Recent dire predictions of a major drop in subprime volume did not play out last year, though production took a hit in the fourth quarter and worse is certainly yet to come. According to a new analysis and ranking by... [Includes two charts and one graph]
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The problems that have recently shuttered smaller subprime shops spread this week, hitting some major subprime lenders with a vengeance. HSBC, the world’s third-largest bank, as well as New Century Financial Corp and JP Morgan, revealed that they face huge problems...
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Sen. Christopher Dodd, D-CT, chairman of the Senate banking committee, said this week that he wants to hear from federal regulators before initiating a legislative solution to predatory lending practices. Speaking at a hearing on predatory lending, Dodd said...
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Talk regarding a sale of Ameriquest is getting louder, but company officials remain silent. Investment banks, mortgage companies and hedge funds are reportedly in the running, but a spokesman for Ameriquest declined to comment. The spokesman would not even confirm that...
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A number of subprime lenders are tightening their underwriting guidelines in an effort to respond to growing scrutiny and rising default rates. But analysts suggest that lenders might be saying one thing and practicing something different because purposefully...
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Recent proclamations by the Center for Responsible Lending and Friedman, Billings, Ramsey practically scream that the subprime market’s sky is falling. But the Mortgage Bankers Association says that while subprime mortgages are experiencing performance problems, the...
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Fremont Investment and Loan recently revealed that it severed ties last year with some 8,000 mortgage brokers because loans they originated had high default rates. Fremont is also tightening underwriting guidelines, hoping to increase loan quality. “It’s...
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The continuing problems in the subprime marketplace have some industry insiders looking to Fannie Mae and Freddie Mac to step in and provide some much-needed stability, but not all believe it will happen. The two GSEs “have had leadership positions in the...
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Top subprime originators have acknowledged that the loans they put into mortgage-backed securities last year performed disappointingly, and are making moves to improve credit quality. At the American Securitization Forum’s 2007 conference last week in Las Vegas...
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Mortgage brokers seem to be fed up with how some subprime lenders handle credit reports. In fact, lenders’ policies requiring multiple pulls of a borrower’s credit report are sometimes causing mortgage applications to be denied. That’s one of the key findings contained in...
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Mortgage Lenders Network filed for bank-ruptcy this week. The company filed for Chapter 11 protection, listing more than... Bill Templeton, former president of The Money Store, recently became the COO of Liberty American Mortgage, a subprime mortgage...
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