(June 25, 2007) — Creative Mortgage Lending (CML), a wholesale lender specializing in Alt-A and nonprime lending, launched CML Express, a comprehensive online product and pricing engine accessible to brokers any time through CML’s Web site.

NeighborWorks America said today that it has partnered with the Ad Council — producers of the ubiquitous public service ads nearly all of us have seen — to further extend awareness of NeighborWorks’ foreclosure prevention efforts. The television and radio public service announcements shown at the campaign launch today are expected to begin airing in early [...]

The NAR’s existing homes sales numbers are out, and show a 10.6 percent drop in sales volume versus year-ago levels: Total existing-home sales – including single-family, townhomes, condominiums and co-ops – eased by 0.3 percent to a seasonally adjusted annual rate1 of 5.99 million units in May from an upwardly revised pace of 6.01 million [...]

Saw this press release today, from American Guardian Home Loans, a wholesale mortgage lender specializing in Alt-A and subprime lending in 10 states. Too rich not to share here: Corrupt brokers are falsifying appraisals, property information and borrower tax returns, bank statements, pay stubs and W2 forms … so American Guardian Home Loans is starting a [...]

In my attempt to follow up with the careers of various now-displaced former New Century executives, a press release earlier today highlighted that former New Century Mortgage COO Robin Cook-Auerbach has started up a new firm called Agire Mortgage Corporation, along with some other industry heavy hitters. Cook-Auerbach left New Century in February 2006 and [...]

Not to be outdone by last week’s ratings action at Moody’s on various subprime RMBS, Standard and Poor’s this week unleashed it’s own mass ratings cut, affecting 133 subordinate classes from 2005 and 2006 vintage RMBS deals. The cuts impacted both subprime and closed-end second-lien deals (FWIW, second liens such as this are otherwise known [...]

National Mortgage News reported today that B&C lending volume literally fell off a cliff in the first quarter: Mortgage bankers funded just $88 billion in subprime residential loans during the first quarter … subprime production accounted for just 12% of all loans originated in the United States, compared with a high of 24% in 2005. The [...]

The Wall Street Journal ran an interesting story this morning that manages to cover some additional details on the Bear Stearns debacle, while also bringing attention to the newest player in the subprime mortgage bond market — colleges. First, the details on Bear Stearns’ two troubled funds, focusing in on Merrill’s auction of fund assets: Most of [...]

The Wall Street Journal is reporting that the Everquest IPO, discussed on this blog in the past, will no longer go forward. From the Journal: …the meltdown of Mr. Cioffi’s hedge funds on the back of losses tied to bets on the subprime-mortgage market have turned the fund manager and Bear Stearns into a big liability [...]

According to a Bloomberg report, Bear Stearns looks like it may assume $3.2 billion in collateral on one of its two troubled hedge funds, both of which have lost value as a part of the mortgage bond market has tanked in recent days. Bloomberg reports: An agreement between the creditors and New York-based Bear Stearns, the second-biggest [...]