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Lenders think some second mortgage loans can wait to be paid

Written by Timothy Blake on January 17, 2008 under Archives, Lenders

Lenders are taking a second look at some second mortgages. According to the Wall Street Journal lenders found it safer to wait for payment when the house sells, instead of suing or trying to foreclose. Liens and garnishments might cause the borrower to default on all loans and credit cards. In many cases, the companies have concluded that they are better off not foreclosing on borrowers who can’t make payments on their home-equity loans and other types of second mortgages.

Friedman Billings Ramsey Group says First NLC is bankrupt

Written by Timothy Blake on January 13, 2008 under Archives, Lenders

Friedman, Billings, Ramsey Group Inc., established in 1989 as a securities research and trading firm, built a franchise helping companies raise money. In 2005, the firm made a decision to invest about $550 million in the subprime mortgage business, including the acquisition of First NLC Financial Services, a Florida-based lender. Friday January 11 brought news that First NLC Financial Services LLC subprime lending unit will file for Chapter 11 bankruptcy protection because of worsening mortgage market conditions, and plans to liquidate. There are no plans to pump money in, nor are there any plans to sell First NLC.

Feds may waive rules for BofA

Written by Timothy Blake on January 12, 2008 under Archives, Editorial

Bart Narter, a senior analyst with business consultant Celent LLC, said in part “The only thing that might stand in the way, he said, are regulatory problems such as antitrust issues. But, that might be overlooked by the government in an attempt to help the financial system work through the mortgage crisis.”

Novastar retail mortgage lending and brokerage operations

Written by Timothy Blake on January 11, 2008 under Archives, Job Losses

Novastar is still on the ropes and is laying off 85 percent of its remaining work force, or 170 jobs. The annoying lender reportedly was calling homeowners at the beginning of each month. Some analysts think Novastar was trying to determine if they would be able to operate. In a U.S. Securities and Exchange Commission filing, the Kansas City, Missouri-based company said the cuts are tied to its decision to quit its retail mortgage lending and brokerage operations.

Merrill fourth quarter write down – big, bigger, or really big?

Written by Timothy Blake on January 11, 2008 under Archives, Economic Impact

Something is bothering the market today, with the Dow down 210.70 at mid-day. Fourth quarter results will be out soon and some are holding their breath. For instance, a report in the New York Times says Merrill Lynch could write down as much as $15 billion in the fourth quarter. Analyst estimates to this point have been around $12 billion. What ever the number is it comes on top of $8.4 billion in the third quarter, and the departure of former Chief Executive Officer Stan O’Neal.

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