Posts Tagged ‘sub-prime’

Wells Fargo looks like NovaStar as Wells panics

Written by Timothy Blake on June 11, 2008 under Lenders

A random survey of homeowners asked the following questions: (1) Who is your mortgage company, and (2) How would you rate their customer service. It seems as though Wells Fargo may be the next troubled lender if their fear factor and desire to call mortgage holders before the due date is any indication. Some homeowners that were on vacation during spring break reported that Wells Fargo paniced and called them before they returned from vacation. Their payments were not late nor were they past due.

Downeast Mortgage cuts back, may shut down

Written by Timothy Blake on April 04, 2008 under Archives

A South Portland Maine mortgage lender that had issued sub-prime loans may soon shut down. Of course state regulators may have helped in decisions soon to be made by Downeast Mortgage. The state Attorney General’s Office sued the firm last October, saying it “engaged in unfair and deceptive practices” to finance a home loan.

Delta Financial Files for Bankruptcy

Written by Timothy Blake on December 17, 2007 under Archives, Economic Impact, Job Losses, Lenders

In August Delta Financial announced layoffs. On December 6th it was said that Delta Financial may soon file for bankruptcy. That day is now. Delta Financial Corp., the Woodbury-based subprime mortgage lender, filed for bankruptcy Monday, almost two weeks after announcing it would stop originating loans and file for court protection.

Crash corresponds to magnitude of debt distortion

Written by Timothy Blake on November 21, 2007 under Adjustables (ARMs), Archives, Editorial

Every new loan that is larger than the last contributes to increasing over-all economic instability. The outcome of such has historically been a crash corresponding to the magnitude of this debt distortion. According to analysts, by 1999 twenty-five percent of all sub-prime loans were made in a predatory
manner. Some lending practices were modified after 2002 as others learned from Household International’s nationwide $484 million predatory lending settlement. Ameriquest didn’t learn, or got cocky, depending on one’s opinion. The $325 million settlement agreement covered approximately 725,000 loans valued at more than $109 billion made by Ameriquest from January 1, 1999 to December 31, 2005.

Subprime impact on China reported

Written by Timothy Blake on October 31, 2007 under Archives, Economic Impact, International

We finally got some news from China regarding the spreading subprime issue. The sub-prime crisis hit China’s flagship lender yesterday as Bank of China wrote down $322m (£156m) for its holdings of US sub-prime mortgage securities.

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