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Mortgage News

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


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


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


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


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


Pritzkers’ Chicago Bank Fails
Regulators found that Superior Bank engaged in poor lending practices, inadequate supervision of employees and poor record keeping
WashingtonPost.com 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
Yahoo.com 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
ChicagoTribune.com 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
SFGate.com 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
Yahoo.com 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
ChicagoTribune.com July 24


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


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


CitiFinancial Income Up 40%
Increase from 2nd quarter 2000 attributed to Associates integration and receivable growth
MortgageDaily.com 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
MortgageDaily.com July 16


How unscrupulous lenders prey on the vulnerable
Predatory lending activity in California
SFGate.com 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)
BankRate.com July 12


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


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


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


How To Move Up With Old Equity
Options for buyers who don’t sell old home before buying new one
RealtyTimes.com 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
Yahoo.com July 2


Good credit bad credit
Some questions about credit
Inman.com 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
ChicagoTribune.com July 1


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


Canceled Policy
CitiFinancial to stop selling Single Premium Life
MortgageDaily.com June 29


Manufactured Housing Captures New Residents
A current look at the industry
RealtyTimes.com 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
ChicagoTribune.com June 24


Getting A Loan After Bankruptcy
The difference to lenders between chapter 7 and chapter 13
RealtyTimes.com 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.
WashingtonPost.com 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
Yahoo.com June 20


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


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


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


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


At Any Rate
Recent subprime mortgage industry ratings actions
MortgageDaily.com May 25


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


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


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


Old Standards
Servicers talk about servicing nonstandard mortgage loans
MortgageDaily.com March 13

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