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San Diego Sues Countrywide to Stop Waves of Foreclosure
San Diego City Attorney Michael Aguirre has filed a lawsuit against Countrywide Financial Corp. and CEO Angelo Mozilo in an effort to halt foreclosures, alleging “a pattern of unlawful, fraudulent or unfair predatory” lending helped leave the city with the ninth highest foreclosure rate in the nation.
Read More... Friday, July 25, 2008
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2Q: WaMu Posts Largest Quarterly Loss in Its History
Washington Mutual reported a $3.33 billion loss in the second quarter, the biggest quarterly loss in the company’s history, as the company braces to lose an estimated $19 billion from its residential mortgage portfolio.
Read More... Friday, July 25, 2008
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Primary Mortgage Rates Rise for the Week
Graph: Average 30-year Fixed-Rate Mortgage over 52 weeks
Click “read more” to view a detailed breakdown of the weekly averages for a number of fixed-rate and adjustable-rate mortgage loans.
Read More... Friday, July 25, 2008
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Existing Home Sales Down, While Home Prices Climb
Click “read more” to view several graphs providing a detailed breakdown of existing home sales, inventory, and home prices for the last 12 months.
Read More... Friday, July 25, 2008
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Conspirator Nabbed Before Boarding Plane to Colombia
Monica Maria Fergusson was about to board a plane destined for Colombia, but left Miami International Airport in handcuffs instead after police arrested her for taking part in a $17 million mortgage fraud conspiracy that has her facing 30 years in prison.
Read More... Thursday, July 24, 2008
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MBA President Stepping Down After Record Lobbying Efforts
As president and CEO of the Mortgage Bankers Association (MBA) since March 2001, Jonathan Kempner has overseen the escalation of record lobbying efforts by the industry trade group in a fight against tighter regulation. Kempner will step down at year’s end to be replaced by the former president of a net branch operation that collapsed in March 2007.
Read More... Thursday, July 24, 2008
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Mortgage Demand Decreases For The Week
Graph: MBA Applications Index over 52 Weeks
Click "read more" to see a detailed breakdown of the weekly report on mortgage demand.
Read More... Thursday, July 24, 2008
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2Q: SunTrust Profits Plummet As Loss Reserves Quadruple
Despite selling off 10 million shares of Coca-Cola Co., earnings at SunTrust Banks Inc. dropped 21% in the second quarter as the company quadrupled the amount of provisions set aside for loan losses.
Read More... Thursday, July 24, 2008
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Dentist Bought Yacht With Fraud Proceeds, Gets 10 Years
Terrance D. Stradford has been sentenced to 10 years in federal prison after fraudulently obtaining $2.8 million in mortgage loans and using the proceeds to purchase a 46-foot yacht – and a waterfront home in North Carolina where he docked it.
Read More... Wednesday, July 23, 2008
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Record Number of Californians Entered Foreclosure
In the second quarter, the number of California homeowners beginning the foreclosure process reached the highest level ever recorded by DataQuick Information Systems since the company began documenting its statistics in 1992.
Read More... Wednesday, July 23, 2008
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Executive Exodus At IndyMac Following Federal Takeover
IndyMac Bancorp Inc. disclosed that nearly all of the failed company’s top executive officers resigned or left the company following the seizure of IndyMac Bank unit earlier this month.
Read More... Wednesday, July 23, 2008
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2Q: Wachovia Takes $8.9 Billion Loss, Cuts 6,350 Jobs
With write-downs and loan reserves surging, Wachovia Corp. posted an $8.86 billion second-quarter loss, closed its wholesale mortgage operations and announced 6,350 job eliminations.
Read More... Wednesday, July 23, 2008
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Report: 10,000 Criminals Let Into Florida Mortgage Industry
A new report found that more than 10,000 people with criminal records were allowed to work as mortgage professionals in Florida, once a red-hot market but now ranked among the states with the highest rates of mortgage fraud and foreclosure in the nation. The report has prompted a call for the resignation of Florida’s top mortgage regulator.
Read More... Tuesday, July 22, 2008
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Merrill Lynch Takes $4.8 Billion Loss on Mortgage Woes
Merrill Lynch & Co. reported another quarterly loss as the world's largest brokerage firm posted another round of mortgage-related troubles that had the company taking roughly $38 billion in write-downs since the mortgage and credit crises were set in motion last year.
Read More... Tuesday, July 22, 2008
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2Q: BoA Profits Drop 41% As Mortgage Losses Drag
Bank of America Corp. reported a 41% decline in profits as mortgage-related losses dragged down successes elsewhere in the company, despite not reporting any losses taken on by the acquisition of Countrywide Financial Corp.
Read More... Tuesday, July 22, 2008
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Wachovia to Discontinue Wholesale Channel By Week’s End
Anticipating a projected loss of roughly $2.5 billion for the second quarter, Wachovia Corp. said it will no longer originate loans through brokers as it discontinues any business through its wholesale mortgage channel as of July 25.
Read More... Tuesday, July 22, 2008
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FBI Expands Number of Corporations Probed For Fraud
Last week, the Federal Bureau of Investigation (FBI) reported the number of companies under investigation for mortgage-related crimes continued to expand from last month, and currently includes failed lender IndyMac Bancorp Inc. for possible fraud.
Read More... Monday, July 21, 2008
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2Q: Citigroup Comforts Investors With $2.5 Billion Loss
In a time of diminished expectations for the lending industry, investors cheered as Citigroup Inc. posted a $2.5 billion loss in the second quarter as a result of $11.7 billion of write-downs and credit losses.
Read More... Monday, July 21, 2008
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Freddie Mac CEO Made $19.8M As Shares Plunged By Half
Freddie Mac Chairman and CEO Richard Syron managed to take home almost $19.8 million in 2007, despite a nearly 50% plunge in the company’s value during that period.
Read More... Monday, July 21, 2008
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2Q: Flagstar Returns to Profitability As Delinquencies Ease
Flagstar Bancorp, Inc. saw a $15.7 million profit in the second quarter as the company reported the level of delinquent loans continued to decrease, ending the quarter at 19.1% of its portfolio.
Read More... Monday, July 21, 2008
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