Article Archive for February 2007
By Kerri Panchuk | 02/28/2007
Lewisville, Texas-based EMC Mortgage Corporation announced Thursday that Carol Young has been promoted to senior vice president within the financial operations division. In her new role, Carol will manage a staff of 45 employees while also playing a major role in managing the Asset Control and Compliance areas, which include Loans Serviced By Others (LSBO), General Ledger (G/L) & Cash Controls, the up and coming Post-Transfer group, as well as Sub and Interim Servicer Oversight.
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By Kerri Panchuk | 02/28/2007
Dallas-based Nationstar Mortgage LLC, a nonprime lender, has completed its acquisition of the origination platform of Parsippany, New Jersey-based Champion Mortgage, a part of Cleveland-based KeyCorp.
While the transaction does not include Champion Mortgage’s $2 billion loan portfolio, which was previously sold to HSBC Holdings, Plc.
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By Kerri Panchuk | 02/28/2007
The chairman and chief executive officer of Pasadena, California-based IndyMac Bancorp Inc. says despite a volatile lending market, the company and its independent mortgage lender IndyMac Bank F.S.B.
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By Kerri Panchuk | 02/28/2007
Lewisville, Texas-based EMC Mortgage Corp. (EMC), a mortgage banking company that specializes in acquisition, servicing, and disposition of residential mortgage loans, is opening a second office in Irvine, California, this May.
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By Kerri Panchuk | 02/27/2007
The House Financial Institutions Subcommittee will hold a special hearing on predatory lending next week, according to the office of Rep. Carolyn Maloney (D-NY), who chairs the subcommittee.
Rep. Maloney released a statement Wednesday saying the committee will discuss predatory lending practices and address the underlying causes of recent foreclosures in the marketplace.
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By Kerri Panchuk | 02/27/2007
Irvine, California-based RealtyTrac, an online marketplace for foreclosure properties, is taking its technology platform to a new level by implementing Microsoft Virtual Earth mapping technology – a tool that will offer 3-D views of real-estate owned properties online.
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By Kerri Panchuk | 02/26/2007
Lending giant Freddie Mac it’s no longer purchasing subprime ARMs loans that have the potential to shock homeowners with escalating mortgage payments.
In an announcement released Monday, the government-sponsored enterprise (GSE) said it would only buy adjustable-rate-mortgages that qualify borrowers at the fully-indexed and fully-amortizing rates.
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By Kerri Panchuk | 02/26/2007
San Francisco-based Green Welling LLP it filed a class action lawsuit against subprime lender New Century Financial Corp on Tuesday. In a press release, the firm accused the Irvine, California-based lender of providing materially false and misleading statements in 2006 and neglecting to account for loan repurchases that were later reflected as losses in the company’s final 2006 year-end report.
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By Kerri Panchuk | 02/26/2007
The number of foreclosure filings in Massachusetts reached an all-time high in January, according to ForeclosuresMass.com
– an online provider of foreclosure data that just released its February Massachusetts Market Analysis Report.
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By Kerri Panchuk | 02/25/2007
Former Federal Reserve Chairman Alan Greenspan said Monday that troubles in the subprime lending market are unlikely to pose a significant threat to the overall housing sector, according to the Bloomberg news agency.
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By Kerri Panchuk | 02/25/2007
Loan repurchases and unexpected 2006 financial losses have landed another subprime lender in legal hot water. California-based law firm Lerach, Coughlin, Stoia, Geller, Rudman & Robbins LLP, filed a class action lawsuit against Kansas City, Missouri-based NovaStar Financial Inc.
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By Kerri Panchuk | 02/25/2007
Gainesville, Georgia-based GB&T Bancshares, Inc., a seven-bank holding company, announced last week that it will increase its allowance for loan losses through an additional provision of approximately $9.
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By Kerri Panchuk | 02/25/2007
Fannie Mae, one of the country’s largest government-sponsored enterprises, has created more internal regulatory controls by restructuring the format of its monthly summary reports while also changing its internal platform for charitable giving.
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By Kerri Panchuk | 02/22/2007
Consumers shopping for homes have a new ally with The National Association of Mortgage Brokers (NAMB) launching an ambitious plan designed to curtail predatory lending in the subprime market. NAMB’s new consumer protection initiative, which was designed to prevent foreclosures, is a significant portion of its 2007 policy agenda.
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By Kerri Panchuk | 02/22/2007
Kansas City-Missouri-based H&R Block Inc., reported third quarter losses this week after the company’s subprime lending subsidiary Option One Mortgage posted a loss of $69.7 million for the third quarter of its 2007 fiscal year.
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By Kerri Panchuk | 02/22/2007
Never underestimate the will of a homeowner in foreclosure — especially when she loves the great outdoors and owns a lot next to her distressed property.
Chris Pitaniello, marketing director for REMAX Alliance in Lone Tree, Colorado, says he will never forget when he pulled up to a distressed home and found the former resident living on a lot nearby.
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By Kerri Panchuk | 02/22/2007
LandAmerica Financial Group Inc., a provider of real estate transaction services, reported net income losses for 2006 earlier this week. The company said an overall slowing down in the real estate housing market attributed to its decline in annual revenue.
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By Kerri Panchuk | 02/21/2007
The 2007 Mortgage Bankers Association (MBA) National Mortgage Servicing Conference & Expo in San Diego continued on Thursday with more companies introducing innovative software solutions designed to help lenders manage and track loans in the marketplace.
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By Kerri Panchuk | 02/21/2007
Freddie Mac, a government-sponsored enterprise that supports the nation’s housing market, has named 39 single-family mortgage servicers as Tier One Platinum or Tier One Gold performers for the year 2006 (see below for a list of winners).
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By Kerri Panchuk | 02/20/2007
The board of Fannie Mae is withholding $44 million in executive bonuses that were slated to benefit 46 former and current Fannie Mae employees.The company’s decision was based on a review by Fannie Mae’s Board, which concluded that executives serving between the years 2001 and 2004 did not meet the prescribed performance standards to qualify for their Performance Share Plan (PSP) bonuses.
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