Archive for August, 2007

Mortgage Industry Layoffs Kept Quiet For Now

Written by Leatherneck on August 17, 2007 under Archives, Editorial, Job Losses

You know that mortgage lenders, investors, and big commercial banks are singing the mortgage blues when they are afraid to discuss layoffs that have been taking place throughout the industry. Who can blame them in this time of speculation and conjecture? Something as small as 500 layoffs in a huge company is a major concern for those getting laid off but minor for the company. Today it may be different, as market agitators tend to grab on to any news, putting a spin on it to suit conditions. We know of layoffs in two locations.

Interest Only Loans From Well Fargo

Written by Leatherneck on August 16, 2007 under Archives, Lenders, Opinion

Finance company loans are now mainstream bank products. What was once a product of HFC and Beneficial Finance is now a product of Wells Fargo. Even in the middle of a subprime crisis Wells Fargo is soliciting existing customers with interest-only loans. One product offers $10,000 for as little as $79.17 per month for a home equity line of credit. HSBC’s HFC loans were amortized over 30 years but must be paid back in eleven years. Unless the borrower paid more than the monthly payment they would rarely pay down the interest. HFC loans of this type were often marketed through duplicity when Household International owned HFC. They were often described as predatory. Now they are mainstream, and people wonder what’s wrong with the mortgage market.

First Magnus Financial Stops New Lending Activity

Written by Leatherneck on August 16, 2007 under Archives, Lenders

First Magnus Financial Corp., a Tucson-based national mortgage lender, is stopping new lending activity effective Thursday and shutting down operations. An internal e-mail sent to branch managers of Great Southwest Mortgage, the retail arm of First Magnus, said the parent company was no longer funding loans. The e-mail was obtained by the Arizona Daily Star newspaper.

European Commission Saw Problems in 2006, Others say 2005

Written by Leatherneck on August 16, 2007 under Archives, International, Opinion

The European Commission will look into credit agencies’ apparent slow response to the subprime mortgage crisis, saying the issue will be addressed in the Committee of European Security Regulators second annual report. Many of us knew there was a problem in 2005, suggesting U.S. bankruptcy law changes were a sign of lenders protecting themselves. Here is what the European Commission said about 2006:

New Jersey Orders Aegis to Stop

Written by Leatherneck on August 16, 2007 under Archives, Lenders

The New Jersey Department of Banking and Insurance Thursday ordered mortgage lender Aegis Wholesale Corp. to stop taking applications and closing on loans without funding. Department Commissioner Steven Goldman also ordered the company to secure alternative funding sources for loan applications already in process.

« Older Entries
Newer Entries »

Our Sponsors

<
Our Partners Selected Articles


© Copyright 1998 - 2012 Mortgages and What Is A Bad Loan | 44 queries in 0.361 seconds.