Forty seven percent of consumers think a housing bubble and collapse of housing prices is very likely or somewhat likely in their local residential real estate market within the next three years, according to the results of a new study released today. The results, part of the Experian-Gallup Personal Credit Index survey, show that consumers are increasingly worried about the negative impact of a prolonged housing slump. The current survey results continue a trend showing growing consumer concern for housing. Thirty seven percent of Americans were concerned about a housing collapose in May 2005, and forty two percent voiced similar concerns in April 2006.
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Former Countrywide executive Craig Anderson has left the mortgage banking giant to head up Plano, TX-based Infinity Lien Solutions, LLC, a start-up focused on providing products and services to the subordinate and 2nd lien mortgage market. Infinity will offer mortgage servicers a range of services targeted to managing a subordinate/2nd lien portfolio, including request for special notice filings, senior lien identification, senior lien default updates, foreclosure services, deficiency pursuit, personal judgment filings.
American Guardian Home Loans, a Calif.-based wholesale mortgage lender specializing in Alt-A and nonprime products, announced Thursday that it had launched an online pricing and pre-qualifying engine for its subprime and Alt-A loan programs. Called Guardian Quality, the engine pre-qualifies and prices a loan based on borrower’s basic criteria such as property, loan credit and prepay and pricing information. “Pricing and pre-qualification engines are an ideal resource for brokers looking to serve their borrowers more effectively,â€? said Eva Morales, CEO and principal broker for Prodigal Mortgage Group. “Not only does the GQ Pricing and Pre-qualification engine give brokers the flexibility to make multiple programs available for their borrowers and look at all necessary loan guidelines, but they also result in increased loan volume.â€?
Bloomberg is carrying a story that looks at how subprime asset performance will determine the direction of the entire mortgage market for the remainder of 2007.
“Reverse mortgages are on the verge of explosive growth” Ginnie Mae President Robert Couch I came across an article from SNLi that featured Ginnie Mae President Robert Couch discussing the future of the reverse mortgage market. He mentions that Ginnie Mae is in the process of putting together the first Home Equity Conversion Mortgage (HECM) […]
Housing Wire has learned that Cleveland-based Deep Green Financial Inc., an online home equity lender, has shut its doors. The company was founded in 2000 and originated more than $5 billion in home equity line facilities to more than 65,000 customers in 47 states. In 2004, DeepGreen received the Inman Innovator Award in the Mortgage Technology category, recognizing the company for its technology platform.
GMAC Mortgage, LLC, the nation’s second largest subservicer, announced today it has added two mortgage banking veterans to its servicing operation. Connie Miller will serve as director of contract administration, and Louis Glinn will serve as director of analytics and controls. Miller and Glinn will report to GMAC Mortgage’s Wes Howland, who recently moved from vice president of client relationship management to vice president of contract finance. In his new position, Howland will be responsible for finance, analysis and contracts within business development.
Fidelity National Information Services, Inc. announced Wednesday that EMC Mortgage Corporation has signed a multi-year contract to outsource its tax processing to Fidelity National Tax Services, Inc, an FIS-affiliated service entity. FIS provides real estate tax services and data to mortgage lenders and servicers nationwide, through in-source and outsource solutions.
Merrill Lynch said yesterday it will purchase upscale mortgage lender First Republic Bank in a transaction valued at $1.8 billion, a move that gives the financial services giant a presence in both the luxury and subprime sectors of the mortgage banking market. In December, Merrill Lynch purchased subprime specialist First Franklin Corp. from National City Corp. for $1.3 billion. Wall Street is likely to embrace the pending acquisition by Merrill Lynch, with Fitch Ratings saying yesterday the agency had placed First Republic on Rating Watch Positive following the announcement.
Home values continue to erode in key markets across the United States, according to new data released today by Standard & Poor’s. The S&P/Case-Shiller Home Price Indices, comprised of the annual returns for both 10-City and 20-City composite indices, shows a continued steep decline in November 2006, with the with the 20-City composite yielding relatively dismal annual returns of 1.7 percent, compared to 15.7 percent only a year ago. Seventeen of the 20 cities measured showed declining prices in November versus October.
BasePoint Analytics, a provider of scientific fraud analytics and consulting services, said Tuesday that it has released the second generation of its fraud detection suite, called FraudMark for Origination. BasePoint’s FraudMark predicts the likelihood of a loan containing fraud that could result in financial loss to a lender. According to BasePoint, the newest version of FraudMark has been updated to detect the most current fraud patterns and trends, incorporating newly-tailored model segments to adapt to the unique portfolio characteristics of prime, Alt-A and non-prime loans.
Cooler heads are prevailing at BusinessWeek today, who is saying that a potential merger between Countrywide and BofA is highly unlikely.