Article Archive for June 2007
By Kerri Panchuk | 06/28/2007
EMC Residential Mortgage Corp., a wholly-owned subsidiary of The Bear Stearns Companies Inc., has hired Jeff Wise to serve in the role of senior vice president of seller approval.
In his new role, EMC says, Wise will play a senior role in the seller approval and monitoring process of EMC’s whole mortgage loan related business, granting loan purchase lines or limits and providing the ongoing monitoring of the appropriateness of purchase lines given the seller’s financial condition and operational and loan performance.
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By Kerri Panchuk | 06/28/2007
Federal banking regulators released their final Statement on Subprime Lending:http://www.federalreserve.gov/boarddocs/press/bcreg/2007/20070629/default.htm this week, which includes directives saying subprime ARM loans should be underwritten at fully-indexed rates with fully-amortizing repayment schedules.
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By Jill Glancy | 06/28/2007
Get out of the house and take your clothes off!, was the last thing REO Broker Ed Manfredi expected his wife to say when he arrived home from work.
Manfredi had just listed a quaint, 1800’s-style, single-family home in an urban area of Rhode Island.
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By Kerri Panchuk | 06/27/2007
Cleveland, Ohio-based Safeguard Properties, Inc. is testing a new initiative called artistic boarding in an effort to help loan servicing clients maintain curb-side appeal when dealing with foreclosures or vacant properties.
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By Kerri Panchuk | 06/27/2007
The Pew Charitable Trusts, an organization that aims to improve public policy on relevant issues, announced plans this week to provide the Center for Responsible Lending with a $1-million investment that will be used to curve irresponsible subprime lending.
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By Kerri Panchuk | 06/27/2007
Bankrate.com, which provides a weekly national survey of lenders, says mortgage rates have dropped dramatically in the past two weeks.
According to the agency’s latest weekly survey, the average 30-year fixed-rate mortgage dropped to 6.
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By Kerri Panchuk | 06/27/2007
Cambridge Place Investment Management, L.L.P says the London-based Caliber Global Investment Ltd. Fund that it manages will be closing and selling assets due to losses incurred from troubled mortgage loans in the United States, reports Bloomberg news agency.
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By Kerri Panchuk | 06/26/2007
Three former Countrywide Financial Corp.:http://my.countrywide.com/ vice presidents will plead guilty to charges of insider trading, according to a press release issued by the United States District Court of Los Angeles.
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By Kerri Panchuk | 06/26/2007
Truckee, California-based Clear Capital, a property valuation outsourcing firm for mortgage originators, has appointed Ashley Holm to the position of vendor relations manager. In her new role, Holm will focus her energies on building and expanding relationships between Clear Capital and its vendors, while also leading the company’s efforts to recruit new vendors and maintain vendor relations standards and training materials.
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By Kerri Panchuk | 06/26/2007
Representatives from the Securities and Exchange Commission the House Committee on Financial Services on Tuesday that they continue their probe into companies and executives who engage in corporate or financial misconduct.
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By Kerri Panchuk | 06/26/2007
Oxford Funding Corp., an asset resolution company that purchases individual and bulk subprime and non-performing mortgage loan portfolios, has named Robert M. Dunn president.
Mr. Dunn, who most recently managed San Felipe Commercial Mortgage, has extensive experience in the origination of commercial and residential mortgages and in the acquisition and sale of mortgage portfolios.
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By Kerri Panchuk | 06/25/2007
Changes in the subprime market—especially in the mortgage side of the industry—make it necessary for professionals in the sector to maintain a continous dialogue about what’s happening in subprime.
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By Kerri Panchuk | 06/25/2007
The Parsippany, New Jersey-based law firm of Fein, Such, Kahn & Shepard, P.C. announced another courtroom win for the MERS (Mortgage Electronic Registry System) in New York last week.
Based on a new court decision, MERS can now serve as a party in-court when dealing with foreclosure actions on loans in the counties of Dutchess, Kings, Nassau, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester.
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By Kerri Panchuk | 06/25/2007
Oxford Funding Corp., a company that specializes in the purchasing of individual and bulk subprime and nonprime loan portfolios, says it has signed a letter of intent to acquire Houston-based Huntington Financial, a commercial and residential mortgage broker.
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By Kerri Panchuk | 06/25/2007
NeighborWorks America and the Advertising Council launched a national public service advertising (PSA) campaign on Tuesday to help save distressed borrowers from foreclosure.
The agencies’ PSAs, which will reach the public via the Web, the radio, and the television, encourage troubled homeowners to seek loss mitigation counseling by calling the national foreclosure prevention hotline at 888.
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By Kerri Panchuk | 06/25/2007
Mortgage servicing veteran Larry B. Litton, Sr. has been awarded the inaugural Distinguished Service Award from USFN
— a nonprofit association of professionals that provide various default services to the mortgage lending industry.
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By Kerri Panchuk | 06/24/2007
The Philadelphia, Pennsylvania-based law firm of McCabe, Weisberg & Conway, P.C. announced a strategic partnership with Syosset, New York-based Pitnick & Margolin, LLP, last week. Under terms of the partnership, the firms will offer cradle to grave default services to lenders in several different states.
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By Kerri Panchuk | 06/24/2007
The need to know more about at-risk loans within mortgage portfolios has inspired new technology solutions like the i-Series™ feature from Integrated Asset Services, which is described as a due diligence platform that allows clients the ability to more accurately evaluate the risk of acquiring or selling certain pools of loans.
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By Kerri Panchuk | 06/24/2007
Dallas-based real estate auction company Hudson & Marshall says 1,200 bidders attended two real estate auctions the company held in Houston and Dallas, Texas, over the weekend.
Dave Webb, co-owner of Hudson & Marshall, says of the 100 properties offered in Houston, all of them were sold to eager bidders.
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By Kerri Panchuk | 06/24/2007
Lake Forest, California-based lender American Guardian Home Loans says its subprime department has launched an initiative to fight against mortgage fraud and unscrupulous brokers in the marketplace.
The lender, which specializes in Alt-A and subprime loans, believes a significant portion of the recent subprime crises resulted from fraudulent broker practices that include falsifying appraisals, property information, borrower tax returns, bank statements, pay stubs, and W2 forms.
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