Items Tagged with 'MortgageIT'

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  • Deutsche Bank To Review Mortgage Operations

    Deutsche Bank will reportedly conduct at top-to-bottom review of its various mortgage operations, according to a news brief published Friday at National Mortgage News. Citing an unnamed spokesperson for the bank, NMN confirmed that Deutsche Bank will reassess its mortgage business in the first quarter of 2008; the spokesperson is quoted as saying "there may be a reallocation of assets."
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  • Deutsche Bank Confirms MortgageIT Layoffs

    Deutsche Bank recently laid off 580 workers at MortgageIT, National Mortgage News is reporting this evening. Citing an unidentified spokeswoman, NMN reports the job cuts reportedly took place on October 2. From the coverage: The spokeswoman issued a statement that says, "Deutsche Bank still maintains an active loan origination platform, but is reducing its residential mortgage origination business in line with current market conditions and industry demand." My best wishes to those affected.
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  • Commentary: Scratch-and-Dent Musings

    What a tangled web we weave: For those who missed it, mortgage insurer MGIC Investment Corp. reported this past week that its first quarter profits fell 43.4 percent. Net income fell to $92.4 million, or $1.12 per share, from $163.5 million, or $1.87 per share, in the year-ago period. The company said it was hurt by the housing market, higher losses and flat net premiums, which begs the question of what impact its pending merger with Radian Group Inc. will have on the soon-to-be combined entity. Beyond their insurance premium line of business, MGIC/Radian have a controlling interest in Credit-Based Asset Servicing and Securitization LLC, one of the nation's largest scratch-and-dent mortgage operations -- most of which are subprime.
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  • Popular's Quarterly Income Drops 54 Percent

    Popular, Inc. reported today that the company's annual net income dropped 34 percent in 2006 to $357.7 million, compared with $540.7 million in 2005. Net income during the fourth quarter took a sharper tumble, falling to $59.6 million from $130.2 million one year ago, a drop of 54 percent. The company's mortgage loan portfolio shrunk during 2006 as well, falling 1.2 billion from 2005's portfolio holdings to $11.7 billion at the end of the year.
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  • Deutsche Bank Completes Acquisition Of MortgageIT Holdings

    Deutsche Bank has completed its acquisition of MortgageIT Holdings, Inc., a residential mortgage real estate investment trust (REIT), the investment bank said today. The acquisition is the latest in a series of investments Deutsche Bank has made in the US mortgage markets. Last year, the Bank acquired Chapel Funding, a mortgage originator, and entered into a joint venture with the Hispanic National Mortgage Association to provide loans to Hispanic and immigrant borrowers.
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