K filing reveals FTC investigation and Ohio class-action suit April 5

Mortgage Firm Bilked Investors
PinnFund investors were kept in dark with bogus financial statements showing a profit; investors to likely see 10 cents on the dollar April 3

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

Risky Home Loans May Take Hits
Bank examiners worried about lenders that make 125% LTV home equity loans March 29
(subscription required)

S&P Projects 20%-plus Jump in HELOC Securitizations in 2001
Projection based on increasing size of HELOC securitizations, Mellon Bank & Fleet National Bank’s return to securitization market; and appreciating home prices March 28

Money for everything
Tax-cut pitch rings hollow with home-equity argument Mar 28

Rate This One
Recent subprime mortgage industry ratings actions March 27

RBMG Subprime Production Falls
Decline follows jump in January March 23

Fed faces balancing act on mortgage rules-Gramlich
Predatory red flags are loans based on value of assets & not borrower’s ability to pay back March 23

Russians Find Mobile Homes a Hard Sell
Touted as Answer to Shortage, U.S.-Style Housing May Still Be Out of Reach March 21

Downwardly Mobile
Manufactured housing industry seeing contraction March 20

NovaStar seen offering $408 mln home equity ABS
Home equity loan transaction will feature 4 classes of floating-rate notes March 19

Old Standards
Servicers talk about servicing nonstandard mortgage loans March 13

Tyco International to Acquire CIT Group for $9.2 Billion
Tyco already has $1 billion in loans on its books March 13
(subscription required)

Subprime Leaders Network
National Home Equity Mortgage Association holds annual conference in California March 12

Countrywide Subprime Fundings Jump 32% From January
Mixed results from home equity fundings March 12

GMAC unit seen selling $1.5 bln subprime home loan ABS
Seven-part AAA-rated RFC transaction will carry a financial guarantee from bond insurer FGIC March 12

Complaint Filed By FTC Against Citigroup Unit
Complaint alleges predatory lending at Associates unit March 7

Ocwen to buy servicing rights to New Century loans
Deal is expected to cut New Century’s debt by $60 million March 1

Advanta Closes Sale of Mortgage Business to Chase
Cash price is in excess of $1 billion March 1

RBMG Subprime Production Up 60%
January subprime mortgage loan production was $59.9 million February 28

NovaStar Reports Quarterly Profit
Net earnings were $2.3 million in 4th quarter February 12

Countrywide Subprime Production Up 18.5%
January subprime mortgage production $371 million February 9

Subprime Leaders To Meet In Palm Springs
National Home Equity Mortgage Association holding annual conference next month February 8

New Century Reports $43.1 Million Loss For Q4
Loan volume was $1.0 billion for quarter February 1

E-Loan Enters Home Equity Lending
Company sold 342 home equity loans for a total dollar volume of $13.9 million in fourth quarter January 26

Myers Internet Services Forms Strategic Alliance with New Century Mortgage Corporation
New Century brokers now able to submit loan applications via Internet January 24

3rd Quarter Loss At Centex Home Equity
Company impacted from “Portfolio” method of accounting January 23

New Century Announces 4th Quarter Loss
Company previously announced net income estimates of $0.30 to $0.35 per share January 22

MBA Opposes HUD Data Collection Process
Additional reporting by GSE’s would help identify possible predatory lending activities January 8

Freddie’s Going Down (in credit grades)
Freddie Mac Executive Indicates He’d Like To See All Subprime Borrowers Qualify For Freddie Mac Mortgages November 2

Bridging The Gap
Providing Technology For The Technophobic Subprime Mortgage Industry November 2

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