Citigroup Inc. said late today that it will acquire the wholesale origination and mortgage servicing business of ACC Capital Holdings as part of a purchase option that was inked in February. (Argent Mortgage is the company’s wholesale arm; AMC Mortgage Services is the company’s capital markets and loan servicing operation). The move means that Ameriquest Mortgage [...]

A press release showed up on HUD’s Web site tonight with some interesting details about today’s announcement by President Bush of an assistance plan for some troubled borrowers. Among them is a disclosure that the FHASecure lending program designed to help troubled subprime borrowers will utilize a risk-based pricing system that will allow the [...]

Updating a brouhaha I’ve been covering quite a bit recently, news broke this morning that Lone Star Funds had made a new takeover bid for troubled subprime lender Accredited Home Lenders Holding Co. — a bid that HW has learned was just rejected by Accredited’s board. First, details on the new bid from Boomberg: Lone Star offered [...]

Here’s the full text of President Bush’s remarks from earlier today. There is also a fact sheet outlining key aspects of the proposal, which warrants review as well. Essentially, the announced plan hits three areas: FHA reform. Essentially, the President’s remarks today are intended to help push through FHA reform provisions that had passed the House of Representatives [...]

Numerous outlets are reporting this morning that President Bush is set to unveil an “aid package” for troubled borrowers intended to help homeowners with risky mortgages stay in their homes. From the AP: Offering federal aid for strapped mortgage holders, the White House outlined proposals Friday to help borrowers hard hit by credit problems and the [...]

In highly-anticipated comments today at the Federal Reserve Bank of Kansas City’s Economic Symposium, Fed Chairman Ben Bernanke said that the Fed “will act as needed to limit the adverse effects on the broader economy that may arise from the disruptions in financial markets,” and said that problems that began in the subprime mortgage market [...]

Per the OFHEO: U.S. home prices increased only slightly in the second quarter of 2007 according to the OFHEO House Price Index (HPI). The HPI, which is based on data from sales and refinance transactions, was 0.1 percent higher in the second quarter than in the first quarter of 2007. This is below the revised growth [...]

In a memo distributed a few days ago, Ginnie Mae said it will begin to securitize VA Jumbo loans with balances above the current $417,000 conforming loan limit. From the press statement: Ginnie Mae is pleased to announce that it is eliminating the restriction on the size of mortgage loans guaranteed by the Department of Veterans [...]

Positive confusion: Trading in shares of ultra-jumbo specialist Thornburg Mortgage were briefly halted this morning, after the company put out a press release announcing that it would offer convertible shares but did not provide a price. A second press release later clarified the $25.00 per share price and trading resumed — with the offering providing [...]

Fitch Ratings said this morning that it has downgraded key credit ratings associated with Triad Guaranty: Fitch Ratings has downgraded the long-term issuer and senior debt ratings of Triad Guaranty Inc. (TGIC) to ‘A-’ from ‘A+’. Fitch has also downgraded the insurer financial strength (IFS) rating on TGIC’s insurance subsidiary, Triad Guaranty Insurance Corp. (Triad) to [...]