Home / News / Government / Mortgage Daily: Mortgage Business Closings Finish 2012 at 82
Print This Post Print This Post

Mortgage Daily: Mortgage Business Closings Finish 2012 at 82

Fewer businesses in the mortgage industry went under in Q4 2012, according to data from ""_Mortgage Daily_"":http://www.mortgagedaily.com.



The number of mortgage businesses--banks, credit unions and non-bank mortgage firms--that fell dark in Q4 of this year stood at 13, down from 17 in Q3 and halved from 26 during the same quarter in 2011, _Mortgage Daily_ reported.

In 2012 alone, 82 mortgage businesses had to shut their doors, a steep decrease from 137 in 2011 and the lowest number since 2006, when 31 businesses failed.

In 2010 and 2009, there was an even greater number of closings, 210 and 234, respectively.

Out of the 82 closings, 51 were FDIC bank failures, 16 were non-bank closings, and 15 were credit unions.

According to _Mortgage Daily_, Residential Capital accounted for the ""biggest casualty"" of 2012. In May, ResCap ""filed Chapter 11 bankruptcy"":http://dsnews.comarticles/allys-mortgage-unit-files-for-bankruptcy-new-strategies-announced-2012-05-14 and was later ""bought"":http://dsnews.comarticles/ocwen-walter-investment-receive-court-approval-for-rescap-bid-2012-11-21 out by Ocwen and Walter Investment in a joint bid.

About Author: Esther Cho


Check Also

Prepayments Fall; Foreclosures Rise

Black Knight’s first look at month-end data for October 2022 found prepayment activity reaching a new low.