Mortgage Daily

Published On: January 1, 1970

Trouble In Texas
Allied Mortgage defends use of name; Money Mortgage faces cash crunch October 3

Master Of Destinies
This week’s subprime mortgage ratings actions October 1

Explore reverse mortgage choices before acting
Compare FHA, Fannie Mae and Financial Freedom Plan reverse mortgage plans to select the best alternative September 30

Abandoning the field
Are laws banning ?predatory? lending spooking subprime lenders? September 27

Mobile Homes Increasingly Popular In Canada
Mobile Homes found in every province and territory in Canada, with British Columbia and Alberta accounting for half of these homes September 26

A ban on bamboozling
California’s ‘predatory’ lending legislation awaits governor’s signature September 25

Sub-prime lenders breaking the mold
Non-conforming lenders offer a needed option September 12

Delinquent Or Not? reports that Conseco is hiding bad loans September 11

Failed Bank Received Top Rating
OTS gave top rating to Superior Bank through much of the 1990s, despite high concentration of risky investments & concerns of other agency regulators September 11

More Subprime Thrifts Expected to Fail
According to the outgoing head of the Office of Thrift Supervision, others may soon fall
Mortgage September 10

Homeowners Should Think Carefully Before Taking Home Equity Loans
Homeowners should consider how they will use the money, the fine print, how much they will borrow, how they’ll pay it off, the possibility of higher interest rates and potential home value depreciation September 9

CitiGroup Settles With North Carolina For $20 Million
Associates-related settlement one of largest paid September 7

Triple ‘A’ Or Less
This week’s subprime mortgage ratings actions September 4

Number Of Suspended Citigroup Brokers Rises
More than half of correspondents also suspended August 31

To Rate Or Not To Rate
This week’s subprime mortgage ratings actions August 27

Chase Subprime Exec: We’d Swap States for Feds
EVP suggests that subprime lenders open their doors to periodic federal banking examinations, and the government, in turn, would exempt them from compliance with state and local antipredator laws August 21

A Practice That Lends Itself to Trouble
Superior’s Failure Spotlights Banks That Court High-Risk Borrowers August 21

Time For Action
Recent subprime mortgage industry ratings actions August 20

Wamu Primed For More Subprime
Wamu originated $2 billion of these loans in the first quarter, or 5.9% of the loans made August 20

Predatory lending takes a big hit
Bank of America says business reasons prompted its subprime bailout, although the Wall Street Journal reported the bank’s subprime affiliate has been profitable so far this year August 20

Reverse mortgage can help cash-poor, house-rich seniors
The basic requirements for a reverse mortgage are to be at least 62 years old and the occupant of your own home August 19

PinnFund founder indicted on federal charges
Michael J. Fanghella is charged in a 20-count indictment with illegally transferring firm money overseas and deceiving HUD August 16

Meritage To Buy 15 Equicredit Branches
Bank of America exiting subprime August 15

Unbalanced sheet showed writing on wall
Superior Bank held nearly 70% of the entire banking industry’s interest-only “strips,”, the highly risky, interest-sensitive portion of mortgages it sold August 15

Vanderbilt prices $400 mln manufactured housing ABS
Total Clayton Homes deal size was increased to $400 million from $250 million because several tranches were oversubscribed August 14

Subprime Loans Grow With Good Times
The dollar volume of subprime loans grew from $20 billion to $150 billion between 1993 and 1998 August 14

`Subprime’ could be bad news for banks
Big banks have been snapping up subprime lenders and bolstering their own internal subprime lending units August 9

Slowdown Hits Subprime Credits
Serious delinquencies on subprime mortgage loans were 21% higher at the end of last year than they were a year earlier August 8

Fear Of Defaults
New loan products and underwriting exceptions have helped push the nation’s homeownership rate to a record level, but those home loan trends of the last 10 years have never been tested in a weak economy August 7

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 upfront 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

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