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Subprime Archives November 2000

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Subprime Archives November 2000


Fitch Upgrades Option One’s Subprime Servicer Rating To ‘RPS1’
Ratings based on company’s experienced & tenured mgmt team, effective loan admin processes, & strong internal controls November 30
Fitch Rates GMACM $332MM Home Equity Loan Trust 2000-HE4
Additional loans will be purchased up to 90 days after the closing date
FitchIBCA November 29
Advanta Corp Says Talks To Sell Mortgage Ops ‘On Track’
On Oct. 24 Advanta reported it accepted offer to sell mortgage business to unnamed financial institution November 27 

Retiring Baby Boomers’ Home Equity Under Valued
Studies of baby boomer savings rates do not factor in home equity accumulated November 24
Use, Don’t Abuse Home Equity
Home owners lost an average $1,500 in home equity in the past decade and experts are concerned younger home owners are squandering their equity November 22
Approved Financial Corp. Reports Results For The Third Quarter Of 2000 And Launch Of New Wholesale Division to provide password protected pipeline info November 17
Amster-Led Group Reports 5.2% Stake In Advanta Corp
Group led by Howard Amster bought shares between Feb 1998 & Nov 13 for between $4.44 and $29.28 a share November 16
Management`s Discussions: 10-Q, AAMES FINANCIAL CORP
Quarter ended September 30 November 16
AARP Concerned About Predatory Lenders
Concern is older people are more likely to have significant equity, making them targets for abusive lenders November 15
Delta Financial Corporation Announces Third Quarter Results
Company reported net income of $763,000 for quarter ended September 30 November 13
The Trader
part 2

New Century, which has little franchise value since >75% of volume consists of purchased mortgages, has been on block for long time November 13
(subscription required)
Groups Question Citigroup’s Record On Loans in Minority Communities
Groups focus on ratio of prime to subprime loans to minorities Vs whites in Buffalo, NY November 13
(subscription required)

Meehan, 3 co-defendants face flipping prosecution
Wave of flipping coincided with the national emergence of subprime lenders November 13

GSE to make refinancing loans available to Chicago subprime homeowners November 12
Bank of America Comes To Terms With, Signs Lending Practices Pledge
25% of EquiCredit Chicago mortgages considered “predatory” by new city ordinances; company to stop providing these loans November 12
Associates workers may be in demand
Mainframe Technology workers and middle managers could have a challenging job search November 7
Citigroup strengthens consumer loan protections as part of acquisition of Associates
Chairman Sanford Weill said Citigroup is making changes to CitiFinancial unit, where Associates will be merged, to boost consumer protections November 7
2,100 could lose jobs at Associates
Company doesn’t expect jobs cut at call centers, branch offices and other operations units – where it employees about 34,000 worldwide November 3
Fitch Affirms Wells Fargo’s Mtge Servicer Ratings
Affirmation based on demonstrated ability to achieve economies of scale while maintaining high levels of performance in loan administration November 3
Associates employees awaiting layoff details
Employees who spoke on condition of anonymity said they have heard the layoffs will primarily affect the company’s Las Colinas headquarters November 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
D.C. Council Panel Approves Lending-Law Changes
Foreclosure laws amended to combat predatory lending practices in Washington DC November 2
United Companies Plan of Reorganization Confirmed
Company to Exit Chapter 11 November 2
Aames Financial Corporation Reports Positive September Results From Operations
After accrual for convertible preferred stock dividend requirement, net loss to common shareholders was $2.5 million for 3 months ended September 30 October 31
Fitch Rates $100MM Option One Mortgage Loan Trust 2000-4
Weighted average loan rate is 10.32% & weighted average original ltv is 76% October 31
Fitch Downgrades Saxon Mortgage Securities Corp Issues
Action is result of a review of level of losses incurred to date & current high delinquencies relative to applicable credit support levels October 26
Ferguson says Fed reviewing low-income mortgage rules
Federal Reserve Vice Chairman Roger Ferguson said central bank exploring strategies to battle predatory lending October 19
Irwin Financial Corporation Announces Third Quarter Earnings
Quarter was marked by continued strong performance in home equity line of business October 19
Imperial Credit Indus Sr Debt Cut To Caa1: Moody’s
Primary reasons for downgrade are decline in cash flow from operations and deterioration in asset quality October 19
S&P Raises and Affirms Ratings on ContiMortgage Home Equity Trust October 19
Democratic Rep Seeks Hearing On Citigroup-Associates Deal
Maxine Waters (CA) said she was worried about potential for undue concentration in “subprime lending” market October 18
Associates First Capital 3Q Net 61c/Diluted Shr
Company discontinued Mfg housing lending & surpassed $88 billion in managed receivables October 17
S&P Raises GMAC Mortgage Corp.’s Ranking to Strong
Rating is for Client Branded Solutions business unit second lien operation October 17
8 loans top the list of those to avoid
125% mortgage at top of list in The Common Sense Mortgage October 15
What’s in a name? A big investment, for starters
Associates to likely shed name; experts say company should adopt Citigroup brand totally and immediately October 13
Associates outlines severance plans
Memo details payments for employees who lose jobs in merger with Citigroup October 12
Advanta Corp. Down Another 17% After 3Q Warning
Company is still reeling from “poor underwriting in the 1997 to 1998 period” October 10
Aames Financial CFO Sees Improvement For Next Quarter
Jim Huston hinted at some positive news for investors when the company releases fiscal first-quarter financial results in late October October 10
RBMG Announces the Write-down of Residual Interests in Its Six Subprime Securitizatons
CFO stated that tax treatment of trusts would not have allowed re-REMIC of the residuals October 9
Delta Funding Corporation Announces It Will No Longer Offer HOEPA -Section 32- Loans
Company originated only a small percentage of HOEPA loans October 5
FTC Files Lawsuit Against Mortgage Firm First Alliance
Any judgment the FTC wins would be transferred to the Bankruptcy Court for distribution to consumers October 5
Fitch Assigns Irwin Home Equity Its ‘RPS3’ Servicer Ratings
Ratings based on experienced management team, highly experienced servicing staff, access to capital, and the performance of portfolio October 5
Fitch Dwngrs GE Capital Home Equity Loan Pass-Through Ctfs
Rating actions reflect likelihood of loss to referenced classes, given performance to date and o/s 90+ day delinquent loans October 5
Fair-Housing Lawsuit to Proceed
Washington DC based Capital City Mortgage Corp. being sued for engaging in allegedly predatory lending October 4
NYSE Warns Aames Financial Of Possible Delisting
Company has until December 29 for stock price to exceed $1 September 29
Associates buys majority stake in Japanese firm
Purchase of Unimat Life K.K. will make Associates one of Japan’s top four consumer finance companies September 28

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