Recent losses in the subprime sector have sparked a series of mergers and acquisitions. The latest transaction involves the sale of Folsom, California-based Central Pacific Mortgage) to Los Angeles-based TMSF Holdings Inc.
Read More »Predatory Lenders Prey on Subprime Homeowners
A Texas economist says a new predatory lending practice is targeting distressed homeowners in the subprime market. Borrowers should just walk away when they hear the term rescue loan, according to Dr. Mark Dotzour, chief economist for the Real Estate Center at Texas A&M University in College Station, Texas.
Read More »Phil Huff Steps Down as eLynx CEO and President
Cincinnati-based eLynx, which provides a secure electronic document communications network for financial service providers, announced that its Chief Executive Officer and President Phil Huff has decided to step down and solely serve on the company’s Board of Directors.
Read More »GSE Leader Says Excessive Legislation Could Harm Industry Gains
Richard Syron, chief executive officer of Freddie Mac, is the latest industry insider to warn of the potential pitfalls of excessively restrictive GSE legislation, according to MarketWatch. While Syron supports the need for a new regulator of government-sponsored enterprises, he told the industry last week that extreme GSE regulations could curtail gains currently being made in the affordable housing market.
Read More »Bear Stearns Acquires Encore Credit Corp.
New York-based The Bear Stearns Companies Inc., has completed its acquisition of subprime lender Encore Credit Corp., a subsidiary of Irvine, California-based ECC Capital Corp. The $26 billion transaction is expected to help Bear Stearns, a financial services firm, establish strategic footing in the nonconforming loan market.
Read More »Subprime Lender ResMAE Mortgage Agrees to Sell to Credit Suisse
A subprime lender facing Chapter 11 bankruptcy has entered into an asset purchase agreement with Switzerland-based Credit Suisse. Under terms of the asset purchase agreement — Brea, California-based ResMAE Mortgage Corp.
Read More »Massachusetts and Florida Report Highest Foreclosures for Month of January
Massachusetts and Florida rank first in their respective regions for logging the most foreclosure filings during the first month of 2007, according to a new report from ForeclosureS.com, a Sacramento, California-based provider of online foreclosure data.
Read More »U.S. Foreclosures Up 19 Percent in January
New research from Irvine, California-based RealtyTrac, is painting a not-so-rosy picture when it comes to home foreclosures in 2007. The leading online provider of foreclosure data reports that foreclosure filings in the United States increased 19-percent between December 2006 and January 2007.
Read More »Lenders Direct Capital Corp. Weary of Subprime Lending
It’s been a season of change in the mortgage banking industry with companies either merging or shying away from products in the subprime lending market. Lake Forest, California-based Lenders Direct Capital Corp.
Read More »New Century Financial Faces Legal Troubles Over Subprime Fallout
Two separate California law firms have filed class-action lawsuits against Irvine, California-based New Century Financial Corp. In the lawsuits, the plaintiffs allege the company mislead investors by failing to report 2006 losses that were attributed to repurchases on subprime home loans.
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