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Author Archives: Kerri Panchuk

Countrywide Out of Subprime?

The chief executive officer of major subprime lender Countrywide Financial Corp. announced this week that his company is no longer in the business of originating subprime loans, with the exception of loans that are GSE-eligible, according to a Reuters news article.

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HSBC Finance Corp. Closes Nonprime Loan Platform

HSBC Finance Corp. (HSBC Finance) announced that it’s closing its nonprime loan platform, Decision One Mortgage, and eliminating 750 jobs. HSBC said it will now focus its strategies on originating and servicing loans through its consumer lending branch.

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M2 Lending Solutions Adds Sales Director

Denver, Colorado-based M2 Lending Solutions has added a sales director to handle the company’s growing focus on helping homeowners finance mortgages with FHA-backed loans. The company announced this week that Ignacio Nacho Yogues III has stepped into the position of sales director.

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Bernanke to Congress: Be Wary of Increasing GSE Loan Caps

In a prepared statement to be read in front of the U.S. House Financial Services Committee on Thursday, Federal Reserve Chairman Ben Bernanke said increasing loan caps on government-sponsored enterprise (GSE) mortgages could eventually pose a greater risk to the overall economy by encouraging less discipline and more risk-taking within a new segment of the marketplace.

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U.S. House Passes FHA Reform Measures

The U.S. House of Representatives has passed a comprehensive FHA reform package, which aims to bring new life back into the affordable housing sector and to assist troubled borrowers by providing the market with federally-insured refinancing options.

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Excel Investigations Saves Default Law Firms Time & Manpower

Tinley Park, Illinois-based Excel Investigations company specializing in process serving, skip tracing, foreclosures and subrogation—is helping one Illinois County Courthouse save time and manpower by successfully implementing a procedure designed to simplify service of process—a concept better known as Standing Orders.

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Accredited and Lone Star Drop Lawsuits, Agree to Merge

With lawsuits pending and worries riding high that Accredited Home Lenders Holding Co. is on shaky ground without the completion of a pending merger, the nonprime lender alleviated some fears on Wednesday by agreeing to complete a merger with Lone Star U.

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