Items Tagged with 'Subprime lending'

ARTICLES

  • GE books $1.5 billion for potential settlement with DOJ over WMC subprime loans

    GE sold WMC in 2007, but problems still remain
    General Electric may be facing a fine of at least $1.5 billion for the lending activities of its shuttered subprime lending unit, WMC Mortgage. GE revealed last week that it booked a reserve of $1.5 billion that may be used as a settlement with the Department of Justice over the company’s subprime lending from 2005 through 2007.
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  • Carrington in the Winner's Circle: Why we launched a nonprime mortgage product

    A conversation with Rick Sharga
    Executive Vice President Rick Sharga is back at Carrington Mortgage Services. Here he joins Editor-in-Chief Jacob Gaffney for the podcast series In The Winner's Circle and explains why the new nonprime is nothing like the old subprime and how they plan to reach millions of Millennials and turn them into homeowners. Plus, Sharga shares his thoughts on automation in the real estate and mortgage lending spaces. Will Realtors one day be replaced by robots? Get those answers and more in the latest In The Winner's Circle podcast.
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  • Carrington Mortgage Services launches subprime lending program

    Claims manual underwriting process is safer than other non-prime programs
    Carrington Mortgage Services is launching a mortgage lending program that looks an awful lot like pre-crisis subprime lending, but the company claims that its new “non-prime” loans are much safer than the subprime loans of the mid-2000s. Carrington’s loan program allows credit scores as low as 500. “Recent credit events” and a “history of late payments” are acceptable as well.
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  • Former Deutsche Bank head subprime mortgage bond trader fires back at U.S. fraud charges

    Denies all charges, accuses government of ‘concocting a baseless theory of fraud’
    Paul Mangione, the former head of subprime mortgage trading at Deutsche Bank who stands accused over overseeing systemic mortgage bond fraud during the run-up to the financial crisis, says that the government kowtowed to public pressure to see individuals held responsible for the financial crisis by filing lawsuit against him that is wrong, unfair, and without merit.
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  • Shocker: U.S. sues former Deutsche Bank head subprime mortgage bond trader for crisis-era fraud

    Paul Mangione accused of ‘systematically, intentionally’ lying about subprime mortgages
    In what can only be regarded as a shocking development, the United States is suing the former head of subprime mortgage trading at Deutsche Bank over “systematically and intentionally” lying about the quality of subprime mortgages that backed nearly $1.5 billion in mortgage-backed securities in the run-up to the crisis.
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  • Sponsored By
    Citadel Servicing Corp.

    Is subprime lending ready for a comeback?

    Citadel Servicing Corp. makes a strong move into underserved market
    About four years ago, Citadel Servicing Corp., based in Irvine, California, became the first company since 2008 to expand the credit box by offering standard and alternative income documentation products to borrowers, funding loans as high as $3 million and offering a second-lien program. But the company takes an entirely different approach than the practices often associated with subprime lending, creating programs that effectively manage the risk involved.
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