Lenders

American Home Mortgage’s 40 biggest creditors

Written by Timothy Blake on August 07, 2007 under Archives, Investors, Lenders

American Home Mortgage’s 40 biggest creditors include virtually all the major names of Wall Street. At the top of the list are Deutsche Bank and JPMorgan Chase. The two had no comment. American Home intends to take $50 million in financing from financier Wilbur Ross Jr’s company WL Ross & Co. Llc, which would place Ross in first position to collect whatever proceeds American Home manages to squeeze from its assets.

Aegis Mortgage Corp suspends loan originations

Written by Timothy Blake on August 07, 2007 under Archives, Lenders

Aegis Mortgage Corp., a mortgage lender whose owners include private-equity firm Cerberus Capital Management, said Monday it had suspended all loan originations. The news was released on Monday August 7th. A report on August 6th said Aegis could not meet all of its existing funding obligations.

National City Home Equity Wholesale News

Written by Timothy Blake on August 07, 2007 under Archives, Definitions, Lenders

CLEVELAND: National City Corp. said Monday that its wholesale home equity unit has stopped taking applications for loans and lines of credit as problems in the mortgage industry continue to spread.

Luminent Mortgage Capital Singing the blues

Written by Timothy Blake on August 06, 2007 under Archives, Investors, Lenders

Another company singing the mortgage blues is Luminent Mortgage Capital. It’s not often a company gets recognition from the New York Stock Exchange. Shares of Luminent Mortgage Capital (LUM), a REIT that invests in single-family, mortgage-backed securities, plunged Aug. 6 after trading in the shares was halted on the NYSE, which said news on the company is pending.

AmTrust Financial Corp, First Horizon

Written by Timothy Blake on August 06, 2007 under Archives, Lenders

AmTrust Financial Corp. announced it stopped granting loans that exceed 95% of a home’s value. First Horizon raised rates on Alt-A and jumbo loans in the past two weeks, Bloomberg News reported. LTV (Loan to value) is becoming a factor as it always was back before creative mortgages caused us to lose track of LTV. The slowdown in the U.S. housing market is entering its third year and will certainly continue if mortgage standards tighten. Lack standards have been blamed for huge losses in subprime and almost prime lending.

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