Lenders

National City Mortgage VP – Credit Tightening

Written by Timothy Blake on August 05, 2007 under Archives, Lenders

Lenders are quickly closing the door to borrowers with low credit scores, small down payments for a new home or little equity in their current homes. Homeowners and buyers in high-cost areas such as California, Florida and the Northeast are also reeling as lenders chop “jumbo loan” programs.

Freddie Mac’s Position in August 2007

Written by Timothy Blake on August 04, 2007 under Archives, Government Positions, Lenders

The Office of Federal Housing Enterprise Oversight, which regulates both Fannie Mae and Freddie Mac, in July directed them to avoid loans that did not meet standards set in June by bank regulators. Freddie Mac chief executive Richard Syron said with credit pools drying up “there are some loans that are in difficulty. There are other loans that probably should never have been made and providing more liquidity will make that situation worse in the long term.”

Fieldstone stops accepting new loan applications

Written by Timothy Blake on August 04, 2007 under Archives, Lenders

Fieldstone Investment Corp., the Columbia-based subprime mortgage lender that was acquired last month, has stopped accepting new loan applications from consumers and mortgage brokers as its new owner scrambles to overcome a liquidity squeeze and answer margin calls.

WMC, Residential Capital Saw 3500 Layoffs

Written by Timothy Blake on August 03, 2007 under Archives, Job Losses, Lenders

WMC Mortgage, owned by GE, gave 30 day notices to 250 or so employees, rather than terminating them on the spot. That brings the current number of layoffs at the Burbank-based lender to more than 1,500 of the company’s original 2,000 or so employees. In other news Residential Capital, the mortgage unit of GMAC LLC said it was terminating about 1,000 positions in addition to a previous round of 1,000 layoffs from January.

Mortgage Lenders Network Job Losses

Written by Timothy Blake on August 03, 2007 under Archives, Job Losses, Lenders

We need to catch you up on some news pertaining to job losses in the mortgage lending industry. Our analysts will add to our “job loss” category as time permits. For now here is another article about mortgage industry job losses:

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