Editorial

Morgan Stanley Cuts Back Mortgage Business

Written by Timothy Blake on October 02, 2007 under Archives, Editorial

Morgan Stanley said it will cut roughly 500 staffers in the U.S. and about 100 employees in Europe, including 90 from the bank’s U.K. mortgage unit, as part of a reorganization.
The company has three mortgage businesses in the U.S. — Saxon Capital, which services and offers subprime loans through brokers; Morgan Stanley Credit Corp., a retail originator of prime loans; and Morgan Stanley Mortgage Capital Holdings, an aggregator of loans purchased from so-called correspondent lenders.
Under the reorganization, these units will now operate as one to originate, purchase and service a wide range of mortgage products, the bank explained.

UBS Feels the Sub-prime Mortgage Blues

Written by Timothy Blake on October 02, 2007 under Archives, Editorial

UBS announced $3.4 billion in write-downs, including deep mortgage losses at a hedge fund it operated, and said it would report its first quarterly loss in nine years. It slashed 1,500 jobs and ousted the head of its U.S. investment banking operations, saying its new CEO, Marcel Rohner, would run the division.

Thank you Robert J. Bruss

Written by Timothy Blake on September 29, 2007 under Archives, Editorial, Opinion

Robert J. Bruss, an author, investment expert and syndicated real estate columnist whose advice appeared in newspapers across the country for more than two decades, died Wednesday at his Burlingame, Calif., home, according to Inman News, the Emeryville, Calif., news service that distributes his column. He was 67.

American Home Mortgage Escrow Problems?

Written by Timothy Blake on September 25, 2007 under Archives, Editorial

You played it smart and were cautious. You have a fixed rate mortgage and escrow account for taxes and insurance. Everything is as it should be, NOT. Bankrupt American Home Mortgage is in the news again. This time the funds held in escrow to pay property tax and insurance premiums were frozen by bankruptcy courts. At least that is one of the things we are being told. Mortgage companies pay approximately 60 percent of tax bills through an escrow system, and the treasury department is wondering how escrowed payments got tied up in a bankruptcy.

Countrywide Financial Working with Borrowers

Written by Timothy Blake on September 24, 2007 under Archives, Editorial

Countrywide Financial Corp handled billing and collections for almost 9 million loans at the end of August. The largest U.S. mortgage lender has provided one in five home loans this year. Countrywide has provided assistance on some 35,000 mortgages this year, including modifying terms on 17,000 loans. The federal government is strongly encouraging lenders to work with borrowers most effected by the ARM reset. To date fewer than 1% of the borrowers have had loan terms renegotiated by lenders.

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