Latest Mortgage News Headlines

NIMs, Alt-A RMBS Clobbered

The latest ratings activity involved downgrades to several net interest margin notes and Alt-A residential mortgage-backed securities. Commercial MBS, meanwhile, saw mixed activity. (July 3)

Bank Shuts Down Mortgage Unit

A Maryland bank has disclosed that it will close its mortgage unit. The move follows the ouster of the company's chief executive after the company reported losses tied to loan fraud. (July 3)

Radian Improves in Q2

Radian Group Inc. said its quarterly claims were less than previously projected, its market share has increased and its financial standing is solid. (July 3)

Market Conditions Improve

The average 30-year fixed-rate mortgage fell for the first time in six weeks. Applications for new loans were also better. (July 3)

Mortgage Employment Improves

Jobs in the real estate finance sector improved. (July 3)

The Foreclosure Journal

The latest foreclosure prevention news indicates some progress is being made in the war against foreclosures. (July 2)

Home-Equity Delinquency Mixed

Late payments on home-equity mortgages was mixed, with open-end loans worsening and closed-end loans improving. (July 2)

MBS Volume Spirals

Led by a 93 percent decline in residential mortgage-backed securities volume, mortgage loan securitizations have tumbled so far this year. (July 2)

Wholesale Operation Re-Emerges

A significant portion of National City's former wholesale lending unit has been acquired and launched as part a new California-based company. (July 2)

New CitiMortgage CEO A former Citigroup executive is returning to head CitiMortgage. (July 1)

Wholesaler Boosts Lending Capacity

A Florida-based wholesale lender hopes a new $1.75 billion will help it expand its third-party originations. (July 1)

Acquisition, Collapse & Regulatory Actions

A California credit union collapsed and an Ohio bank expanded its mortgage operations with the acquisition of another bank. Dozens of other financial institutions are dealing with a host of legal and regulatory actions, while a hard-money wholesale lender is streamlining operations with the help of a third party. (July 1)

Another Improvement for COFI

Defying most other adjustable-rate mortgage indices, the cost of funds index continued its descent -- falling to its lowest level in nearly three years. (July 1)

Accredited Parent Acquires $9.3 Billion in Loans

The parent of Accredited Home Lenders Inc. and the world's richest man are diving deeper into non-conforming mortgage lending. (July 1)

Countrywide No More

Under a cloud of litigation, Bank of America Corp. has closed on its acquisition of Countrywide Financial Corp. The merger creates a company that is the biggest U.S. bank and largest residential mortgage lender. (July 1)

IndyMac Blasts Schumer

IndyMac Bancorp Inc. said a run on its deposits over the weekend has abated and blamed a U.S. senator for sparking the panic. (June 30)

Wachovia Dumps Neg-Am Loans

Wachovia Corp. is steering away from mortgage programs that result in negative amortization and waiving prepayment penalties for borrowers who want out of some risky programs. (June 30)

New Ginnie President

The Government National Mortgage Association has a new president. (June 30)

WaMu Retail Chief Out

The head of consumer lending at Washington Mutual Inc. has abruptly departed. (June 30)

Mortgage Insurance Volume Sinks

Mortgage insurance companies issued fewer policies last month than they have at any point since 2000. New applications fell to the lowest point in more than two years. (June 30)

National City Loses Mortgage Fraud Case A bankruptcy judge recently ruled against National City Bank even though the borrowers committed mortgage fraud. The case involved a $250,000 junior lien to Cecelia and Norman Hill on an Oakland, Calif., property, according to a case summary written by Bruce E. Alexander of Weiner Brodsky Sidman Kider PC -- a Washington, D.C.-based law firm that provides mortgage banking litigation analysis. The loan was a stated-income loan used to refinance a previous $200,000 loan -- which was also stated-income, according to Alexander, who has over 26 years of litigation experience and has previously served as in-house counsel at a national bank, a consumer lender and a national residential origination and servicing firm. (June 25) read full story BoA, Countrywide Merger to Result in Massive Layoffs Bank of America Corp.'s acquisition of Countrywide Financial Corp. will result in more than 7,000 layoffs. But even after the reduction, the combined company will employ more than 250,000 people. BoA announced today that the merger, which was approved by Countrywide shareholders yesterday, will result in the elimination of an estimated 7,500 positions -- though changing market conditions could impact that number. With all major hurdles now overcome, the deal is expected to be consummated on Tuesday, July 1. The layoffs will occur during the next two years. (June 26) read full story Acquisition Done, Merger On A small mortgage company has been acquired by a big bank, while two small banks have agreed to merge. Other corporate activity includes a New York-based lender that said it has been approved to issue securities backed by loans insured by the Federal Housing Administration. (June 27) M.I. Co. Aggressively Sues Failed Subprime Lender A lawsuit has been filed against a failed subprime lender and its parent by a major mortgage insurance company. The insurer is not only seeking the repurchase of defective mortgages, but it is asking for contract and tort damages, as well as punitive damages. (June 26) Best Reverse Markets A new report identifies the best U.S. markets for home-equity conversion mortgage originations.(June 25)