One of the country’s largest subprime lenders may be at death’s door and another major player is out of the subprime business. Both companies recently delayed their year-end earnings reports and saw their stock value plunge as they joined the growing ranks of subprime...
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Credit ratings analysts are optimistic that Countrywide Financial Corp., which recently converted to a federal thrift charter, will maintain its profitability despite a flat economy, a slowing housing market and turmoil in the subprime mortgage industry. On March 2, Moody’s...
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As analysts watch for signs that trouble is spreading beyond the subprime market, alternative mortgage lenders are laboring furiously to convince investors that they are not having the severe credit problems that are taking down so many independent subprime lenders...
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Central Pacific Mortgage shut its doors for good last week after its last slim hope to stay afloat backed out of an acquisition agreement. The Folsom, CA-based company collapsed because it was unable to meet investor demands to repurchase mortgage...
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Major bank players in the mortgage servicing business reported a sharp 17.2 percent drop in revenue from servicing activities for other investors, according to a new Inside Mortgage Profitability analysis of call report data. The top 40 bank... [Includes one chart]
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Fannie Mae and Freddie Mac recently issued jointly developed master and short form uniform security instruments the government-sponsored enterprises hope will benefit loan originators and borrowers by lowering recordation costs. The downloadable forms will...
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Technology is an increasingly powerful tool for managing risk, and failing to make the most of it costs financial services companies billions of dollars every year, says Guillermo Kopp, executive director at TowerGroup, a research and consulting firm based in...
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Mortgage lenders’ Web sites will start displaying official Federal Bureau of Investigation warnings as part of the agency’s growing involvement in mortgage fraud prevention. On March 8, the FBI and the Mortgage Bankers Association signed an agreement to promote the...
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