The closing of two wholesale lending operations topped the latest corporate activity this week.
Lydian Mortgage is apparently abandoning its wholesale channel.
The Palm Beach Gardens, Fla.-based company has indicated on several of its Web pages that it will direct its efforts to its retail channel.
“All loans must be locked by March 1, 2008, and approved and funded by April 1, 2008,” according to the Web site, which still noted, “Lydian Mortgage is committed to providing the most professional and customized service in the wholesale lending market.”
About 49 employees are impacted by Lydian’s closing.
OMG Wholesale Lending suspended operations on Feb. 20, according to a message reviewed by MortgageDaily.com. The move was attributed to “the current volatile mortgage environment.”
“At present, the company’s warehouse provider has provided written notice of its intention to exit the warehouse business and has suspended funding to the company effective February 20, 2008,” OMG stated. “Accordingly, all loans are no longer supported and no longer eligible for funding.”
Enforcement actions were announced by the Office of the Comptroller of the Currency against Ted Walter of The First National Bank of Fremont, Fremont Ind.; James Blair Barclay, Surety Bank N.A., Fort Worth, Texas; and West Texas National Bank in Midland , Texas. A personal cease and desist order was issued against Terry K. Taylor of First Tennessee Bank National Association in Memphis, Tenn.
OCC said formal agreements were reached with Rabobank N.A., El Centro, Calif.; Liberty National Bank of Lawton, Okla.; and Texas National Bank in Mercedes.
The PMI Group Inc. said Wednesday it will delay reporting its fourth quarter financial information because FGIC Corp. has not provided its financial results that are included in PMI’s consolidated report.
Franklin Credit Management Corp. notified by the NASDAQ Stock Market that because stock has traded below $1 per share for 30 consecutive trading days, its securities will be de-listed if shares don’t stay above $1 for at least 10 consecutive days by Aug. 18.
Roland Arnall, the U.S. ambassador to the Netherlands and founder of Ameriquest Mortgage, is resigning his diplomatic post on March 7 due to his son Daniel’s serious illness, Netherlands Info Services reported today.
Arnall was confirmed as ambassador by the U.S. Senate in February 2006, 15 days after Ameriquest announced it agreed to a $325 million settlement with 49 states to resolve charges of alleged predatory lending.
GMAC LLC provided Residential Capital LLC with a $750 million revolving facility to fund its resort finance business until it is potentially sold or other long-term financing is obtained, a filing with the Securities and Exchange Commission said. The initial draw was $635 million.
The Wall Street Journal reported Standard & Poor’s cut its rating on GMAC LLC three notches deeper into junk territory and warned the finance company may not be able to remain a better credit risk than its former parent, General Motors Corp.
