Posts Tagged ‘Archives’

1st Choice Mortgage, Cameron Financial in bankruptcy

Written by Timothy Blake on April 04, 2008 under Archives

Saddled with $28 million in debts, San Luis Obispo-based wholesale mortgage lender Cameron Financial Group has filed for Chapter 7 bankruptcy protection.

Out of the Ashes – PennyMac

Written by Timothy Blake on March 24, 2008 under Archives, Editorial

A press release on March 24, 2008 announced new Private National Mortgage Acceptance Company, LLC (PennyMac). There will be some interesting developments due to the senior management of the newly formed company because of positions held at Countrywide Home Loans.

Merrill Lynch to close First Franklin CNBC says

Written by Timothy Blake on February 28, 2008 under Archives, Editorial, Job Losses

Some say the timing displayed a lack of risk analysis, while others said an urge to jump on the subprime gravy train meant Merrill Lynch was out of touch with reality. No matter how you look at it, today was the end for Merrill Lynch’s subprime lending. They are reportedly shuttering its troubled subprime mortgage lender, First Franklin, according to CNBC. To add some sting to their mortgage blues, Merrill paid $1.3 billion to acquire First Franklin from National City in late 2006, just months before the subprime mortgage market imploded.

HSBC missing from 6 banks trying to help America

Written by Timothy Blake on February 13, 2008 under Archives, Foreclosure

Six major lenders, worried about the deepening mortgage crisis, said Tuesday they would grant a 30-day freeze on many foreclosures in order to consider delinquent borrowers’ pleas for lower monthly payments. Who is missing from the list? HSBC, of course. HSBC is a major lender with heavy losses from subprime. HSBC is also one of the largest banks in the world. Which banks did unite to help Americans? They are Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Washington Mutual and Countrywide Financial.

Post Holiday Shopping and Impact of Gift Cards

Written by Timothy Blake on February 08, 2008 under Archives, Editorial

I hope every person that received a holiday gift card redeems it for every cent it was worth. Someone cared enough to give a cash equivalent gift for their friend or family member to use in the best way they needed. Merchant gift cards are paid for in advance by the purchaser. Any amount that is not redeemed or is value reduced by time is a free dollar into the merchant’s pockets.

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