New York, New York-based CitiGroup blames deterioration in the consumer credit market and dislocations in the mortgage-backed securities and credit markets for an expected 60-percent decline in net income for the third quarter.
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Kansas Attorney General Paul Morrison has formed a task force to address the threat of rising foreclosures in the state. The task force will investigate the reasons behind the foreclosures and develop recommendations on how the state can reduce those figures and protect consumers.
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Alpharetta, Georgia-based NetBank was closed late last week by the Office of Thrift Supervision and the Federal Deposit Insurance Corp., according to a press release posted on the bank’s Web site.
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Seattle, Washington-based Washington Mutual (WaMu) a new lending standard for mortgage brokers this week, which requires brokers working with the company to educate borrowers on every component of their WaMu mortgage loans.
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The Mortgage Bankers Association has released a new paper on mortgage fraud, citing Federal Bureau of Investigation) statistics that show lenders losing as much as $4.2-billion due to fraudulent activity in the mortgage sector.
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Walnut Creek, California-based The PMI Group Inc., a provider of solutions that are designed to expand homeownership, has appointed David W. Berson chief economist and strategist.
In his new role, Berson will oversee domestic and global market research and planning, support of government relations and public policy and strategic environmental planning.
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Two members of the Board of Directors at New Century Financial Corp. announced their resignation from the Board last week, according to a filing with the Securities and Exchange Commission.
Robert Cole, a former chief executive officer with the company and a Board of Director resigned along with Edward F.
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It’s never a good sign when the local police laugh at one of your REO listings. In fact, it’s down-right disheartening. At least that’s what associate broker Chris Price, head of The Chris Price Real Estate Team at Keller Williams Realty, felt when he was handed the listing of a duplex in a not-so-safe neighborhood.
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McLean, Virginia-based Freddie Mac, one of the nation’s largest government-sponsored enterprises, announced this week that it plans to settle a lawsuit levied by the U.S. Securities and Exchange Commission by agreeing to pay a $50 million-settlement.
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Default Research Inc., a foreclosure research company, reported this week that the number of foreclosures recorded in California jumped 300-percent in August when compared to the same period last year.
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Fremont General Corp., the parent company of lender Fremont Investment & Loan, is now facing a class action lawsuit filed by the law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
The lawsuit claims the lender and certain leaders within its organization omitted or misrepresented material adverse facts about the company’s financial condition, business prospects, and revenue expectations during the class period that occurred between the dates of May 9, 2006 through February 27, 2007.
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%{=BORDER-TOP-WIDTH: 1pt; PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BORDER-LEFT-WIDTH: 1pt; FONT-SIZE: 8.5pt; BORDER-LEFT-COLOR: windowtext; BORDER-BOTTOM-WIDTH: 1pt; BORDER-BOTTOM-COLOR: windowtext; PADDING-BOTTOM: 0in; COLOR: #333333; BORDER-TOP-COLOR: windowtext; PADDING-TOP: 0in; FONT-FAMILY: Verdana; BORDER-RIGHT-WIDTH: 1pt; BORDER-RIGHT-COLOR: windowtext; mso-border-alt: none windowtext 0in}The volume of mortgage loan applications fell in the Mortgage Bankers Association’s (MBA) most recent Weekly Mortgage Applications Survey for the week ending September 21, 2007.
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Santa Monica, California-based subprime lender Fremont Investment & Loan)—an affiliate of Fremont General Corp.—is not out of the woods just yet.
In a recent filing with the Securities and Exchange Commission, the company said Gerald J.
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Switzerland-based bank Credit Suisse announced the elimination of 150 jobs on Wednesday, according to news reports from Bloomberg News.
%{=font-style: italic;}Bloomberg %says the layoffs were announced in response to occurrences in the U.
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A new auction company in Massachusetts is meeting the Bay State’s growing demand for quick and efficient auction solutions. The company, Sullivan & Sullivan Auctioneers, LLC, was founded by Marianne Sullivan, an industry veteran with more than 18 years of experience in the industry.
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Existing home sales fell 4.3-percent in August to a seasonally-adjusted annual rate of 5.50 million units, compared to 5.75 million units in July, according to the National Association of Realtors (NAR).
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A new poll surveying the opinions of 260 U.S. environmental professionals and mortgage lenders concludes that professionals in those fields believe the commercial real estate market is now feeling the negative affects of the nation’s subprime woes.
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The National Association of Mortgage Processors (NAMP) has forged a partnership with FHA Online University to help mortgage professionals learn and utilize all the new mortgage loan options available under the FHASecure loan initiative.
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Did the subprime crises and subsequent credit crunch begin in the mid-1990s, or did it begin in our youth when many students were taught a variety of academic subjects with financial literacy being the least among themx
A new study from the U.
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Paris, France-based Fimalac, the parent company of Fitch Ratings, reported on Tuesday that its ratings platform issued warnings as early as 2005 alerting investors about the risks associated with subprime.
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