To the rescue
New owners of Superior Bank FSB intend to re-examine whether to continue sub-prime mortgage loans
Yahoo.com May 26
At Any Rate
Recent subprime mortgage industry ratings actions
MortgageDaily.com May 25
$100 Million In Missing Assets Sought In Pinnfund Scam
Investors Hold Little Hope Of Seeing Money
TheSanDiegoChannel.com May 22
Former PinnFund CEO Planned To Escape To Caribbean On
$1 million Yacht
Estranged wife obtained injunction preventing yacht from sailing
MortgageDaily.com May 14
Group Protests Against Lender
About 35 protesters from Association of Community Organizations for Reform Now (ACORN) were met by armed guards and rooftop security agents as they demonstrated outside Household International’s annual shareholders’ meeting in Tampa
Yahoo.com May 8
D.C. Housing Group Calls for Moratorium on Foreclosures
First Government Mortgage & Investors Corp. made predatory loans and is now in bankruptcy proceedings
WashingtonPost.com May 2
Lending Abuses Overstated, Claim Industry Advocates
MBA has maintained that the best way to prevent abusive practices is to enforce current laws, not enact new ones
RealtyTimes.com April 30
Home-equity loans face defaults
High-risk lenders foresee problems
ChicagoTribune.com April 29
Delta To Be Delisted From NYSE
Shares trading at 25 cents
MortgageDaily.com April 27
Debt service
Rate drop primes the pump for home-equity lending
Marketwatch.com April 27
New Century Takes Total Loss On LoanTrader Investment
$1.1 million charge taken in first quarter
MortgageDaily.com April 26
PinnFund Figure Tells His Version of Alleged $330 Million Mortgage Fraud
SEC contends alleged coconspirator — James Hillman — came across enough warning signs over the years that he should have known what was going on
Yahoo.com April 20
X-rated
Recent subprime mortgage ratings actions
MortgageDaily.com April 19
Option One said readying $1.4 bln home equity bond deal
Option One is the depositor, originator and servicer of the issue, and Freddie Mac is the issuer and guarantor of the planned offering
Yahoo.com April 16
Protecting Against Predatory Lending
Illinois group touts preventative predatory ordinance
ChicagoTribune.com April 14
Subprime Mortgage Production Up 44% at RBMG
March subprime production $76.2 million
MortgageDaily.com April 12
PinnFund Chief Missing, Sought In Alleged $330 million Securities Scheme
Michael J. Fanghella, chief executive and majority owner has not been seen or heard from since well before a federal judge in San Diego issued a bench warrant for his arrest on April 6
Yahoo.com April 12
Subprime Production Falls 10% At Countrywide
Home equity fundings up
MortgageDaily.com April 11
Troubled Waters
Consumer Groups Battle Lenders Over Borrowers’ Costly Credit Insurance
WashingtonPost.com April 7
New Century Addresses Pending Litigation
10-K filing reveals FTC investigation and Ohio class-action suit
MortgageDaily.com April 5
Mortgage Firm Bilked Investors
PinnFund investors were kept in dark with bogus financial statements showing a profit; investors to likely see 10 cents on the dollar
Yahoo.com April 3
Friction With Fannie and Freddie
Some subprime lenders unhappy with GSE participation
MortgageDaily.com April 2
Risky Home Loans May Take Hits
Bank examiners worried about lenders that make 125% LTV home equity loans
WSJ.com March 29 (subscription required)
S&P Projects 20%-plus Jump in HELOC Securitizations in 2001
Projection based on increasing size of HELOC securitizations, Mellon Bank & Fleet National Bank’s return to securitization market; and appreciating home prices
LendingIntelligence.com March 28
Money for everything
Tax-cut pitch rings hollow with home-equity argument
Marketwatch.com Mar 28
Rate This One
Recent subprime mortgage industry ratings actions
MortgageDaily.com March 27
RBMG Subprime Production Falls
Decline follows jump in January
MortgageDaily.com March 23
Fed faces balancing act on mortgage rules-Gramlich
Predatory red flags are loans based on value of assets & not borrower’s ability to pay back
Yahoo.com March 23
Russians Find Mobile Homes a Hard Sell
Touted as Answer to Shortage, U.S.-Style Housing May Still Be Out of Reach
WashingtonPost.com March 21
Downwardly Mobile
Manufactured housing industry seeing contraction
MortgageDaily.com March 20
NovaStar seen offering $408 mln home equity ABS
Home equity loan transaction will feature 4 classes of floating-rate notes
Yahoo.com March 19
Old Standards
Servicers talk about servicing nonstandard mortgage loans
MortgageDaily.com March 13
Tyco International to Acquire CIT Group for $9.2 Billion
Tyco already has $1 billion in loans on its books
WSJ.com March 13 (subscription required)
Subprime Leaders Network
National Home Equity Mortgage Association holds annual conference in California
MortgageDaily.com March 12
Countrywide Subprime Fundings Jump 32% From January
Mixed results from home equity fundings
MortgageDaily.com March 12
GMAC unit seen selling $1.5 bln subprime home loan ABS
Seven-part AAA-rated RFC transaction will carry a financial guarantee from bond insurer FGIC
Yahoo.com March 12
Complaint Filed By FTC Against Citigroup Unit
Complaint alleges predatory lending at Associates unit
MortgageDaily.com March 7
Ocwen to buy servicing rights to New Century loans
Deal is expected to cut New Century’s debt by $60 million
Yahoo.com March 1
Advanta Closes Sale of Mortgage Business to Chase
Cash price is in excess of $1 billion
Yahoo.com March 1
RBMG Subprime Production Up 60%
January subprime mortgage loan production was $59.9 million
MortgageDaily.com February 28
NovaStar Reports Quarterly Profit
Net earnings were $2.3 million in 4th quarter
MortgageDaily.com February 12
Countrywide Subprime Production Up 18.5%
January subprime mortgage production $371 million
MortgageDaily.com February 9
Subprime Leaders To Meet In Palm Springs
National Home Equity Mortgage Association holding annual conference next month
MortgageDaily.com February 8
New Century Reports $43.1 Million Loss For Q4
Loan volume was $1.0 billion for quarter
MortgageDaily.com February 1
E-Loan Enters Home Equity Lending
Company sold 342 home equity loans for a total dollar volume of $13.9 million in fourth quarter
MortgageDaily.com January 26
Myers Internet Services Forms Strategic Alliance with New Century Mortgage Corporation
New Century brokers now able to submit loan applications via Internet
MortgageDaily.com January 24
3rd Quarter Loss At Centex Home Equity
Company impacted from “Portfolio” method of accounting
MortgageDaily.com January 23
New Century Announces 4th Quarter Loss
Company previously announced net income estimates of $0.30 to $0.35 per share
MortgageDaily.com January 22
MBA Opposes HUD Data Collection Process
Additional reporting by GSE’s would help identify possible predatory lending activities
MortgageDaily.com January 8
Freddie’s Going Down (in credit grades)
Freddie Mac Executive Indicates He’d Like To See All Subprime Borrowers Qualify For Freddie Mac Mortgages
MortgageDaily.com November 2
Bridging The Gap
LoanTrader.com Providing Technology For The Technophobic Subprime Mortgage Industry
MortgageDaily.com November 2
