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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 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 February 27

Boom in foreclosure sales hurts poor U.S. borrowers
Foreclosure scam linked to subprime lending; Chase taking a beating February 26

How to Avoid
Predatory Lenders
Investigate balloon payments, negative amortization and net cash proceeds February 24

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

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

Fitch Upgrades
RFMSI 1997-S18
Rating action on RFC certs being taken as result of low delinquencies & losses and increased credit support January 31

Fitch Rates $128.7MM
Option One Mortgage
Loan Trust 2001-1
Weighted average original loan-to-value ratio is 77.47% & weighted average rate approximately 10.29% January 31

Impac said preparing $250 mln home equity transaction
Loans are high loan-to-value home equity loans January 31

S&P: HELOC Volume Expected to Increase
Investors becoming more comfortable with buying B pieces backed by high CLTV collateral January 31

Standard & Poor’s Raises and Affirms Ratings On Saxon Mortgage Securities Corp
Performances of transactions, together with seasoning, are indications that they may be beyond peak in the loss curve January 30

Resource Bancshares Mortgage Group, Inc. Reports December Production and Operating Statistics
Subprime loan production for twelve months ended December 31, 2000 was $669.6 million January 29

Complaints on Rise Over Lending Fraud
Experts suggest comparison shopping, avoiding paying more than 3% in fees January 27

Fitch Rates Chase Mtge Finance Trust $222.7MM Ser 2001-S1
Weighted average original loan-to-value ratio 73.78% January 26

CIT Reports 13th Consecutive Year of Income Growth
Home equity business unit’s managed assets $2.45 billion January 25

IndyMac Announces 42% Increase in Fourth Quarter EPS to $0.37
Mortgage Banking Group produced $3.0 billion of mortgage loans during fourth quarter 2000 January 25

Option One prices $1.39 bln home equity-backed ABS
Home equity transaction featured $1.26 billion portion guaranteed by Freddie Mac January 24

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

Aames unit files $1 bln shelf in certificates, notes
Company 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 January 23

Irwin Financial Corporation Announces Quarterly and Annual Earnings
Irwin Home Equity earned $13.3 mil in 4th qtr; combined loan and credit line originations were $1.8 bil January 23

New Century Announces 4th Quarter Loss
Company previously announced net income estimates of $0.30 to $0.35 per share 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 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 January 16

First Union to revamp consumer bank unit
5,500 1st Union employees were cut or transferred after businesses, including home equity lending, sold January 16

Franklin Financial Group Acquires Mortgage Acceptance Corporation
Purchase by Michigan lender will increase Midwest presence January 15

Fitch Dwngr Saxon Mortgage Securities Corporation 1994-8
Action is result of a review of the level of losses incurred to date and current high delinquencies relative to the applicable credit support levels January 9

Advanta Corp.’s Ratings Remain On Rating Watch By Fitch
Sale of subprime business will leave Advanta with only the business credit card and small ticket leasing units January 9

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

JP Morgan Unit Buys Mortgage Business
Chase Manhattan Mortgage Corp to purchase Advanta January 8

S&P Subprime Prepayment Penalties Spur NIMS, Criteria
By mid-2000 approximately 80% of subprime mortgages analyzed by S&P were originated with prepayment penalties, up from 50% prior to 1998 January 4

IndyMac Bancorp CEO Files To Sell 200,000 Common Shares
Vice Chairman Michael Perry filed Form 144 to sell 200,000 shares of common stock valued at about $5.8 million January 3

GMAC-RFC Announces $175 Million 1st Lien HLTV Securitization
Product allows for LTV up to 107% of purchase price and borrowing limits up to $400,000 January 3

Ocwen Financial Buys Servicing Rights For 40,000 Mortgages
Rights for more than $1.1 billion in high LTV & Title 1 mortgages purchased from City National Bank of West Virginia 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 November 2


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