Filings Heard ‘Round the Industry

With Accredited Home Lenders and Thornburg Mortgage both having filed for bankruptcy Friday, the scope of the industry’s problems has become more apparent than ever. Accredited once ranked as one of the largest subprime lenders and Thornburg specialized in high-balance, ultra-prime jumbo loans. The filings are further indication that the recession inhabits every corner of the [...]

Over 300 Mortgage-Related Failures

The number of non-bank mortgage companies to close eased last year, but bank and credit union failures soared, according to data released Monday by the Mortgage Graveyard, a journal of failed, ailing and acquired lenders. During 2008, 116 mortgage bankers and financial institutions were closed down, according to the Mortgage Graveyard, which is maintained based on [...]

Accredited Sues, Then Withdraws Suit Against Illinois Sheriff

(Update 1: reflects Accredited’s withdrawing from lawsuit) San Diego-based lender and servicer Accredited Home Lenders sued Cook County, Illinois sheriff Tom Dart last over his refusal to process eviction orders, HousingWire learned Friday evening, but then chose to dismiss the suit according to a company representative. Dart earlier this week made headlines by refusing to process [...]

Carteret Mortgage Latest To Close; Accredited Exits Wholesale

The stream of mortgage companies exiting the business has slowed in 2008 compared to last year, but hasn’t completely stopped: the latest casualty is Centreville, Virginia-based Carteret Mortgage, which told its employees today that it would wind down operations. A published report by Bloomberg News said the company will close its doors in the next [...]

Group Looks to Rebuild Investor Confidence in Private-Party RMBS

Holding out for a rebound in the mortgage securitization market hasn’t worked out so well for many of Wall Street’s finest; a year ago, many were suggesting publicly that the lock-up in the non-agency securitization market was a temporary affair, and that the markets would soon rebound. Some former subprime lending giants even went so [...]

CIT Sells Home Lending Business to Lone Star

Private equity firm Lone Star Funds is building itself a mortgage lending and servicing empire amid a historic industry downturn — and on Tuesday morning, the company added to its growing portfolio, snapping up the home lending business of commercial finance giant CIT Group Inc. (CIT: 0.00 N/A). CIT sold its mortgage business for $1.5 billion [...]

Shake-Up at Accredited in Wake of Bear Res Acquisition

Lone Star Funds is shaking things up in its mortgage business after its acquisition of Bear Stearns Residential Mortgage Corporation late last week; Friday, the private equity group announced that Accredited Home Lenders, Inc. CEO Jim Moran had stepped down and would be replaced by former Bear Res CEO Jeff Walton. Moran had served as [...]

If it’s not Lone Star, it’s TPG.

HW broke the story last Friday that an affiliate of Lone Star Funds had snapped up Bear Stearns’ residential origination platform — the former ECC Capital wholesale/correspondent paltform, for those of you with an industry memory — which is adding to the groups already large mortgage holdings. Lone Star alraedy owns former subprime giant Accredited [...]

What JPMorgan Didn’t Get: Lone Star Picks Up Bear Res

(Update 2: Adds confirmation from Lone Star; adds confirmation on EMC Mortgage) As JPMorgan Chase & Co. (JPM: 42.46 -0.21%) formally brings Bear Stearns Cos. into the fold on Friday, one key aspect of the former Wall Street giant won’t be crossing over — Bear Stearns Residential Mortgage Corporation, commonly known as Bear Res. An internal [...]

Accredited Home Lenders’ CEO Konrath Steps Down

Accredited Home Lenders Holding Co. said Tuesday that founding CEO James A. Konrath has retired from his post; no reasons for his departure were given, although sources suggest the exit was planned in accordance with the firm’s acquisition by Lone Star Funds last October. Konrath founded Accredited Home Lenders and saw the company rise to [...]

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