Reuters is reporting that Credit Suisse subsidiary DLJ Mortgage Capital is suing Sunset Direct Lending, Infinity Home Mortgage and Netbank Inc. for more than $30 million in loan repurchase commitments.

In response to deterioration in the subprime mortgage market, Impac Mortgage Holdings Inc. (MYSE:IMH) said early Friday that the company has formed Arch Bay Group LLC for the purpose of acquiring, restructuring and remarketing non-performing mortgage loans and real estate property. “With the dramatic increase in the number of mortgage defaults and the pressure warehouse [...]

MarketWatch is reporting that HSBC chairman Stephen Green thinks the company will take three years to recover from its missteps in the U.S. subprime lending market.

Serious delinquencies — borrowers more than 60 days in arrears — for U.S. jumbo mortgages increased 16 percent during the fourth quarter of 2006 compared to year-ago levels, according to a report issued recently by Moody’s Investors Service. The report also found deterioration in early-stage (30-59 days) delinquencies among jumbo borrowers, with early-stage delinquencies rising [...]

H&R Block Inc. (NYSE:HRB) today said that it remains in negotiations to sell its Option One Mortgage Corporation subsidiary, noting that it will be unable to unload the subprime lender by the end of March as it had earlier indicated. The tax services company has been looking to sell Option One since November, and faulted [...]

In a statement to the media released late yesterday, IndyMac highlighted key performance metrics associated with its considerable Alt-A portfolio in an all-out effort to counter market perceptions that problems in the subprime market might be spreading into Alt-A credit. “I’ve read it in the press that Alt-A lending is ‘in between’ prime and subprime lending,” [...]

Current market problems and reforms in the underwriting and pricing of subprime loans, including the tightening of underwriting standards by regulators, will have a short-term impact on housing markets, the National Association of Realtors said today. NAR senior vice president and chief economist David Lereah predicted that tighter underwriting practices may cause total home sales [...]

Signaling that a widely-expected bankruptcy filing is imminent, besieged subprime lender New Century Financial said late Wednesday that it has voluntarily terminated its eligibility to originate and service Freddie Mac-sponsored loans. As a result, the company will not be able to sell or service loans for Freddie Mac. The company had disclosed on March 20 that [...]

Fixed mortgage rates moved higher following the Fed’s stated concerns about inflation in the past week. The average 30-year fixed mortgage rate rose to 6.22 percent with an average of 0.28 discount and origination points, according to Bankrate.com’s weekly national survey of large lenders. The average 15-year fixed rate mortgage, popular for refinancing, inched lower to [...]

Debt Resolve, Inc., a collections services company, said Wednesday that it has launched DR–Default, an online tool for collecting defaulted mortgage and automobile loans. According to the company, DR–Default was created in response to the rising default rate in subprime loans, and is easily integrated into clients’ collection systems. In addition, clients may authorize collection [...]