DLJ Mortgage Capital Inc., a unit of Credit Suisse that purchases mortgage loans from lenders, has filed lawsuits against three subprime lenders including Sunset Direct Lending LLC, Infinity Home Mortgage Co.
Read More
Kansas City, Missouri-based H&R Block Inc. said plans to sell its Option One Mortgage Corp. subsidiary continue despite setbacks in the market that have prolonged the process.
In a press statement, H&R Block said, Though the company announced in November it would explore alternatives for its mortgage business and expected to conclude that process in March, recent events in the subprime mortgage industry have affected the process.
Read More
Though Beazer Homes USA, Inc., is known primarily for designing, building, and selling homes, a new press release from Lerach, Coughlin, Stoia, Geller, Rudman & Robbins LLP law firm, says the builder not only provided mortgage originations and title insurance to home buyers, but did so neglectfully causing some of the buyers to lose their homes through foreclosure.
Read More
Bankrate Inc.‘s national weekly mortgage survey of large lenders has concluded that The Federal Reserve Board’s concerns over a possible recession have prompted the 30-year fixed mortgage rate to jump from 6.
Read More
With the mortgage lending market facing a sudden increase in rising default rates, White Plains, New York-based Debt Resolve, Inc. has launched DR-Default™ – an online tool that collects defaulted mortgage and automobile loans.
Read More
First American Exchange Co. LLC, a company that handles customers’ tax-deferred exchanges and an arm of The First American Family of Companies, has named attorney Mary Kay Kennedy senior vice president.
Read More
San Jose, California-based Working Partnerships USA, a public policy institute based in the Silicon Valley, released a report Thursday, saying its high-tech community is dealing with a shrinking middle-class and a dramatic increase in foreclosure activity.
Read More
Lewisville, Texas-based EMC Mortgage Corp. (EMC) announced the promotion of employee Jenna Kemp to the position of executive vice president of financial operations. Ms. Kemp brings more than 22 years of experience to her new position and currently manages a staff of 135 employees in the areas of Asset Control and Compliance, Investor Accounting and Bank Reconciliation, Master Servicing, and Investor Relations.
Read More
When a borrower is facing foreclosure, their first line of defense is often refinancing. Recognizing this option as a safeguard for distressed homeowners, The Ohio Housing Finance Agency) has pledged to provide refinancing for certain at-risk borrowers across their state.
Read More
Fannie Mae, one of the largest government-sponsored enterprises, announced it expects staff reductions by the end of the year involving several hundred full-time employees and contractors.
The company said the layoffs are part of an overall effort to reduce operating expenses and maximize productivity on behalf of shareholders and customers.
Read More
Irvine, California-based New Century Financial Corp. voluntarily severed its ties with Freddie Mac on Monday, according to the company’s latest filing with the Securities and Exchange Commission.
Read More
Foreclosure filings in the state of Massachusetts were 85 percent higher in February when compared to the same period in 2006, according to a new report from ForeclosuresMass.com, a provider of Massachusetts foreclosure data.
Read More
As the debate over how to handle the subprime lending crises wares on, two high-profile organizations are publicly expressing different views when it comes to subprime-related issues and regulations.
In the past two months, the Mortgage Bankers Association (MBA) and the Center for Responsible Lending (CRL) have issued press statements disputing statistical data provided by the other.
Read More
According to an investors’ slideshow, Residential Capital LLC (ResCap), the lending unit of The General Motors Acceptance Co.), will be reducing its exposure to nonprime loan originations.
The company said, even though ResCap moved away from nonprime lending in 2006, it still had substantial exposure to the market when the fallout hit during the fourth quarter.
Read More
The Center for Responsible Lending (CRL) said it will continue to support legislation that recognizes subprime loans as a threat to American homeownership, rather than a means for borrowers to gain entry into the real estate market.
Read More
The chairman of the Mortgage Bankers Association (MBA) told federal lawmakers on Tuesday that the agency will work with legislators, regulators, and other stakeholders in an effort to ease the pain caused by some of the turmoil in the subprime market.
Read More
Houston, Texas-based Stewart Transaction Solutions introduced its Electronic Vault Management System at the MBA’s 2007 National Technology in Mortgage Banking Conference and Expo this week. Stewart says the product is designed to store, maintain, and transfer original, electronic loan documents.
Read More
A new product is making it possible for financial institutions to service all loans using one cost-effective platform, according to Fiserv Lending Solutions — a unit of Fiserv that introduced itsLoan Servicing Platform at the MBA’s 2007 National Technology in Mortgage Banking Conference and Expo.
Read More
A U.S. house subcommittee hearing on subprime and predatory lending was the talk of the town on Tuesday as regulators, industry experts, and consumer advocacy groups gathered in front of lawmakers to testify.
Read More
Kansas City, Missouri-based NovaSTAR Financial Inc. has received word that Fitch Ratings placed its NovaSTAR Mortgage subsidiary on a negative ratings watch.
Fitch in a press statement said, the ratings watch reflects the challenging operating environment in the subprime mortgage market and uncertainties regarding NFI’s profitability.
Read More
Do you have a news tip, story idea, or suggestion for DSNews.com or DS News magazine?
Simply e-mail editor@dsnews.com.
Whether you choose to tell us a little about yourself or prefer anonymity, we appreciate your contribution!
