Items Tagged with 'Company Ticker'

ARTICLES

  • The Game's Afoot: NY Attorney General Sues First American

    Probably the biggest news item this Friday is a press release put out by New York AG Andrew Cuomo's office, which said it has sued First American and subsidiary eAppraiseIT for conspiring with Washington Mutual to inflate appraisals. The press release reads like an episode of your favorite TV drama - some excerpts:
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  • Countrywide Touts Loan Mods

    Countrywide Financial Corporation (NYSE: CFC) went on the offensive today, touting that its loss mitigation efforts have helped keep 35,000 borrowers in their homes this year. The nation's largest lender said that it had performed more than 17,000 loan modifications -- with the rest of the total, I'm assuming, coming from repayment plans, postponements and/or refinancing. From the press release:
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  • Accredited, Lone Star Agree to Amended Merger

    Accredited Home Lenders Holding Co., after filing its quarterly report for the first quarter earlier today and raising questions of its survival, said this evening after market close that it has agreed to an amended merger agreement that will see the subprime lender acquired by Lone Star for $11.75 a share, or $296 million.
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  • Amstar Says Staff Laid Off, Looking for Branch Buyer

    Amstar Mortgage Corporation released a statement saying that it will look to exit the mortgage origination business, and that it has laid off substantially all of its staff at the company's corporate headquarters. Here's the statement, which references non-payment by several large lenders:
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  • Update: American Home Lays Off 6,250

    Amid numerous industry insiders informing me today that American Home Mortgage Investment Corp. will file (or has already filed) for bankrupcty protection -- for the record, nothing is showing in PACER yet -- the company issued a press release confirming earlier reports that the company's production operations have shut down:
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  • Commentary: Mortgage Job Losses Mounting

    Editor's note: After publishing this commentary, I've since been contacted by a spokesperson at Fifth Third Bancorp., who said it would be inaccurate to characterize the move at Home Equity of America as "exiting the business," as I did in my commentary below. The spokesperson noted that the company "will no longer be able to provide products and services to some of its brokers," and said that the memoradum refers only to the company's decision to eliminate it's outside sales function. The spokesperson further clarified that an inside sales team at Fifth Third Bank's Residential Wholesale Mortgage group will continue to originate loans through the HEA brand. Lastly, the company representive said I didn't cite an additional memo sent to brokers that discussed expanded offerings through Fifth Third. None of this information was contained (or even implied) in the original memo I cited as the source of my speculation, so I think I can be reasonably forgiven for taking statements such as "Home Equity of America is no longer able to provide you with products and services" to be synonymous with an exit. Prime lenders start feeling heat: We're now starting to see prime lenders exit due to market conditions. (Yes, you read that correctly: prime lenders). Case in point: Home Equity of America, a mortage lender specializing in prime seconds and operating in 23 states, sent a letter to its brokers this week notifying them that it will exit the business some of them that it would no longer fund their loans. HEA is a subsidiary of Cincinnati-based Fifth Third Bank.
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