MortgageWire Stories from 1998
June
2 More FHLBanks Plan MPF Pilots
June 1, 1998
The Federal Home Loan Banks of New York and Pittsburgh want to fund conventional loans through their members, increasing competition in the secondary market. (Read More)
Freddie Announces $2.9B Exchange Offer
June 1, 1998
Freddie Mac has announced an exchange offer for $2.9 billion of its outstanding zero coupon debt aimed at taking advantage of current interest rates to vary the maturity of a portion of its long-term debt. (Read More)
Master Financial Completes High-LTV Deal
June 1, 1998
Master Financial Inc., Orange, Calif., has issued $210.6 million in securities backed by high loan-to-value second mortgages. (Read More)
COFI Continues Decline
June 1, 1998
The Eleventh District Cost of Funds Index for April is 4.903%, a decline of over 1 basis point from March's 4.917%. (Read More)
S&P Downgrades Debt Linked to Green Tree
June 1, 1998
Standard & Poor's has downgraded four classes of Home Improvement Loan Trust securities, totaling about $22.9 million of debt, from BBB to BBB-minus. (Read More)
Transamerica Ratings Lowered
June 1, 1998
Standard & Poor's has lowered its long-term debt and counterparty ratings on Transamerica Finance Corp., while affirming its rating on the company's commercial paper. (Read More)
Rating Pulled on 1st-Lien Rev Bonds
June 1, 1998
The rating on Wilmington, N.C.'s first lien revenue bonds, Series 1984 (FHA-insured mortgage loan -- Dove Meadows Project) has been withdrawn, Standard & Poor's has announced. (Read More)
New Tech Products Displayed by Interlinq
June 1, 1998
A just-released collection module for Interlinq's MortgageWare Loan Servicing version 2.0 has been shown at the 12th annual MortgageWare Users' Group conference in Bellevue, Wash. The module enables lenders to track delinquent borrowers and bring servicing in-house at a per-loan annual cost of less than $4. (Read More)
Home Sales Soar
June 2, 1998
New home sales soared to a record seasonally adjusted annual rate of 888,000 in April, according to the Commerce Department, as the housing market continues to exhibit extraordinary strength. (Read More)
G.E. Capital Rejects 2 Bids
June 2, 1998
G.E. Capital has rejected two bids for its mortgage division, and the chances of getting a deal done any time soon look remote, sources have told MortgageWire. (Read More)
Fannie Issues $3.5B Benchmark Note
June 2, 1998
Fannie Mae has announced the issuance of a $3.5 billion, seven-year Benchmark Note. (Read More)
REIT Delays Meeting, Explores Options
June 2, 1998
TIS Mortgage Investment Co., San Francisco, has postponed its annual shareholders' meeting while it explores strategic options, the real estate investment trust has announced. (Read More)
GMACCM Forms Appraisal Subsidiary
June 2, 1998
GMAC Commercial Mortgage, Horsham, Pa., has formed Realty Services International as a wholly owned appraisal services subsidiary. (Read More)
Title Searches Flat
June 2, 1998
The AFS Title Search Index remained nearly unchanged for the week ended May 29, rising 0.4% to a holiday-adjusted 200.0 from 199.2 for the week ended May 22, according to Advance Factor Service. (Read More)
Atlanta Urban League, Norwest Join Forces
June 2, 1998
The Atlanta Urban League has announced that it will join forces with Norwest Mortgage Inc. in an effort to convert more than 400,000 apartment renters in metropolitan Atlanta into homeowners. (Read More)
Japanese RE Firm Ratings Lowered
June 2, 1998
Moody's Investors Service has lowered the senior unsecured long-term debt and Japanese shelf registration ratings of transportation and real estate investment firm Keihin Electric Express Railway Co. Ltd. (Read More)
FASB Strikes Again
June 3, 1998
The Financial Accounting Standards Board has made a tentative decision that could take away the advantages of selling mortgages to the secondary market, including sales to Fannie Mae and Freddie Mac, for small and medium-size banks and thrifts. (Read More)
Cityscape to File for Chapter 11
June 3, 1998
Cityscape Financial Corp., Elmsford, N.Y., has announced that it intends to file a Chapter 11 bankruptcy petition within 60 days. (Read More)
Thrift Originations Near Record
June 3, 1998
Thrift originations of home mortgages skyrocketed in the first quarter to a near-record $59.1 billion, according to the Office of Thrift Supervision. (Read More)
Former Freddie Employee Alleges Bias
June 3, 1998
A former minority executive at Freddie Mac has filed a $15 million civil suit in the U.S. District Court in Washington, D.C., alleging that the secondary marketing giant "maintains a racially hostile work environment" that breeds discrimination. (Read More)
Home Prices Rose 5.7% in 1Q
June 3, 1998
Home prices rose at an annualized rate of 5.7% in the first quarter of 1998, according to the Conventional Mortgage Home-Price Index released by Freddie Mac. (Read More)
Apps, Refis Rise on Adjusted Basis
June 3, 1998
Mortgage applications fell 14.6% for the holiday-shortened week ended May 29, but both the Purchase Index and the Refinancing Index were up on a seasonally adjusted basis, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Fitch Downgrades 2 CWMBS Classes
June 3, 1998
Fitch IBCA Inc. has downgraded two classes of CWMBS Inc.'s (IndyMac) Series 1994-L and placed a third class on Rating Alert with negative implications. (Read More)
SG Buys Meenan, McDevitt
June 3, 1998
Societe Generale has acquired Meenan, McDevitt & Co. Inc., a firm specializing in the sale of performing and nonperforming commercial mortgages, syndicated real estate, residential mortgages, and other types of loans. (Read More)
Wells Fargo Offers HELs in Seconds
June 3, 1998
Wells Fargo online is now offering home equity credit decision-making in real time. (Read More)
MDC's Credit Facility Increased
June 3, 1998
MDC Holdings Inc., a Denver-based home builder and mortgage lender, has had its unsecured credit facility increased by $125 million to $300 million. (Read More)
VA Seeks to Tighten Refi Rules
June 4, 1998
The Department of Veterans Affairs has issued a proposed rule that would prohibit lenders from charging more than two discount points in refinancing a VA loan. (Read More)
Norwest, Edina Form Joint Venture
June 4, 1998
Norwest Mortgage Inc., Des Moines, Iowa, has formed a joint venture with Edina Realty Inc., Minneapolis, that will originate mortgage loans for the real estate company's customers. (Read More)
FSA, Nomura Buy Stakes in Fairbanks
June 4, 1998
Financial Security Assurance Inc. and Nomura Holding America Inc. have each purchased a 25% share of Fairbanks Capital Holding Corp., a Salt Lake City-based subprime mortgage servicer. (Read More)
ABFS Prices $120MM Deal
June 4, 1998
American Business Financial Services Inc., Bala Cynwyd, Pa., has priced a $120 million securitization through its three main subsidiaries: American Business Credit Inc., New Jersey Mortgage and Investment Corp., and Upland Mortgage. (Read More)
Franklin May Explore Sale or Merger
June 4, 1998
Franklin Select Realty Trust, San Mateo, Calif., has retained a financial advisor to assist in exploring ways to "maximize shareholder value," including options such as a strategic alliance or the merger or sale of the company. (Read More)
New CEO Named at Amresco Subsidiary
June 4, 1998
Richard H. Cole has been appointed chief executive officer of Holliday Fenoglio Fowler LP, the Houston-based commercial mortgage banking subsidiary of Amresco Inc., Dallas. (Read More)
Reperforming Loan Deal Rated
June 4, 1998
A securitization backed entirely by reperforming loans has been rated by Moody's Investors Service. (Read More)
Industry Jobs Hit All-Time High
June 5, 1998
Thanks to continued low interest rates, a strong employment picture, and a robust housing market, mortgage employment rose to an all-time high of 284,300 jobs in May, according to data compiled by the Bureau of Labor Statistics. (Read More)
'Sigh of Relief' at Fannie & Ginnie Speeds?
June 5, 1998
Prepayments for Fannie Mae and Ginnie Mae mortgage-backed securities "continued to show healthy declines" in the May reporting period, which should cause the mortgage market to "breathe a sigh of relief," according to the Bear Stearns Prepayment Commentary. (Read More)
Title I Production Down 37%
June 5, 1998
Title One home improvement loan production is down 37% through the first five months of 1998, according to data compiled by the Department of Housing and Urban Development. (Read More)
Criimi Mae Does 1st 'No-Lock' Deal
June 5, 1998
Criimi Mae Inc., Rockville, Md., has issued the first securitization of its "no-lock" commercial mortgage product. (Read More)
Amresco Cites Record Pricing on $1B Deal
June 5, 1998
Amresco Residential Mortgage Banking Group, Dallas, has announced record pricing for a $1 billion home equity deal. (Read More)
Freddie Veep to Retire
June 5, 1998
Michael K. Stamper will retire later this year as Freddie Mac's vice president of risk management and chief credit officer, Freddie Mac has announced. (Read More)
MBA Forming Year-2000 Testing Office
June 5, 1998
The Mortgage Bankers Association of America and a group of 15 major mortgage industry firms have announced that they are creating an office to test the mortgage industry's readiness for the year 2000. (Read More)
Rates Dip Again
June 5, 1998
The average 30-year fixed mortgage rate for the week ending June 5 fell to 7.05% from 7.07% for the week ended May 29, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Wells & Norwest To Merge
June 8, 1998
Wells Fargo, which exited the mortgage business in April, is merging with Norwest Corp., Minneapolis, which owns the nation's largest residential lender/servicer. (Read More)
Comptroller Eyes Subprime Referrals
June 8, 1998
The Office of the Comptroller of the Currency is concerned about national banks and their mortgage subsidies "steering" customers into subprime loans. (Read More)
Agency MBS Issues Soar
June 8, 1998
Agency issuances of pass-through mortgage-backed securities totaled $132.5 billion in the first quarter, up 68% from the same period a year ago, according to The Bond Market Association. (Read More)
HELs Dominate ABS Issuance
June 8, 1998
Meanwhile, the issuance of asset-backed securities was 35.7% higher in the first quarter than a year ago, thanks mainly to growth in the home equity sector and a widening investor base, the bond group reported. (Read More)
RFMSI MBS Downgraded
June 8, 1998
Two classes of Residential Funding Mortgage Securities Inc. Series 1993-S46 have been downgraded by Fitch IBCA Inc. The rating on Class B1, with approximately $767,000 outstanding, was lowered to D, while the rating on Class M2, with approximately $1.83 million outstanding, was lowered to BB and removed from RatingAlert. (Read More)
Saxon MBS Rating Lowered
June 8, 1998
The Class B-5 certificates of Saxon Mortgage Securities Corp.'s Series 1994-6 have been downgraded from CC to D by Standard & Poor's. (Read More)
Commercial Delinquencies Fall, but Others Rise
June 8, 1998
The delinquency rate on commercial mortgages owned by life insurance companies fell to 0.85% at the end of the first quarter of 1998, the seventh straight quarterly decline, according to data from the American Council of Life Insurance. (Read More)
Norwest Mortgage Will Take Wells Name
June 9, 1998
Norwest Mortgage Corp., Des Moines, whose parent bank is merging with Wells Fargo Bank, San Francisco, will change its name to Wells Fargo Mortgage, NMC president Mark Oman has told MortgageWire. (Read More)
Senate Panel OKs FHA Hike
June 9, 1998
A Senate Appropriations panel has unanimously approved an increase in the Federal Housing Administration loan limit in high-cost areas to $197,000, or 87% of the $227,150 Fannie Mae/Freddie Mac conforming loan limit. (Read More)
Messina Tapped as EVP at GECMS
June 9, 1998
Glen Messina has been named executive vice president and general manager of GE Capital Mortgage Services Inc., Cherry Hill, N.J., a unit of GE Capital Mortgage Corp., Raleigh, N.C. Mr. Messina has served as acting general manager of the subsidiary since January, when Jenne Britell left to serve as a group vice president of GE Capital Global Consumer Finance in Central Europe. (Read More)
Title Searches Up 5.6%
June 9, 1998
The AFS Title Search Index rose 5.6% to 211.2 for the week ended June 5 from a holiday-adjusted 200.0 for the week ended May 29, according to Advance Factor Service. (Read More)
Fannie, Finet Snag Web Award
June 9, 1998
Fannie Mae and Finet Holdings Corp. have received the 1998 Computerworld Smithsonian Award in the finance, insurance, and real estate category for their efforts to develop mortgage-related Internet technology. (Read More)
Fair Isaac Unveils HEL Scoring Model
June 9, 1998
Fair, Isaac and Co. has created a special portfolio model to help lenders overcome the shortage of data available to create scoring models. (Read More)
MuniMae Completes Bond Transaction
June 9, 1998
Municipal Mortgage and Equity LLC, Baltimore, has completed a $28.6 million tax-exempt bond transaction involving a bond secured by a 439-unit multi-tower property in Denver. (Read More)
Japanese RE Firms May Face Downgrades
June 9, 1998
Moody's Investors Service has placed the debt ratings of four Japanese real estate companies under review for possible downgrade. (Read More)
Italian Mortgages Securitized
June 9, 1998
Italian mortgage loans have been securitized in what is effectively the first publicly rated mortgage-backed issue from that country. (Read More)
Apgar Gets FHA Nod
June 10, 1998
President Clinton has announced his intention to nominate William C. Apgar to be the next Federal Housing Administration commissioner. (Read More)
D'Amato Supports FHA Hike
June 10, 1998
Senate Banking Committee chairman Alfonse D'Amato has endorsed an increase the Federal Housing Administration loan limit recently approved by a Senate Appropriations subcommittee. (Read More)
Bay View To Buy PSB Lending
June 10, 1998
Bay View Capital Corp., San Mateo, Calif., has agreed to purchase Carlsbad, Calif.-based PSB Lending Corp., an indirect originator of home equity loans with high loan-to-value ratios, from Pacific Southwest Bank, Dallas. (Read More)
Wachovia Opens Securities Unit
June 10, 1998
Wachovia Capital Markets Inc., a securities subsidiary of the Winston-Salem, N.C.-based Wachovia Corp., has begun operations following approval of its Tier I underwriting and dealing authority by the Federal Reserve Board. (Read More)
Applications Rise
June 10, 1998
Mortgage applications rose 25.2% for the week ended June 5 on the heels of a holiday-shortened week, but the Market Index was up only 0.7% on a seasonally adjusted basis, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Title Insurer Revenues Up 32%
June 10, 1998
Total operating revenue for the nation's title insurers hit $1.6 billion in the first quarter, up 32% from revenue in the first quarter of 1997, according to the American Land Title Association, Washington, D.C. Pretax operating gain totaled $39 million in the first quarter, up from $6 million the year before. (Read More)
CSE, UFI Brokering Portfolios
June 10, 1998
Countrywide Servicing Exchange is brokering a one-year bulk forward commitment of $300 million to $600 million of Fannie Mae, Freddie Mac, and Ginnie Mae servicing rights on loans concentrated in the Midwest. (Read More)
FHLB-NY Buys Housing Bonds
June 10, 1998
The Federal Home Loan Bank of New York has purchased $57.8 million worth of AA rated housing bonds from the New York City Housing Development Corp. The bond purchase will help provide new and rehabilitated affordable housing in New York City by funding approximately 600 affordable housing units in nine multifamily housing developments. (Read More)
NASCOR Offers $650MM of MBS
June 10, 1998
Norwest Asset Securities Corp., Frederick, Md., has announced an offering of approximately $650 million of securities backed by fixed-rate, 20- and 30-year non-relocation mortgage loans. (Read More)
REIT Suspends Exercise of Warrants
June 10, 1998
The exercise of Hanover Capital Mortgage Holdings Inc.'s warrants will be suspended for about three months beginning June 15, the real estate investment trust has announced. (Read More)
Ginnie Upsizes REMIC to $1B
June 10, 1998
Ginnie Mae has announced the upsizing of Ginnie Mae REMIC Trust 1998-14 to approximately $1 billion of Ginnie Mae II 6.5% fixed-rate certificates, making it the first billion-dollar Ginnie Mae REMIC of the year. (Read More)
Angels Come to Mego's Rescue
June 11, 1998
Atlanta-based Mego Mortgage Corp. has found three angels that will invest a total of $30 million in the troubled company. (Read More)
Class Action Okayed Against Ohio Savings
June 11, 1998
The Ohio Supreme Court has ruled that a class-action lawsuit against Cleveland-based Ohio Savings Bank can proceed. (Read More)
United Guaranty Unveils New Structure
June 11, 1998
United Guaranty Corp., Greensboro, N.C., has introduced a reinsurance structure that allows multiple lenders to benefit from the risk- and revenue-sharing opportunities of a captive. (Read More)
Conti Prices $1.75B HEL Deal
June 11, 1998
ContiMortgage Corp., New York, has priced a $1.75 billion securitization of home equity loans featuring a senior/subordinated structure as well as a surety wrap. (Read More)
GreenPoint Plans $600MM Offering
June 11, 1998
GreenPoint Financial Corp., New York, has filed a registration statement with the Securities and Exchange Commission relating to a $600 million common stock offering. (Read More)
Bayview's 1st MBS Deal Rated
June 11, 1998
The first mortgage-backed securities deal by Bayview Financial Trading Group, Miami, has been rated by Moody's Investors Service. (Read More)
Senate Panel OKs Hike in FHA Limit
June 12, 1998
The Senate Appropriations Committee has unanimously approved a new Federal Housing Administration loan limit of $197,620 for high-cost areas. (Read More)
Jackson Developing Fannie/Freddie Rival?
June 12, 1998
The Rev. Jesse Jackson is exploring the idea of creating a private sector rival to Fannie Mae and Freddie Mac to facilitate low- and moderate-income lending. (Read More)
Mortgage Stocks Mixed as Dow Continues Slide
June 12, 1998
After falling off as a group Thursday when the Dow Jones industrial average dropped 159.93 points, mortgage lenders' stocks were mixed in trading Friday morning. (Read More)
Fannie Prices Largest GSE CRA Loan Deal
June 12, 1998
Fannie Mae has priced a $750 million securitization of affordable residential mortgage loans that are expected to meet the guidelines of the Community Reinvestment Act, the largest such deal ever issued by a government-sponsored enterprise. (Read More)
Advanta Prices $925MM Deal
June 12, 1998
Advanta Mortgage Conduit Services Inc. has priced a $925 million securitization of fixed- and adjustable-rate mortgage loans. (Read More)
Rates Mixed
June 12, 1998
The average 30-year fixed mortgage rate for the week ending June 12 dipped to 7.04% from 7.05% for the week ended June 5, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
CSE Brokering 3 Servicing Deals
June 12, 1998
Countrywide Servicing Exchange has a bid deadline of June 18 for three servicing deals. (Read More)
SPFC Gets $300MM Warehouse Line
June 12, 1998
Southern Pacific Funding Corp., Lake Oswego, Ore., has received a $300 million warehouse line from First Union National Bank, Charlotte, N.C. SPFC will use the line to fund first- and second-lien nonconforming loans. (Read More)
Charter One To Buy Albank
June 15, 1998
Charter One Financial Inc., a Cleveland-based thrift holding company, is expanding its franchise in New York State through the acquisition of Albank Financial Corp., Albany, N.Y., in a deal valued at $1 billion. (Read More)
Goldman Sachs Proposes IPO
June 15, 1998
The executive committee of New York investment banking giant Goldman, Sachs & Co. has unanimously decided to propose an initial public offering, the firm has announced. (Read More)
1st American, Norwest Form Joint Venture
June 15, 1998
First American Financial Corp., Santa Ana, Calif., will acquire a 50% interest in three subsidiaries currently owned by Norwest Mortgage Inc., Des Moines, Iowa, as part of a joint venture the two firms are forming. (Read More)
MuniMae Originates $10.2MM Rev Bond
June 15, 1998
Municipal Mortgage and Equity LLC, Baltimore, has announced the origination of a $10.2 million tax-exempt mortgage revenue bond collateralized by a planned 156-unit garden-style multifamily complex in San Antonio. (Read More)
MBS Prices Suffer as Treasuries Continue Rally
June 15, 1998
Benchmark agency mortgage-backed securities spreads had widened by about 3 basis points at mid-morning Monday as the Treasury rally that began late last week continued, Telerate has reported. (Read More)
TriNet Terminates Ratings Contract
June 15, 1998
TriNet Corporate Realty Trust Inc., San Francisco, has announced that it will not extend its ratings contract with Duff & Phelps Credit Rating Co., Chicago. (Read More)
New Version of Loan Officer Plus Released
June 15, 1998
Tuttle & Co., a risk management and software provider based in Mill Valley, Calif., has released a new version of its Loan Officer Plus, a point-of-sale origination softwareprogram for both prime and subprime single-family residential loans. (Read More)
Starts Fall Slightly in May
June 16, 1998
Single-family housing starts fell for the third consecutive month in May despite reports indicating strong demand for housing across the nation. (Read More)
HEL Delinquencies Hit 2-Year Low
June 16, 1998
Delinquency rates on home equity loans and home equity lines of credit fell to two- and three-year lows, respectively, in the first quarter of 1998, according to data released by the American Bankers Association. (Read More)
TransAmerica Exits Reverse Market
June 16, 1998
TransAmerica HomeFirst, San Francisco, is shutting down its reverse mortgage unit and getting out of the seniors-only market effective July 15, sources have told MortgageWire. (Read More)
Stocks Steady After Monday's Dive
June 16, 1998
Mortgage lenders' stocks traded normally Tuesday morning as the Dow Jones industrial average was down slightly at noon after trading up most of the morning. (Read More)
Title Searches Up Again
June 16, 1998
The AFS Title Search Index rose 3.9% to 219.4 for the week ended June 12 from 211.2 for the week ended June 5, according to Advance Factor Service. (Read More)
WMF Forms REIT
June 16, 1998
WMF Group, Vienna, Va., has announced the formation of Commercial Mortgage Investment Trust, a private real estate investment trust targeted at structured real estate investments. (Read More)
WMC Mortgage Issues $796MM Deal
June 16, 1998
WMC Mortgage Corp., Woodland Hills, Calif., has issued a $796 million securitization of mortgage pass-through certificates through WMC Secured Assets Corp., a wholly owned subsidiary. (Read More)
UCFC Prices HEL and MH Deals
June 16, 1998
United Companies Financial Corp., Baton Rouge, La., has announced the pricing of a $375 million home equity loan securitization and a $110 million manufactured housing contract deal. (Read More)
MBSCC Cuts Account Fees
June 16, 1998
MBS Clearing Corp., New York, has received approval from the Securities and Exchange Commission to reduce fees for participants using an investment manager to process trades with MBSCC. (Read More)
$69MM Servicing Portfolio for Sale
June 16, 1998
Hamilton, Carter, Smith & Co., Beverly Hills Calif., is accepting bids on a $69 million servicing portfolio. (Read More)
Senate Panel Gives FHA Auditor the Boot
June 17, 1998
The Senate Appropriations Committee does not want Price Waterhouse to conduct the next actuarial study of the Federal Housing Administration's single-family mortgage insurance program. (Read More)
Freddie Promotes Mater to EVP
June 17, 1998
Maud Mater has been promoted to executive vice president of Freddie Mac, the government-sponsored enterprise has announced. (Read More)
Principal To Buy ReliaStar
June 17, 1998
Principal Residential Mortgage Inc., Des Moines, Iowa, has agreed to buy ReliaStar Mortgage Corp., also of Des Moines, for an undisclosed price. (Read More)
Investment Firm To Acquire Merrill RE Unit
June 17, 1998
Desai Capital Management Inc., New York, has announced a $78 million recapitalization of Lenders Service Inc., a residential real estate services company, under which DCMI and its affiliates will control a majority of LSI stock. (Read More)
Apps Inch Higher, but Refis Up 7.9%
June 17, 1998
Mortgage applications crept up 0.3% for the week ended June 12, but the Refinancing Index rose nearly 8% on a seasonally adjusted basis, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Guarantee Income Flat
June 17, 1998
Freddie Mac dramatically increased its purchases of credit-enhanced mortgage pools in 1997, which flatten its income from guarantee fees. (Read More)
GSEs, MBA to Back MERS Recap
June 17, 1998
Fannie Mae, Freddie Mac, and the Mortgage Bankers Association of America will guarantee up to $8 million in loans to the Mortgage Electronic Registration Systems Inc., a McLean, Va., enterprise that is cooperatively owned by member firms. (Read More)
Countrywide Reports Earnings Up 30%
June 17, 1998
Countrywide Credit Industries Inc., Calabasas, Calif., has reported unaudited earnings of $90.8 million for the fiscal first quarter ended May 31, 30% higher than its earnings of $70 million a year ago. (Read More)
Mexican Builder Wins Mortgages
June 17, 1998
Mexican affordable housing builder Corporacion GEO S.A. de C.V., Mexico City, has reported that a Mexican government agency will provide nearly 1,500 mortgages to its customers. (Read More)
Fannie Sees Record $1.2T in Originations
June 18, 1998
Fannie Mae is predicting that residential mortgage originations will top $1.2 trillion this year, which would be a record. (Read More)
30-Year Rate Hits 5-Month Low
June 18, 1998
The average 30-year fixed mortgage rate for the week ending June 19 fell to 6.94% from 7.04% the previous week, the lowest rate in five months and the first time it has dropped below 7% since the week ended Feb. 20, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
GAO To Look at FHA Steering
June 18, 1998
The Senate Appropriations Committee has asked the U.S. General Accounting Office to conduct a study of whether lenders steer homebuyers into Federal Housing Administration loans to get higher servicing fees. (Read More)
Land Sales Hit 22.9% of RE Investment
June 18, 1998
Land sold for commercial development represented 22.9% of real estate investment in the first quarter, an indicator of continued market strength over the next few years, according to the Commercial Investment Real Estate Institute. (Read More)
MBS/ABS Reporting Standards Proposed
June 18, 1998
Proposed reporting standards aimed at promoting uniform remittance data on mortgage- and asset-backed securities at the security level have been released for comment by The Bond Market Association. (Read More)
FHLB Sets Up Relief Fund
June 18, 1998
The Federal Home Loan Bank of Des Moines has established a $25 million disaster relief fund available to member financial institutions. (Read More)
FHA Hike Fails in House Panel
June 19, 1998
The House VA-HUD Appropriations subcommittee Thursday night failed to pass an increase in the Federal Housing Administration loan limit. (Read More)
HomeSide Ratings on FitchAlert
June 19, 1998
The ratings of HomeSide Lending Inc. and HomeSide International Inc., Jacksonville, Fla., have been placed on FitchAlert with negative implications by Fitch IBCA Inc. The action followed the placement on FitchAlert-negative of the ratings of National Australia Bank Ltd., which owns the U.S. holding company whose subsidiary acquired HomeSide and HomeSide Lending in February. (Read More)
Duff Eyes REIT's Ratings
June 19, 1998
The senior debt and preferred stock ratings of First Union Real Estate Equity and Mortgage Investments have been placed on Rating Watch-Down by Duff & Phelps Credit Rating Co. The action applies to First Union's $100 million 8.875% senior unsecured notes due 2003, currently rated BB, and its outstanding 8.4% Series A cumulative convertible preferred stock, now rated BB-minus. (Read More)
EBS, MARI Form Anti-Fraud Alliance
June 19, 1998
Engineered Business Systems Inc. has entered into an exclusive, two-year alliance with Mortgage Asset Research Institute Inc. to combat mortgage fraud by increasing the availability of fraud-related information. (Read More)
Centex Completes $200MM Deal
June 19, 1998
Centex Home Equity Corp., Dallas, has announced the completion of a $200 million securitization of subprime home equity loans through Centex Home Equity Loan Trust 1998-2. (Read More)
Delta Sells $445MM HEL Deal
June 22, 1998
Delta Funding Corp., Woodbury, N.Y., has announced the sale of a $445 million securitization of closed-end home equity loans. (Read More)
Advanta Prices HELOC Deal, Ups Earnings Estimate
June 22, 1998
Advanta Mortgage Conduit Services, Spring House, Pa., has priced an $80 million deal backed by adjustable-rate revolving home equity lines of credit. (Read More)
ABFS Completes $120MM Securitization
June 22, 1998
American Business Financial Services Inc., Bala Cynwyd, Pa., has completed the funding for a $120 million securitization that was priced on June 3, ABFS has announced. (Read More)
Starwood Financial Names Senior VP
June 22, 1998
Spencer Haber has been appointed senior vice president of finance and chief financial officer of Starwood Financial Trust, which provides entrepreneurial capital to the real estate industry. (Read More)
Moody's Reassigns MBS Analyst
June 22, 1998
Jay Siegel, a senior vice president at Moody's Investors Service, has been assigned to the rating agency's real estate finance team in its Financial, Securities and Insurance Group. (Read More)
Contour Unveils WebIT
June 22, 1998
Contour Software has released software that will facilitate a variety of mortgage-related electronic transactions over the Internet, the company announced at the National Association of Mortgage Brokers '98 Annual Convention and Showcase in Chicago. (Read More)
PNB To Trade on Nasdaq National Market
June 22, 1998
PNB Financial Group, Newport Beach, Calif., has been approved for listing on the Nasdaq National Market System effective June 24. (Read More)
Asian Bank Ratings Under Review
June 22, 1998
Asian economic troubles and their effects on individual firms have prompted Fitch IBCA's London office and the New York office of Standard & Poor's to place certain ratings of mortgage market participants in Hong Kong and Japan under review for possible downgrades. (Read More)
OTS High-LTV Review Gives Bay View Pause
June 23, 1998
The Office of Thrift Supervision is reviewing its guidelines to determine whether high-LTV lending poses a safety and soundness risk to federally insured thrifts that originate and portfolio the product. (Read More)
Title Searches Fall
June 23, 1998
The AFS Title Search Index fell 5.0% to 219.4 for the week ended June 19 from 219.4 for the week ended June 12, according to Advance Factor Service. (Read More)
Fannie Foundation Hits Mark Early
June 23, 1998
The goal of drawing five million consumer responses to public service advertising aimed at aspiring homebuyers has been achieved two-and-a-half years early, the Fannie Mae Foundation has announced. (Read More)
REIT Names New Chairman
June 23, 1998
Robert J. McLaughlin has been named chairman of the board of Western Investment Real Estate Trust, San Francisco, succeeding Chester R. MacPhee Jr., who has served as acting chairman since Feb. 1. (Read More)
CBL Prices Stock Offering
June 23, 1998
CBL & Associates Properties Inc., Chattanooga, Tenn., has announced the sale of 2.5 million shares of 9% Series A cumulative redeemable preferred shares at $25 per share. (Read More)
NOI for Offices Hits 5-Year High
June 23, 1998
The net operating income for the U.S. private-sector office building market rose 9.68% in 1997 to a five-year high of $9.18 per rentable square foot, according to the Building Owners and Managers Association International. (Read More)
CSE Brokering $202MM Portfolio
June 23, 1998
A portfolio of servicing rights on $202 million in mortgage loans from the southeastern United States is for sale. (Read More)
Apps Rise as Refis Surge 16.3%
June 24, 1998
Mortgage applications increased 9.2% for the week ended June 19 as the Refinancing Index shot up 16.3%, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Conti Invests in Franchise Lender
June 24, 1998
ContiFinancial Corp., New York, has made an investment of an undisclosed amount in American Commercial Capital LLC, Carlsbad, Calif., that will give it a 50.1% economic interest in the company, ContiFinancial has announced. (Read More)
PacificAmerica Announces $200MM Deal
June 24, 1998
PacificAmerica Money Center Inc., Woodland Hills, Calif., has announced a $200 million securitization of home equity loans originated by Pacific Thrift and Loan Co., a wholly owned subsidiary. (Read More)
Ocwen UK Deal Rated
June 24, 1998
Duff & Phelps Credit Rating Co. has assigned provisional ratings to Ocwen's first United Kingdom securitization of B&C-credit mortgages originated by the former Cityscape affiliate City Mortgage Corp., the rating agency has reported. (Read More)
Price Waterhouse Names Securitization Co-Chief
June 24, 1998
Thomas Glanfield has been named co-leader of Price Waterhouse LLP's asset securitization practice. (Read More)
AIPREIT Promotes 7 Officers
June 24, 1998
American Industrial Properties REIT, Irving, Texas, has announced the promotion of seven officers, citing the growth in its real estate portfolio and the expansion of its staff from six to 21. (Read More)
REIT Prices Stock Offering
June 24, 1998
Resource Asset Investment Trust, Philadelphia, has announced the pricing of an offering of 2.8 million shares of common stock at $15.75 per share. (Read More)
Bond Deal Benefits Housing Project
June 24, 1998
Banc One Capital Markets Inc., Columbus, Ohio, has structured and sold $3.4 million in refunding bonds issued by the Richmond Redevelopment and Housing Authority. (Read More)
Fannie Shuffles VPs, Creates New Post
June 25, 1998
Fannie Mae has announced key executive changes at the company involving three vice presidents and a newly created post. (Read More)
Existing Home Sales Rise
June 25, 1998
Sales of existing single-family homes rose slightly in May to an annualized rate of 4.82 million units, according to statistics compiled by the National Association of Realtors. (Read More)
Pru Buys Into Beacon Capital
June 25, 1998
The Prudential Insurance Co. of America, Parsippany, N.J., has acquired $51.5 million worth of operating partnership units in Beacon Capital Partners LP, a Boston real estate investment trust. (Read More)
Medley To Buy Ameritrust
June 25, 1998
Medley Credit Acceptance Corp., a Coral Gables, Fla. company that specializes in accounts receivable financing, equipment leasing, and other types of financing, will purchase Ameritrust Holdings Inc., a Hollywood, Fla.-based mortgage banker. (Read More)
Bear Stearns MBS Downgraded
June 25, 1998
Two classes of Bear Stearns mortgage pass-through certificates have been downgraded by Fitch IBCA Inc. The Series 1994-1, Class 1F certificates have been downgraded from BBB to BB and remain on RatingAlert negative, while the Series 1993-12, Class 1E certificates have been downgraded from BB-minus to CCC and taken off RatingAlert negative, the rating agency reported. (Read More)
1st Alliance To Write Down Residuals
June 25, 1998
First Alliance Corp., Irvine, Calif., has announced an approximately $4.5 million writedown in the value of its securitization residual interests for the second quarter. (Read More)
New Century Completes 1st NIM Deal
June 25, 1998
New Century Mortgage Corp., Irvine, Calif., has completed its first net interest margin private placement. (Read More)
MBHC Reports Net Loss for 1997
June 25, 1998
Mortgage Bankers Holding Corp., Carnegie, Pa., has reported a net loss of approximately $1.9 million for 1997 based on preliminary consolidated audit figures. (Read More)
Haven Cites Earnings Impact of Purchase
June 25, 1998
The second-quarter earnings of Haven Bancorp Inc., Woodhaven, N.Y., will be affected by a one-time revenue reduction tied to its subsidiary CFS Bank's acquisition of the assets of InterCounty Mortgage Inc., Haven has reported. (Read More)
FHA Delinquencies Hit Record High
June 26, 1998
The delinquency rate for Federal Housing Administration-insured mortgages rose to a record high in the first quarter of 1998. (Read More)
House Panel OKs FHA Loan Limit Hike
June 26, 1998
The House Appropriations Committee Thursday night approved an increase in the Federal Housing Administration loan limit as part of a comprehensive VA-HUD spending bill. (Read More)
Capstead Repositioning Takes Toll
June 26, 1998
Capstead Mortgage Corp., Dallas, has reported that the recently completed repositioning of its mortgage securities portfolio has resulted in losses of approximately $255 million and a reduction in the company's earnings potential. (Read More)
Fixed Rates Creep Up
June 26, 1998
The average 30-year fixed mortgage rate for the week ending June 26 crept up to 6.96% from 6.94% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Republic Completes $228MM Deal
June 26, 1998
Republic Bancshares Inc., St. Petersburg, Fla., has completed a private offering of $228 million of securities backed by home equity and debt consolidation loans. (Read More)
SPFC Unit Completes High-LTV Deal
June 26, 1998
Southern Pacific Secured Assets Corp. -- a wholly owned subsidiary of Southern Pacific Funding Corp., Lake Oswego, Ore. -- has completed a $105 million securitization of fixed-rate mortgage loans with high loan-to-value ratios. (Read More)
CSE Brokering $18MM Portfolio
June 26, 1998
An $18 million servicing portfolio of loans from the Northeast is being sold by Countrywide Servicing Exchange. (Read More)
New Home Sales Hit Another Peak
June 29, 1998
Sales of new homes inched their way to a new record high in May and it looks as if 1998 will be a banner year, eclipsing the previous sales record set over 20 years ago. (Read More)
GMAC Forms New Unit, Buys Franchise Network
June 29, 1998
General Motors Acceptance Corp., Des Moines, Iowa, has entered the real estate services market by establishing a new unit, which is acquiring the assets of a real estate franchise network, GMAC has announced. (Read More)
Homeowners Urged To Set Up Reserve Fund
June 29, 1998
With delinquencies rising, the Mortgage Bankers Association of America is urging homeowners to establish an emergency fund equal to three months' income to handle unexpected financial hardships and home maintenance costs. (Read More)
LION and Byte To Partner
June 29, 1998
Lenders Interactive Network, Mercer Island, Wash., has announced a marketing agreement with Seattle-based Byte Enterprises. (Read More)
NASCOR Securitizes $350MM of MBS
June 29, 1998
Norwest Asset Securities Corp., Frederick, Md., has announced an approximately $350 million securitization of fixed 20- and 30-year relocation mortgage loans. (Read More)
Bank United, Salomon Form CRE Alliance
June 30, 1998
Bank United, Houston, has formed an alliance with New York-based Salomon Smith Barney to securitize commercial real estate loans originated by Bank United and other sources, Bank United has announced. (Read More)
Title Searches Dip
June 30, 1998
The AFS Title Search Index fell 1.4% to 205.4 for the week ended June 26 from 208.3 for the previous week, according to Advance Factor Service. (Read More)
New MI Slips in May
June 30, 1998
Activity at private mortgage insurance firms remained very high for May, although there was a slight dropoff in business when compared with April's numbers, according to data compiled by the Mortgage Insurance Cos. (Read More)
Criimi Mae Announces CMBS Purchases
June 30, 1998
Criimi Mae Inc., Rockville, Md., has purchased (or agreed to purchase) approximately $130 million of subordinated commercial mortgage-backed securities in two transactions. (Read More)
Thornburg Affirms Investment Strategy
June 30, 1998
Thornburg Mortgage Asset Corp., Santa Fe, N.M., has affirmed its strategy of investing in high-quality adjustable-rate mortgage securities and avoiding investments in interest-only strips, servicing, and fixed-rate mortgages. (Read More)
July
Are YSP Class Actions Dead?
July 1, 1998
Class certification in yield spread premium cases may now be out of reach for plaintiff attorneys due to a long-awaited clarification by a U.S. Appeals Court in Atlanta. (Read More)
Star Banc, Firstar To Merge
July 1, 1998
Star Banc Corp. of Cincinnati and Firstar Corp. of Milwaukee have announced plans to merge in a deal valued at $7.2 billion. (Read More)
Freddie Speeds Fall, But Not Risk, Analysts Say
July 1, 1998
Prepayment rates on most 30-year Freddie Mac mortgage-backed securities with coupons of 7.5%-8.5% slowed by 10%-15% in the June reporting period, according to the Bear Stearns Prepayment Commentary. (Read More)
CheckFree To Sell Mortgage Division
July 1, 1998
London Bridge Software Holdings plc announced Wednesday that it has agreed in principle to purchase CheckFree's mortgage products division. (Read More)
Applications Fall 13.4%
July 1, 1998
Mortgage applications fell 13.4% for the week ended June 26 as the Refinancing Index lost the 200 points it had gained the previous week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
SPFC Completes $650MM Deal
July 1, 1998
Southern Pacific Funding Corp., Lake Oswego, Ore., has announced the completion of a $650 million securitization by its wholly owned subsidiary, Southern Pacific Secured Assets Corp. The mortgage loan asset-backed pass-through certificates, Series 1998-2 consisted of eight classes (plus an interest-only certificate with a notional balance of $178.4 million), with fixed-rate yields ranging from 6.04% to 6.76%. (Read More)
Wilshire Closes 2 MBS Deals
July 1, 1998
Wilshire Financial Services Group, Portland, Ore., has announced the closing of two securitizations totaling $330 million. (Read More)
COFI Falls for 4th Month in a Row
July 1, 1998
During May, the Eleventh Federal Home Loan District Cost of Funds Index continued its decline, falling by over 2 basis points to 4.881%. (Read More)
UFI Servicing Sale
July 1, 1998
United Financial Inc., Denver, is offering a $50-75 million per quarter forward bulk servicing commitment of loans concentrated primarily in Indiana, Michigan, and Ohio. (Read More)
New Latin American Venture Gets CEO
July 1, 1998
Real estate company Lend Lease Corp., New York, has named former mortgage portfolio manager Michael P. Kercheval as chief executive of its new joint venture, Latin American Realty Advisors, the company has announced. (Read More)
Feds Now Using E-Checks
July 1, 1998
For the first time, the federal government has begun using e-checks to make Internet payments. (Read More)
Mortgage Jobs Set Another Record
July 2, 1998
Mortgage employment rose for the 11th consecutive month in June, setting a new all-time record of 288,400 full-time jobs, according to statistics released by the Bureau of Labor Statistics. (Read More)
Lutheran Brotherhood To Buy Thrift
July 2, 1998
Lutheran Brotherhood, a financial services organization that serves members of the Lutheran faith worldwide, has agreed to acquire Metro Community Bank FSB, Minneapolis, for $3.5 million. (Read More)
REIT Issues 1st Public MBS FASIT
July 2, 1998
In the first use of a financial asset securitization investment trust in a publicly offered residential mortgage deal, American Residential Eagle Inc., Del Mar, Calif., recently issued approximately $422 million of mortgage-backed securities via a FASIT. (Read More)
$98MM HEL Securitization Closed
July 2, 1998
In a related development, American Residential Investment Trust has closed a $98.1 million securitization of adjustable-rate home equity loans. (Read More)
First Commercial Buys $1.2B of Servicing
July 2, 1998
First Commercial Mortgage Co., a subsidiary of the Little Rock, Ark.-based First Commercial Bank, has purchased $1.2 billion in loan servicing rights representing 24,000 mortgages on properties in Arkansas, Texas, Kansas, and Oklahoma. (Read More)
Fixed Rates Inch Higher
July 2, 1998
The average 30-year fixed mortgage rate for the week ending July 3 rose to 6.98% from 6.96% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Beneficial to Redeem Debentures
July 2, 1998
Household International, Prospect Heights, Ill., has announced that its subsidiary Beneficial Corp. will redeem all $42.765 million of its 12 7/8% debentures due Aug. 1, 2013. (Read More)
House To Vote on MI Reform
July 6, 1998
The House is set to vote on a private mortgage insurance reform bill July 14. (Read More)
Private MI for 'B' Loans?
July 6, 1998
United Guaranty Residential Insurance Co., Greensboro, N.C., is testing a new mortgage insurance product for "A-minus" and "B" loans. (Read More)
Mego Completes Recap, Will Take 3Q Loss
July 6, 1998
Mego Mortgage Corp., Atlanta, has completed its recapitalization, but will take a third-quarter loss of $55 million. (Read More)
NASCOR Securitizes $475MM of MBS
July 6, 1998
Norwest Asset Securities Corp., Frederick, Md., has announced an approximately $475 million securitization backed by two separate pools of mortgage loans. (Read More)
Fitch Updates Rating Criteria for Pfandbriefe
July 6, 1998
Fitch IBCA Inc., London, has published an updated rating methodology for German Pfandbriefe, which are bonds issued by a group of (chiefly mortgage) banks in Germany and secured by selected on-balance-sheet pools of mortgage assets or public sector loans. (Read More)
FDIC OKs MSR Capital Rule
July 7, 1998
The Federal Deposit Insurance Corp. has approved a final rule that raises the Tier 1 capital limit on mortgage servicing rights from 50% to 100%. (Read More)
Title Searches Fall
July 7, 1998
The AFS Title Search Index fell 2.9% to a holiday-adjusted 199.6 for the week ended July 3 from 205.4 for the previous week, according to Advance Factor Service. (Read More)
Rotella Named COO of Chase Home
July 7, 1998
Stephen J. Rotella has been named to the newly created position of chief operating officer of Chase Home Finance, a unit of Chase Manhattan Corp. based in Edison, N.J., that deals with mortgages, home equity loans, and manufactured housing. (Read More)
S&P Eyeing Conti's Debt Rating
July 7, 1998
ContiFinancial Corp.'s BB-plus senior debt rating has been placed on CreditWatch with negative implications by Standard & Poor's. (Read More)
CSE Brokering $3B Portfolio
July 7, 1998
A national loan servicing portfolio totaling $3 billion in Fannie Mae/Freddie Mac home loans is being brokered by Countrywide Servicing Exchange, Pasadena, Calif. The average loan balance is $127,093 and the weighted average note rate is 7.198%. (Read More)
UFI Brokering $219MM Servicing Sale
July 7, 1998
United Financial Inc., Denver, is brokering the sale of servicing rights on a $219 million portfolio of Fannie Mae/Freddie Mac home loans. (Read More)
1st-Time Homebuyers Totaled 42% of Market
July 7, 1998
First-time homebuyers accounted for 42% of the nation's housing market in the second half of 1997 and remain "a critical segment of the market," according to the National Association of Realtors. (Read More)
No Vote on FHA Loan Limit
July 8, 1998
Senate Majority Leader Trent Lott, R, Miss., pulled the VA-HUD appropriations bill off the floor of the Senate Tuesday evening just before the start of debate on Federal Housing Administration loan limits. (Read More)
Ginnie Speeds May Augur Prepay Surprises
July 8, 1998
Prepayment rates for certain Ginnie Mae mortgage-backed securities have responded quickly to declining interest rates, and "prepayment surprises" may lie ahead, according to the Bear Stearns Prepayment Commentary. (Read More)
Fannie Speeds Mostly Flat
July 8, 1998
Meanwhile, prepayment rates for Fannie Mae non-discount MBS showed little change in the July reporting period, including those for 7%-8% coupons, according to the Bear Stearns Prepayment Commentary. (Read More)
Unadjusted Apps Fall, but Refi Index Jumps
July 8, 1998
Mortgage applications fell 3.5% for the week ended July 3, but they were up on a seasonally adjusted basis as the Refinancing Index gained nearly 270 points, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
CFA: Beware of Refinancing Card Debt
July 8, 1998
The Consumer Federation of America is warning borrowers not to turn credit card debt into mortgage debt unless they can control their credit card spending. (Read More)
Bank Sells Assets of Mortgage Unit
July 8, 1998
Community First Bancshares Inc., Fargo, N.D., has agreed to sell the operating assets of its subprime mortgage lending subsidiary, Equity Lending Inc., to FirstPlus Financial Group Inc., Dallas. (Read More)
SPFC Says Prepays at Expected Levels
July 8, 1998
Southern Pacific Funding Corp., Lake Oswego, Ore., has reported that loan prepayments in the second quarter were "in line with management expectations." (Read More)
Fannie Reopens 10-Year Benchmark Note
July 8, 1998
Fannie Mae has reopened a $2 billion 6.0% 10-year bullet Benchmark Note originally issued in May. The new issue date is July 14, Fannie Mae said. (Read More)
Joint Venture To Buy Tower Realty
July 8, 1998
Tower Realty Trust, New York, has announced that it will be acquired for $24 per share in cash by Metropolitan Partners, a 50/50 joint venture between Reckson Associates Realty Corp. and Crescent Real Estate Equities Co. Under the agreement, Tower stockholders may elect to receive 0.4615 of a share of Reckson common stock and 0.3523 of a share of Crescent common stock in lieu of the cash for up to 40% of the total consideration. (Read More)
Freddie Touts 2 Affordable Housing Initiatives
July 8, 1998
Two new affordable housing initiatives aimed at increasing urban homeownership have been announced by Freddie Mac. (Read More)
New Century Completes Biggest Deal
July 8, 1998
New Century Mortgage Corp., Irvine, Calif., has completed a $474 million securitization, its largest to date. (Read More)
No Prepay-Related Writedowns, Amresco Says
July 8, 1998
Amresco Inc., Dallas, has announced that it does not expect to make writedowns in the value of its retained interests from securitizations in the foreseeable future. (Read More)
REIT Agrees to Private Placement
July 8, 1998
American Real Estate Investment Corp., Plymouth Meeting, Pa., has agreed to sell approximately 1.09 million shares of its common stock at an aggregate purchase price of about $18 million in a private placement with several institutional investors, the company has announced. (Read More)
S&P Announces Index Changes
July 8, 1998
Index changes involving a mortgage lender and a home equity lender have been announced by Standard & Poor's Financial Information Services. (Read More)
Study Projects Internet Mortgage Spending
July 8, 1998
Spending for Internet-based mortgage loan services will exceed $525 million in the year 2000, according to a new study by Killen & Associates, Palo Alto, Calif. The dominant share of the spending will occur in the U.S., where mortgage services are far ahead of those in other nations, the study says. (Read More)
30-Year Rate Hits 6-Month Low
July 10, 1998
The average 30-year fixed mortgage rate fell from 6.98% to 6.91% for the week ending July 10, its lowest level since the 6.89% recorded for the week ended Jan. 16, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Moody's Questions Jumbo Pool Support Levels
July 10, 1998
Credit enhancement on securitizations of jumbo mortgages has become so minimal that "many recent deals do not deserve Aaa ratings," according to Moody's Investors Service. (Read More)
Costiglio Loses Court Battle
July 10, 1998
Fired Federal Housing Finance Board director Lawrence Costiglio has suffered a major blow in his attempt to regain his seat on the regulatory board. (Read More)
SASCO MBS, CMBS Downgraded
July 10, 1998
Three classes of Structured Asset Securities Corp. mortgage-backed securities and one class of SASCO commercial MBS have been downgraded by Fitch IBCA Inc. SASCO's mortgage pass-through certificates Series 1995-2 Group I, Class I-B4 was downgraded from B-minus to D; Class I-B3 was downgraded from BB to CCC; and Class I-B2 was downgraded from A-minus to BBB-minus and remains on RatingAlert with negative implications. (Read More)
GreenPoint Reports Record EPS
July 10, 1998
GreenPoint Financial Corp., New York, has reported net income of $39.4 million ($0.54 per share) for the second quarter. (Read More)
DC Now Licensing Lender/Broker Subs
July 10, 1998
A mortgage subsidiary of a bank or thrift must now obtain a license to set up shop in the District of Columbia. (Read More)
Frontier Buys UK Title Insurer
July 10, 1998
Frontier Insurance Group Inc., Rock Hill, N.Y., has announced the acquisition of 85% of the capital stock of London & European Title Insurance Services Ltd., the leading provider of title insurance to mortgage lenders in the United Kingdom. (Read More)
Microsoft Unveils HomeAdvisor
July 13, 1998
The race for Internet mortgage dominance can now begin in earnest as Microsoft enters the fray with its long-awaited HomeAdvisor site (http://www.homeadvisor.com). (Read More)
IndyMac MBS Downgraded
July 13, 1998
Two classes of IndyMac Inc. mortgage-backed securities have been downgraded by Fitch IBCA Inc. The rating on IndyMac Inc. (Read More)
MGIC Reports Earnings Up 18%
July 13, 1998
MGIC Investment Corp., Milwaukee, has reported earnings of $95.2 million ($0.82 per share) for the second quarter, up 18% from the $80.6 million ($0.67 per share) recorded in the second quarter of 1997. (Read More)
Westmark Cites Record Production
July 13, 1998
Westmark Group Holdings Inc., Delray Beach, Fla., has reported record monthly loan production in June and projects that it will double last year's production total in 1998. (Read More)
PMCC Names 3 New Veeps
July 13, 1998
PMCC Financial Corp., Roslyn Heights, N.Y., has announced the appointments of three new vice presidents. (Read More)
Freddie, IMX To Link Lenders and Brokers
July 14, 1998
An electronic link that will enable lenders to bid on loans posted by mortgage brokers will be established by Freddie Mac and IMX, Freddie Mac has announced. (Read More)
Title Searches Jump
July 14, 1998
The AFS Title Search Index jumped 10.5% to 220.5 for the week ended July 10 from a holiday-adjusted 199.6 for the previous week, according to Advance Factor Service. (Read More)
OCC Warns Banks on Subprime Lending
July 14, 1998
The Comptroller of the Currency is raising concerns that national banks engaged in high loan-to-value and subprime lending may fall into the same unscrupulous and risky underwriting practices as their unregulated competitors. (Read More)
Fannie Reports Record 2Q
July 14, 1998
Fannie Mae's earnings for the second quarter of 1998 were a record $848.0 million ($0.80 per common share), up from $824.2 million ($0.77 per share) in the first quarter of 1998, Fannie Mae has reported. (Read More)
Associates Cites Record Earnings
July 14, 1998
Associates First Capital Corp., Irving, Texas, has reported record second-quarter earnings of $292.9 million ($0.84 per share), a 19% increase from a year ago. (Read More)
Charter Releases New Version of CMBS Tool
July 14, 1998
Charter Research Inc., Boston, has released a new version of Conquest, its bond pricing and analysis tool. (Read More)
Leach Won't Oppose FHA Hike
July 15, 1998
Housing Banking Committee chairman Jim Leach, R, Iowa, will not oppose an increase in the Federal Housing Administration loan limit, provided a public housing reform bill is attached to the VA-HUD appropriations bill. (Read More)
CRE Underwriting Slipping
July 15, 1998
When acting Comptroller of the Currency Julie Williams criticized national banks July 13 for letting their underwriting standards slip on commercial loans, she was also pointing to deteriorating standards for commercial real estate loans, an OCC official has told MortgageWire. (Read More)
Freddie Reports Record EPS
July 15, 1998
Freddie Mac has reported second-quarter net income of $414 million, up from $340 million a year ago and $393 million in the first quarter. (Read More)
BankAmerica Mortgage Launches 'Credit Flex'
July 15, 1998
BankAmerica Mortgage, San Francisco, has launched a flexible credit home mortgage product aimed at expanding homeownership opportunities for low-income households. (Read More)
MBS Broker Hires 3 Execs
July 15, 1998
Links Securities Inc., a New York-based broker/dealer specializing in mortgage-backed securities and structured finance, has announced the appointment of three new managing directors. (Read More)
Seasonally Adjusted Applications Fall
July 15, 1998
Mortgage applications rose 13.3% for the week ended July 10, but seasonally adjusted indexes fell, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
PMI Reports Volume Up 92%
July 15, 1998
PMI Mortgage Insurance Co., San Francisco, wrote $6.9 billion of new insurance in the second quarter, up 92% from $3.6 billion a year ago, according to the company's parent, The PMI Group Inc. Net income for the second quarter was $46.8 million ($1.46 per share), compared with $42.3 million ($1.25 per share) a year ago. (Read More)
1stPlus Completes $591MM Deal
July 15, 1998
FirstPlus Financial Group Inc., Dallas, has completed a $591 million securitization of high loan-to-value home loans. (Read More)
Homeownership Barriers Hit 7-Year Lows
July 16, 1998
Every barrier to homeownership measured by Fannie Mae's National Housing Survey has "collapsed to the lowest levels recorded" in the survey's seven-year history, Fannie Mae has reported. (Read More)
Has Online Mortgage Potential Peaked?
July 16, 1998
From a technology standpoint, the questions of particular interest from the Fannie Mae survey (see item above) were the percentage of borrowers with Internet access and the willingness of borrowers to purchase a mortgage in cyberspace. (Read More)
FHA Loan Limit Hike Obstacle Overcome
July 16, 1998
The proponents of a Federal Housing Administration loan limit increase have overcome a very important obstacle as the House decided Thursday morning that the FHA increase should be protected from a point of order when the VA-HUD appropriations bill is debated. (Read More)
30-Year Rate Rises
July 16, 1998
The average 30-year fixed mortgage rate rose to 6.94% for the week ending July 17 from the six-month low of 6.91% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
IMC Snags $50MM Investment
July 16, 1998
IMC Mortgage Co., Tampa, Fla., has announced that Travelers Casualty and Surety Co. and Greenwich Street Capital Partners II LP have invested $50 million in the company's Series A convertible preferred stock. (Read More)
CSE Offering $2B-$5B in Servicing
July 16, 1998
Countrywide Servicing Exchange, Pasadena, is offering a $2 billion to $5 billion forward delivery commitment from the annual production of portfolio of Old Kent Mortgage Co. The company anticipates quarterly sales of $500 million to $1.25 billion in Fannie Mae and Freddie Mac loans, with an average loan balance of $110,000 to $125,000. (Read More)
Dime's Earnings Up 110%
July 16, 1998
Dime Bancorp Inc., New York, has reported net income of $58.3 million ($0.50 per share) for the second quarter, up 110% from $27.8 million ($0.26 per share) a year ago. (Read More)
CMAC Reports 20% Earnings Rise
July 16, 1998
CMAC Investment Corp., the parent of Commonwealth Mortgage Assurance Co., has reported second quarter net income of $22.2 million ($0.91 per share), up 20% from $18.6 million ($0.76 per share) a year ago. (Read More)
Triad Earnings Climb 50%
July 16, 1998
Triad Guaranty, Winston-Salem, N.C., has reported second quarter net income of $6.0 million ($0.44 per share), up 50% from $4.0 million ($0.30 per share) in the same period of 1997. (Read More)
S&P Rates $1B of CMBS
July 16, 1998
Standard & Poor's has assigned preliminary ratings ranging from investment- to speculative-grade to Commercial Mortgage Acceptance Corp.'s $1.06 billion commercial mortgage pass-through certificates, Series 1998-C1. (Read More)
Senate OKs FHA Loan Limit Hike
July 17, 1998
The Senate passed the VA-HUD appropriations bill (S. 2168) Friday morning along with an increase in the Federal Housing Administration loan limits to $109,032 in low-cost areas and to $193,620 in high-cost areas. (Read More)
MI Reform Awaits Presidential OK
July 17, 1998
President Clinton is expected to sign into law any day now a private mortgage insurance reform bill that calls for automatic cancellation of private MI once a homeowner's equity reaches 22%. (Read More)
Amresco To Buy VA Originator
July 17, 1998
Amresco Inc., Dallas, has agreed to purchase Mortgage Investors Corp. of St. Petersburg, Fla. for an upfront price of $70 million. (Read More)
Freddie Does 1st Deal Under New MF Program
July 17, 1998
Freddie Mac's first credit enhancement of tax-exempt housing bonds under a program announced earlier this year has been completed in conjunction with Northland Financial Co. Freddie Mac and Northland Financial replaced the credit enhancement on $5.825 million of floating-rate housing bonds issued by the Housing and Redevelopment Authority for the City of Crystal, Minn. The Multifamily Housing Bond Credit Enhancement Program under which the transaction took place is aimed at helping borrowers and municipal and state bond issuers obtain triple-A ratings on fixed- and floating-rate housing bond issues. (Read More)
Regulators Unveil TILA/RESPA Reforms
July 17, 1998
The Federal Reserve Board and the Department of Housing and Urban Development have split over ways to curb predatory lending, which is expected to diminish the impact of their mortgage reform recommendations the two agencies presented to Congress Friday. (Read More)
Green Tree MH, HIL Deals Downgraded
July 17, 1998
The subordinate classes from all of Green Tree Financial Corp.'s 1994 manufactured housing deals and from 13 Green Tree home improvement loan deals have been downgraded by Moody's Investors Service. (Read More)
Golden West Earnings Rise
July 17, 1998
Golden West Financial Corp., the parent of World Savings, has reported net earnings of $116.95 million ($2.01 per share) for the second quarter, compared with $87.28 million ($1.51 per share) a year ago. (Read More)
UFI Brokering $542MM Portfolio
July 17, 1998
United Financial Inc., Denver, is brokering the sale of a $542 million national servicing portfolio of Freddie Mac, Fannie Mae, and Indy Mac loans. (Read More)
SunTrust, Crestar Merger To Create 15th Top Originator
July 20, 1998
The combination of SunTrust Banks Inc., Atlanta, with Crestar Financial Corp., Richmond, Va., will create the nation's 15th largest mortgage originator. (Read More)
Thrift Merger Market Active in NY
July 20, 1998
The merger market for thrifts in the New York metro area has been busy over the past weekend. (Read More)
Home Equity Lenders Adopt HIL Standards
July 20, 1998
The National Home Equity Mortgage Association has adopted voluntary standards aimed at deterring home improvement abuses. (Read More)
Performance Mixed for RE Securities
July 20, 1998
The performance of real estate securities was mixed in the first half of 1998, with equity returns down but strong debt security issuance, according to Deloitte & Touche LLP's Real Estate Services Group. (Read More)
MuniMae To Buy Rev Bond Interest
July 20, 1998
Municipal Mortgage and Equity LLC, Baltimore, has issued a commitment to acquire an $8.3 million interest in tax-exempt mortgage revenue bonds to be issued by the City of Wichita, Kan. MuniMae's interest in the bonds, which are expected to be issued in September, will bear a weighted average interest rate of 7.68%. (Read More)
LA Companies Form Joint Venture in Asia
July 20, 1998
International real estate investment firm Colony Capital and property management company Oakwood International, both based in Los Angeles, have formed a joint venture company to manage "serviced" apartments in the Asia Pacific region. (Read More)
1st Source Completes $400MM Deal
July 20, 1998
1st Source Corp., South Bend, Ind., has announced the completion of a $400 million securitization to fund the growth of the 1st Source Bank Specialty Finance Group. (Read More)
Single-Family Starts Up 3%
July 21, 1998
After several months of steady decline, single-family housing starts rose 3% in June to their highest level since February, according to statistics released by the U.S. Commerce Department. (Read More)
UCFC Explores Options, Expects Earnings Hit
July 21, 1998
United Companies Financial Corp., Baton Rouge, La., has reported that it expects a significant prepayment-related falloff in second quarter earnings and has announced the retention of Salomon Smith Barney to assist in seeking a "strategic partnership." (Read More)
Ginnie Mae Rations Commitments
July 21, 1998
Ginnie Mae is worried that it could run out of commitment authority in September, so it is asking lenders to cut back on Ginnie Mae security issuances over the next two months. (Read More)
Title Searches Off 1.4%
July 21, 1998
The AFS Title Search Index fell 1.4% to 217.5 for the week ended July 17 from 220.5 for the previous week, according to Advance Factor Service. (Read More)
CalFed, Golden State Report Earnings
July 21, 1998
California Federal Bank, San Francisco, has reported net income of $339.9 million (before preferred stock dividends) for the second quarter, up from $63.3 million a year ago. (Read More)
Long Beach Financial's Earnings Up 52%
July 21, 1998
Long Beach Financial Corp., Orange, Calif., has reported record second quarter earnings of $7.4 million ($0.29 per share), up 52% from $4.9 million a year ago. (Read More)
Fannie Announces Dividends
July 21, 1998
Fannie Mae has announced a common stock dividend of $0.24 per share for the second quarter, the same as the dividend declared for the previous quarter. (Read More)
CharterMac Buys Mortgage Rev Bonds
July 21, 1998
Charter Municipal Mortgage Acceptance Corp., New York, has announced the acquisition of two tax-exempt mortgage revenue bonds secured by multifamily affordable housing apartment complexes. (Read More)
UCFC Ratings Under Review
July 22, 1998
The ratings on United Companies Financial Corp., Baton Rouge, La., have been placed under review by Standard & Poor's and Duff & Phelps Credit Rating Co. in the wake of the subprime lender's announcement that it has retained Salomon Smith Barney to "seek a potential strategic partnership." (Read More)
Applications Off Slightly
July 22, 1998
Mortgage applications fell 1.7% for the week ended July 17, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
WaMu Reports Record 2Q Earnings
July 22, 1998
Washington Mutual Inc., Seattle, has reported record second-quarter earnings of $261.3 million ($0.69 per share), up 37% from $191.1 million ($0.50 per share) a year ago. (Read More)
Advanta Earnings Up From 1Q
July 22, 1998
Advanta Corp., Spring House, Pa., has reported net income of $9.5 million ($0.35 per share) for the second quarter, up $3.2 million from the previous quarter. (Read More)
IndyMac Reports Higher Earnings
July 22, 1998
IndyMac Mortgage Holdings Inc., Pasadena, Calif., has reported earnings of $35.9 million ($0.53 per share) for the second quarter, up from $22.7 million ($0.42 per share) a year ago. (Read More)
Fear Not the GSEs, Mozilo Says
July 23, 1998
The mortgage market has nothing to fear from Fannie Mae and Freddie Mac, a key industry executive says. (Read More)
Fannie Launches Custom Home Pilot
July 23, 1998
Fannie Mae is investing $75 million in a pilot program aimed at capitalizing on the red-hot -- and surprisingly large -- custom home market. (Read More)
Freddie Veep Touts Risk-Based Pricing
July 23, 1998
Risk-based pricing could eventually save homebuyers as much as $6 billion annually in unnecessary interest payments, a Freddie Mac official has told the Western Secondary Market and Lending Conference (see items above). (Read More)
UCFC MH Classes Downgraded
July 23, 1998
The ratings on Class B-2 certificates of various United Companies Financial Corp. manufactured housing securitizations and the Class A certificates of one deal have been lowered to Ba3 by Moody's Investors Service. (Read More)
Delta Reports Net Loss of $4.9MM
July 23, 1998
Delta Financial Corp., Woodbury, N.Y., has reported a net loss of $4.9 million ($0.32 per share) for the second quarter, compared with a net income of $7.2 million ($0.47 per share) a year ago. (Read More)
RBMG Cites Record Operating Earnings
July 23, 1998
Resource Bancshares Mortgage Group Inc., Columbia, S.C., has reported net income of $13.1 million ($0.56 per share) for the second quarter. (Read More)
Farmer Mac Earnings Rise
July 23, 1998
The Federal Agricultural Mortgage Corp., Washington, D.C., has reported net income of $1.8 million for the second quarter, compared with $1.3 million a year ago. (Read More)
Charter One Reports Record Earnings
July 23, 1998
Charter One Financial, Cleveland, has reported record net income of $68.4 million ($0.52 per share) for the second quarter. (Read More)
Ford, Fannie, Self-Help Join Forces
July 23, 1998
In a partnership to make $2 billion in affordable mortgages available to 35,000 minority and low-wealth home buyers nationwide, the Ford Foundation has joined forces with Self-Help, a North Carolina-based nonprofit community development organization, and Fannie Mae. (Read More)
Big B&C Numbers for Countrywide Wholesale
July 23, 1998
Figures just released by Countrywide Credit Industries' wholesale division show subprime originations growing by leaps and bounds. (Read More)
Chase Mortgage Unveils New Website
July 23, 1998
Chase Manhattan Mortgage Corp.'s correspondent division has announced a new website combining real-time loan status with Internet technology. (Read More)
Lazio Hopes To Pass ARM Bill This Year
July 24, 1998
Staff for Rep. Rick Lazio, R, N.Y., say they are hopeful that Congress will pass legislation this year that would increase the availability of government-insured adjustable-rate mortgages. (Read More)
Freddie Names 3 Veeps
July 24, 1998
Freddie Mac has appointed three new vice presidents, two of whom have been serving in the posts on an interim basis. (Read More)
Mortgage Stocks Falling Along with Dow
July 24, 1998
With the Dow Jones industrial average dropping like a stone late Friday morning after trading up early, mortgage lenders' stocks were also falling, just as they did Thursday when the Dow plummeted 195.93 points to fall below the 9,000-point mark for the first time this month. (Read More)
S&P Revises Delta Outlook to Negative
July 24, 1998
Standard & Poor's has revised its outlook on Delta Financial Corp. to negative from stable, while affirming the company's senior debt and long- and short-term counterparty ratings. (Read More)
Fitch Downgrades RFSMI MBS
July 24, 1998
Fitch IBCA Inc. has downgraded Residential Funding Mortgage Securities Inc.'s Series 1993-S30, Class B2 mortgage pass-through certificates from B to D and placed the series's Class B1 certificates on RatingAlert negative. (Read More)
HomeGold's Senior Debt Downgraded
July 24, 1998
HomeGold Financial Inc.'s 10.75% senior unsecured notes due 2004 have been downgraded from B-minus to CCC-plus and removed from RatingAlert by Fitch IBCA. (Read More)
SPFC Reports Record Earnings
July 24, 1998
Southern Pacific Funding Corp., Lake Oswego, Ore., has announced record net earnings of $14.5 million ($0.60 per share) for the second quarter, compared with $13.4 million ($0.56 per share) a year ago. (Read More)
Rates Inch Higher
July 24, 1998
The average 30-year fixed mortgage rate rose to 6.96% for the week ending July 24 from 6.94% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
PNC Eyeing AccuBanc's $12B of Servicing
July 27, 1998
PNC Bank has been talking to AccuBanc Mortgage, Houston, about buying the firm's $12 billion servicing portfolio, sources have told MortgageWire. (Read More)
Resales Cool Down in June
July 27, 1998
Sales of existing, single-family homes cooled down in June, falling 2.3% to an annualized rate of 4.72 million units, according to data released Monday by the National Association of Realtors. (Read More)
Simons Nomination Coming
July 27, 1998
With the clock running down, President Clinton is expected to nominate Larry Simons to run the HUD multifamily restructuring program before the Senate adjourns for the August recess. (Read More)
Duff & Phelps Downgrades 4 MBS Classes
July 27, 1998
Duff & Phelps Credit Rating Co., Chicago, has downgraded four public classes of residential mortgage pass-through certificates and placed a fifth on Rating Watch-Down. (Read More)
Allegheny-Linked MBS Classes Under Review
July 27, 1998
Moody's Investors Service, New York, has placed nine tranches of Merrill Lynch Mortgage Investors Inc. Commercial Mortgage Pass-Through Certificates, Series 1998-C1-CTL under review for possible downgrade. (Read More)
Securitization Raises Questions in England
July 27, 1998
English housing associations' increasing use of securitization for financing has raised questions about their creditworthiness, according to a report by the London office of Moody's. (Read More)
New Century Completes Servicing Conversion
July 27, 1998
New Century Mortgage Corp., Irvine, Calif., has completed the assumption of all servicing functions previously performed by Comerica, New Century Financial Corp. has announced. (Read More)
Consensus Reached on FHLB Reform
July 28, 1998
Senate Republicans have reached a compromise on Federal Home Loan Bank reform legislation that has the support of most industry trade groups and the FHLBank presidents. (Read More)
GAO Critical of Fannie/Freddie Oversight
July 28, 1998
The Department of Housing and Urban Development used a "conservative" approach in setting the affordable housing goals for Fannie Mae and Freddie Mac, according to a General Accounting Office report released Tuesday. (Read More)
PanAm Buys Nevada Mortgage Banker
July 28, 1998
PanAmerican BanCorp/Purewater, New York, has acquired 100% of Realty Money Center, a Nevada-based single-family mortgage banking company. (Read More)
Title Searches Dip
July 28, 1998
The AFS Title Search Index dipped 0.8% to 215.8 for the week ended July 24 from 217.4 (revised from 217.5) for the previous week, according to Advance Factor Service. (Read More)
Meditrust's Senior Debt Downgraded
July 28, 1998
Approximately $1.1 billion of senior unsecured debt of Meditrust Corp., one of the nation's five largest REITs, has been downgraded by Duff & Phelps Credit Rating Co. The rating was lowered from BBB to BBB-minus and removed from Rating Watch--Down. (Read More)
S&P Eyeing Allegheny-Linked CMBS
July 28, 1998
Standard & Poor's, New York, has placed seven tranches of Merrill Lynch Mortgage Investors Inc. Commercial Mortgage Pass-Through Certificates, Series 1998-C1-CTL on CreditWatch with negative implications. (Read More)
Refis Slow Bankruptcy Filings
July 28, 1998
Mortgage refinancings and debt consolidation loans will help stop the rise in personal bankruptcies this year, according to SMR Research Corp., Hackettstown, N.J. SMR projects that the number of personal bankruptcy filings will be flat this year after hitting a record 1.33 million in 1997 and decline slightly in 1999, largely because of low interest rates that make refinancing possible. (Read More)
Senate Passes CU Reform Bill
July 28, 1998
By a vote of 92-6, the Senate has passed a credit union reform bill that allows CUs to continue to expand their membership with some limitations. (Read More)
IRS Checking High-LTV Loans
July 29, 1998
The Internal Revenue Service is considering a change to the Mortgage Interest Statement (1098 Form) that would require lenders to check a box "if this may be a high loan-to-value loan." (Read More)
SPFC Exploring Strategic Options
July 29, 1998
Southern Pacific Funding Corp., Lake Oswego, Ore., has announced the retention of Morgan Stanley Dean Witter to explore "strategic alternatives" that could include a merger or a strategic alliance. (Read More)
Amresco CRE Unit Buys Vanguard
July 29, 1998
Amresco Inc.'s commercial mortgage banking unit, Holliday Fenoglio Fowler LP, has acquired Vanguard Mortgage Co., a commercial mortgage banking firm in Newark, N.J. The acquisition brings Holliday's servicing portfolio to more than 1,300 loans totaling about $7.7 billion, Amresco said. (Read More)
Applications Rise Slightly
July 29, 1998
Mortgage applications crept up 0.6% for the week ended July 24, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
UCFC Reports 82% Drop in Earnings
July 29, 1998
United Companies Financial Corp., Baton Rouge, La., has reported net income of $4.3 million ($0.13 per share) for the second quarter, down 82% from $23.8 million ($0.73 per share) a year ago. (Read More)
IMC Reports Earnings Up 52%
July 29, 1998
IMC Mortgage Co., Tampa, Fla., has reported earnings of $16.3 million ($0.47 per share) for the second quarter, up 52% from $10.7 million ($0.36 per share) a year ago. (Read More)
Midland, PNC Close $1.2B Joint Deal
July 29, 1998
Midland Loan Services Inc., Kansas City, Mo., has closed a $1.2 billion securitization of commercial mortgages, the first joint deal with its new parent company, PNC Bank Corp. Midland said the deal is important because "it is one of the first times an issuer has successfully combined loan origination, servicing, and subordinate CMBS investing under one roof." (Read More)
Rev Bonds Placed on CreditWatch
July 29, 1998
The triple-A ratings on two series of mortgage revenue bonds issued by the Prince Georges County [Md.] Housing Authority have been placed on CreditWatch with negative implications by Standard & Poor's. (Read More)
CSE Brokering $107MM in Servicing
July 29, 1998
Bids are due Aug. 4 on a portfolio of servicing rights on $107 million in residential mortgages. (Read More)
New Home Sales Soar
July 30, 1998
New homes sales soared 3.7% in June to another record rate, the Commerce Department reported Thursday morning. (Read More)
House Passes VA-HUD Bill
July 30, 1998
The House has passed the VA-HUD appropriations bill, along with an increase in the Federal Housing Administration loan limits, by a vote of 259-164. (Read More)
FHLB Reforms Dead for Now
July 30, 1998
Senate Republicans have killed -- at least for the time being -- legislation that would have reformed the Federal Home Loan Bank system. (Read More)
Norwest Sued Over Credit Report Charges
July 30, 1998
Norwest Mortgage Inc., Des Moines, Iowa, is being sued in a Riverside, Calif. court by a borrower who alleges that the company charged her $26.50 for a credit report the lender obtained for $14. (Read More)
FT Mortgage To Buy Keystone
July 30, 1998
FT Mortgage Cos., Dallas, has agreed to buy the Seattle-based Keystone Mortgage in a stock transaction, Keystone has announced. (Read More)
Ocwen Ratings Affirmed After Loss Report
July 30, 1998
Standard & Poor's has affirmed its ratings on Ocwen Financial Corp., West Palm Beach, Fla., in the wake of Ocwen's announcement that it had taken a prepayment-linked $77.6 million writedown in the second quarter, resulting in a net loss of $37.9 million. (Read More)
Rates Hold Steady
July 30, 1998
The average 30-year fixed mortgage rate crept up to 6.97% for the week ending July 31 from 6.96% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
HUD Eyes GSEs' Non-Mortgage Investments
July 31, 1998
The Department of Housing and Urban Development expects to make a decision this fall on whether it will regulate the type and characteristics of Fannie Mae's and Freddie Mac's non-mortgage investments. (Read More)
Plaintiffs in MPF Lawsuit File Appeal
July 31, 1998
A federal appeals court is reviewing a lower court's decision to dismiss a lawsuit challenging the legality of the Federal Home Loan Bank of Chicago's "mortgage partnership finance" pilot program. (Read More)
GAO: FASITs Would Need More HUD Oversight
July 31, 1998
HUD needs to develop a greater capacity for monitoring Fannie Mae's and Freddie Mac's use of sophisticated financial products such as financial asset securitization investment trusts, according to the General Accounting Office. (Read More)
C-BASS Enters Seller-Financed Market
July 31, 1998
C-BASS has entered the seller-financed mortgage market by acquiring Wynwood Inc. and South Plains Mortgage Inc. C-BASS said the Tacoma, Wash.-based Wynwood is the nation's largest servicer of seller-financed mortgages and South Plains, located in Midland, Texas, is a leading buyer. (Read More)
Clayton Buys Prudential Asset Recovery
July 31, 1998
The Clayton Companies, Shelton, Conn., have acquired Prudential Asset Recovery, a third-party manager of real estate owned. (Read More)
1st Alliance Cites Prepays in Earnings Drop
July 31, 1998
First Alliance Corp., Irvine, Calif., has reported earnings of $0.8 million ($0.04 per share) for the second quarter, compared with $7.9 million ($0.36 per share) a year ago. (Read More)
August
Korell Resigns as IMX CEO
August 3, 1998
Mark Korell has resigned as chief executive of IMX Mortgage Exchange, San Ramon, Calif., MortgageWire has learned. (Read More)
Servicing Cited in Western Fed Downgrades
August 3, 1998
The ratings on the senior classes of six Western Federal Savings and Loan Association securitizations have been downgraded as a result of servicing-related cash flow misallocations, Moody's Investors Service has announced. (Read More)
New Insurance Soars Past Record
August 3, 1998
The mortgage insurance industry in June obliterated the previous record for net primary new insurance written, according to data provided by the Mortgage Insurance Cos. (Read More)
Flat Freddie Speeds Come With Warning
August 3, 1998
Prepayment speeds for Freddie Mac mortgage-backed securities were virtually unchanged in the July reporting period, but "there are treacherous currents just below the surface," according to the Bear Stearns Prepayment Commentary. (Read More)
NAR: Housing Affordability Fell in 2Q
August 3, 1998
Housing affordability fell in the second quarter of 1998, but remained near the highest level since the early 1970s, according to the National Association of Realtors. (Read More)
COFI Unchanged in June
August 3, 1998
The Eleventh Federal Home Loan Bank Cost of Funds Index was 4.881% in June, unchanged from where it was in May. This ends the downward trend of the index since the start of the year. (Read More)
Title Searches Fall
August 4, 1998
The AFS Title Search Index fell 3.0% to 209.2 for the week ended July 31 from 215.8 the previous week, according to Advance Factor Service. (Read More)
DDR Makes Strategic Investment in AIP
August 4, 1998
Developers Diversified Realty Corp., Cleveland, has executed a definitive agreement to make a strategic investment in American Industrial Properties REIT, Irving, Texas, the companies have announced. (Read More)
Clinton Announces 2 HUD Nominees
August 4, 1998
President Clinton has nominated Cardell Cooper to be assistant secretary for community planning and development at the Department of Housing and Urban Development and Harold Lucas to be HUD assistant secretary for public and Indian housing. (Read More)
Fannie Reopens Benchmark Note
August 4, 1998
Fannie Mae is reopening its April Benchmark Note offering and has scheduled to price an estimated $2.5 billion to $3 billion in additional 5.75%, five-year notes on Aug. 5. (Read More)
Fitch Withdraws Simon DeBartolo Ratings
August 4, 1998
Fitch IBCA Inc. has withdrawn its ratings on Simon DeBartolo Group LP in the wake of Simon DeBartolo's decision to sever its relationship with the rating agency. (Read More)
NASCOR Offers $250MM Deal
August 4, 1998
Norwest Asset Securities Corp., Frederick, Md., has announced an approximately $250 million securitization of fixed-rate 20- and 30-year relocation mortgage loans. (Read More)
1st Mortgage Reports 338% Earnings Rise
August 4, 1998
First Mortgage Corp., Diamond Bar, Calif., has reported net income of $1.16 million ($0.20 per share) for its fiscal first quarter ended June 30, up 338% from $264,000 ($0.05 per share) a year earlier. (Read More)
Downtown Vacancy Rates Dropping
August 4, 1998
The national vacancy rate in downtown office markets has dropped dramatically over the past two years, Cushman & Wakefield Inc. has reported. (Read More)
Mortgage Stocks Hit Hard
August 5, 1998
Although the Dow Jones industrial average was up significantly Wednesday morning following Tuesday's 299.43-point slide, mortgage stocks were largely down in trading shortly before noon after falling hard Tuesday. (Read More)
Regulators OK Servicing Rule
August 5, 1998
Federal banking and thrift regulators have finalized a rule that raises the Tier I capital limit on mortgage servicing rights from 50% to 100%. (Read More)
Applications, Refis Decline
August 5, 1998
Mortgage applications dipped 0.6% for the week ended July 31, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Interlinq Offers Gateway to Fannie Platform
August 5, 1998
Interlinq Software Corp., Kirkland, Wash., has released a new information conduit that it says can speed the mortgage-loan process by connecting lenders to an emerging electronic marketplace. (Read More)
Will Web Lead to More Large Originators?
August 5, 1998
Although the effect of the Internet on the mortgage business remains unclear, one Wall Street analyst views the Internet as a completely new framework for asset origination in the U.S. market. (Read More)
Fannie Prices Benchmark Note Reopening
August 5, 1998
Fannie Mae has priced its 5.75%, five-year Benchmark Note reopening of $3 billion at 100.109, yielding 5.7205 and with a spread of 27.75 basis points over the yield of a comparable Treasury due June 2003. (Read More)
Criimi Mae Names New Director
August 5, 1998
Robert E. Woods, managing director and head of loan syndications for the Americas at Societe Generale, has been named to the board of directors of Criimi Mae Inc., Rockville, Md. He replaces Larry H. Dale, who is stepping down because his company, Newman & Associates, has been acquired by a Criimi Mae competitor. (Read More)
Headlands Reports Pro Forma Earnings Rise
August 5, 1998
Headlands Mortgage Co., Larkspur, Calif., has reported pro forma net income of $7.1 million ($0.35 per share) for the second quarter, up from $3.3 million ($0.22 per share) a year ago. (Read More)
Equity Residential Reports FFO Increase
August 5, 1998
Equity Residential Properties Trust, Chicago, has reported funds from operations of $107.6 million ($0.99 per share) for the second quarter, compared with $60.3 million ($0.90 per share) a year ago. (Read More)
MuniMae Completes Rev Bond Transaction
August 5, 1998
Municipal Mortgage & Equity LLC, Baltimore, has completed a $6.25 million tax-exempt mortgage revenue bond transaction. (Read More)
House Passes ARM Limit Hike Bill
August 6, 1998
Legislation that would expand the availability of government-insured adjustable-rate mortgages was unanimously passed by the Housing subcommittee Thursday. (Read More)
Rates Dip
August 6, 1998
The average 30-year fixed mortgage rate fell to 6.94% for the week ending Aug. 7 from 6.97% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Fed Sees Strong RE Markets
August 6, 1998
Home sales remain robust and low mortgage interest rates continue to attract first-time buyers into the market, says the Federal Reserve Board Beige Book, which was released Thursday afternoon. (Read More)
Wilshire Reports Record 2Q Earnings
August 6, 1998
Wilshire Financial Services Group Inc., Portland, Ore., has reported record earnings of $11.8 million ($1.01 per share) for the second quarter, compared with $5.1 million ($0.66 per share) a year ago. (Read More)
PMCC's Earnings Up
August 6, 1998
PMCC Financial Corp., Roslyn Heights, N.Y., has reported pro forma net income of approximately $673,000 ($0.18 per share) for the second quarter, up 57% from $428,000 ($0.17 per share) a year ago. (Read More)
BNC Earnings Down in Fiscal 4Q
August 6, 1998
BNC Mortgage Inc., Irvine, Calif., has reported earnings of $2.2 million ($0.36 per share) for its fiscal fourth quarter ended June 30, down from $2.5 million ($0.60 per share) a year ago. (Read More)
REIT Declares Special Dividend
August 6, 1998
A special dividend of $0.15 per share has been declared by the board of trustees of Angeles Mortgage Investment Trust, Los Angeles, in connection with the real estate investment trust's planned merger with Insignia Properties Trust. (Read More)
Mortgage Employment Jumps Again
August 7, 1998
Mortgage employment broke yet another record in July as the industry added 3,800 full-time jobs to the previous month's total. (Read More)
Kennedy: Toughen Fair Lending Enforcement
August 7, 1998
Democratic congressmen are calling on federal regulators to toughen their enforcement of fair lending laws in light of a new Home Mortgage Disclosure Act report that shows little or no growth in purchase money lending to racial and ethnic groups in 1997. (Read More)
Regions, Arkansas Banking To Merge
August 7, 1998
Regions Financial Corp., Birmingham, Ala., and Arkansas Banking Co., Jonesboro, Ark., have announced an agreement in principle to merge. (Read More)
HomeGold Divests, Reports 2Q Loss
August 7, 1998
HomeGold Financial Inc., Greenville, S.C., has announced an agreement in principle to sell the majority of its small business loan division's assets and a retail mortgage unit in Louisiana in order to focus on the company's nonconforming mortgage business. (Read More)
Colonial To Acquire TB&T
August 7, 1998
Colonial BancGroup, Montgomery, Ala., and TB&T Inc., Dallas, have entered into a definitive agreement to merge TB&T into Colonial. (Read More)
Brandywine To Merge With Lazard Units
August 7, 1998
Brandywine Realty Trust, a real estate investment trust based in Newtown Square, Pa., has agreed to merge with two affiliates of Lazard Freres Real Estate Investors LLC, nearly doubling Brandywine's market capitalization, the REIT has announced. (Read More)
More MPF Pilots?
August 10, 1998
The Federal Housing Finance Board is clearing the way for more Federal Home Loan Banks to create "mortgage partnership finance"-like pilot programs to purchase or fund conventional loans originated by their members. (Read More)
IRS May Delay High-LTV Flag Rule
August 10, 1998
The Internal Revenue Service is likely to postpone changes to its "Mortgage Interest Statement" information form (Form 1098) that would require lenders to flag high-LTV loans. (Read More)
Trade Group Endorses ABFS Program
August 10, 1998
America's Community Banking Partners Inc., Bala Cynwyd, Pa., has endorsed a program that permits community banks to offer home equity loans to customers who do not meet their lending criteria. (Read More)
UPC To Buy Southeast Bancorp
August 10, 1998
Union Planters Corp., Memphis, has signed a definitive agreement to acquire Southeast Bancorp, Corbin, Ky., the companies have announced. (Read More)
UDR Outlook Revised to Negative
August 10, 1998
The rating outlook for United Dominion Realty Trust Inc. has been revised from stable to negative as a result of higher leverage and lower debt service and fixed-charge coverage levels, Standard & Poor's has announced. (Read More)
Mortgage Stock Swoon Continues
August 11, 1998
Mortgage lenders' stocks continued their month-long swoon Tuesday morning, falling like a stone along with the Dow Jones industrial average, which had dropped approximately 200 points by noon. (Read More)
Associates To Buy Avco for $3.9B
August 11, 1998
Associates First Capital Corp., Irving, Tex., has agreed to buy Avco Financial from Textron Inc. for $3.9 billion in cash. (Read More)
OCC Sees Problems Ahead
August 11, 1998
The Comptroller of the Currency is warning that a slowdown in the domestic economy is coming and the resulting credit problems will force banks to increase their provisions for loan losses. (Read More)
Title Searches Up Slightly
August 11, 1998
The AFS Title Search Index rose 0.4% to 210.2 for the week ended Aug. 7 from 209.2 the previous week, according to Advance Factor Service. (Read More)
Moody's Warns of High-LTV Loan Risk
August 11, 1998
Loans with high loan-to-value ratios are risky, and high-LTV pools will probably experience losses comparable to those of credit card pools, says a new report by Moody's Investors Service. (Read More)
Chase Eyeing Multilender Website
August 11, 1998
Chase Manhattan Mortgage, Edison, N.J., is considering developing its own multilender website, according to Dave Matthews, the company's senior vice president and CIO. (Read More)
Simon Reports 28.7% FFO Increase
August 11, 1998
Simon DeBartolo Group Inc., Indianapolis, has reported funds from operations of $73.9 million ($0.66 per share) for the second quarter, up 28.7% from $57.4 million ($0.59 per share) a year ago. (Read More)
UFI Brokering $218MM Fannie Portfolio
August 11, 1998
United Financial Inc., Denver, is brokering a $218 million Fannie Mae servicing portfolio. (Read More)
Applications Slip
August 12, 1998
Mortgage applications declined 0.5% for the week ended Aug. 7, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Home Prices Up
August 12, 1998
The National Association of Realtors has reported that median prices of existing homes rose 6% over the 12 months ended June 30. (Read More)
2Q Bankruptcies Rose 5.9%
August 12, 1998
Personal bankruptcies rose 5.9% in the second quarter to a record 361,908, according to the American Bankruptcy Institute. (Read More)
Amresco Buys MIC, Renames Unit
August 12, 1998
Amresco Inc., Dallas, has announced the closing of its acquisition of Mortgage Investors Corp., St. Petersburg, Fla., and the renaming of one of its divisions. (Read More)
SDC Launches REIT Database
August 12, 1998
A database that will permit analysts to track, compare, and evaluate the performance of real estate investment trusts has been launched by Securities Data Co., Newark. (Read More)
Fannie Opens Oklahoma Partnership Office
August 12, 1998
Fannie Mae has announced the opening of a statewide affordable housing office in Oklahoma. (Read More)
Capstead Names New EVP
August 12, 1998
Capstead Mortgage Corp., Dallas, has announced the appointment of Andrew F. Jacobs to the post of executive vice president-finance. (Read More)
New RE Firm Names CFO
August 12, 1998
Fortress Investment Group LLC, New York -- the manager of Fortress Investment Corp., a newly formed opportunistic real estate company -- has appointed Wayne Olson as chief financial officer of the firm. (Read More)
30-Year Rate Nears 7-Month Low
August 13, 1998
The average 30-year fixed mortgage rate fell to 6.91% for the week ending Aug. 14 from 6.94% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Falcon for OFHEO Director?
August 13, 1998
Armando Falcon Jr., 38, is expected to be appointed director of the Office of Federal Housing Enterprise Oversight. (Read More)
Brandywine's Ratings Lowered
August 13, 1998
The long-term ratings for securities issuable under the shelf registrations of Brandywine Realty Trust and its operating subsidiary, Brandywine Realty Operating Partnership LP, have been lowered by Moody's Investors Service. (Read More)
Aames Reports Record FY Earnings
August 13, 1998
Aames Financial Corp., Los Angeles, has reported record earnings of $40.3 million ($1.23 per share) for the fiscal year ended June 30, up 136% from the previous year's $17.1 million ($0.60 per share). (Read More)
Laser Engages Lehman Bros. as Advisor
August 13, 1998
Laser Mortgage Management Inc., Short Hills, N.J., has retained Lehman Brothers Inc. as a financial advisor to aid in exploring unspecified strategic alternatives. (Read More)
California Home Sales, Median Price Surge
August 13, 1998
California home sales climbed 18% and the median home price in the state rose 10.8% to $204,680 in the second quarter compared with those of a year earlier, according to the California Association of Realtors and Transamerica Intellitech's MetroScan service. (Read More)
Florida Resales, Median Price Set Records
August 13, 1998
Florida existing home sales rose 16% in the second quarter compared with those of a year earlier, setting a second-quarter record of 41,176, the Florida Association of Realtors has reported. (Read More)
Hanover Capital Names Senior VP
August 13, 1998
Richard J. Martinelli has been appointed senior vice president of Hanover Capital Partners Ltd., a subsidiary of Hanover Capital Mortgage Holdings Inc. Mr. Martinelli, 49, was previously senior vice president of operations at Salomon Brothers Inc., where he worked for 25 years, Hanover said. (Read More)
Survey Sees Continued Housing Strength
August 14, 1998
The housing sector will remain strong and interest rates will hold steady for the remainder of 1998, according to a survey of 19 Wall Street economists by the Bank of America. (Read More)
Fitch Eyeing CS First Boston MBS
August 14, 1998
The B ratings on classes F-1 and F-2 of CS First Boston Mortgage Securities Corp.'s multifamily mortgage pass-through certificates, Series 1995-M1 have been placed on RatingAlert Negative by Fitch IBCA Inc. The ratings on five other classes in the series were affirmed. (Read More)
Freddie Buys Mortgage on Senior Housing
August 14, 1998
Freddie Mac has announced the purchase of an $11 million mortgage on a housing facility for senior citizens in Lincoln, Neb. The mortgage on the 173-unit congregate care and assisted-living facility was originated by First National Bank of Omaha, one of Freddie Mac's Program Plus lenders. (Read More)
Star Bank Allies With Reinvestment Project
August 14, 1998
Star Bank NA, Cincinnati, and The Ohio Community Reinvestment Project of the Coalition on Homelessness and Housing in Ohio have announced they will join forces to improve affordable housing opportunities in the state. (Read More)
OTS OKs GlenFed, CalFed Merger
August 14, 1998
The Office of Thrift Supervision has approved the merger of Golden State Bancorp Inc., Glendale, Calif., with First Nationwide (Parent) Holdings Inc., Los Angeles. (Read More)
Rehab Firm Gets Loan Commitment
August 14, 1998
National Rehab Properties Inc., New Orleans, has announced the receipt of a $2.5 million loan commitment from Realty Money Center, Las Vegas, for the purchase and rehabilitation of homes. (Read More)
Pru Mortgage Does 1st CMBS Deal
August 17, 1998
Prudential Mortgage Capital Co. LLC, Newark, N.J., has priced its first securitization, a $1.15 billion deal managed by Prudential Securities Inc. Prudential Mortgage, the commercial mortgage conduit subsidiary of The Prudential Insurance Co. of America, contributed $368 million in collateral to the deal. (Read More)
NASCOR Offers $800MM Deal
August 17, 1998
Norwest Asset Securities Corp., Frederick, Md., has announced the offering of approximately $800 million of securities backed by fixed 20- and 30-year non-relocation mortgage loans. (Read More)
Wentworth Sells Whole Loan Package
August 17, 1998
J. (Read More)
New Century Names Rigdon EVP
August 17, 1998
Paul Rigdon has been promoted to the new position of executive vice president for the retail division of New Century Mortgage Corp., a subsidiary of New Century Financial Corp., Irvine, Calif. Rigdon, 37, has been senior vice president for retail lending at New Century Mortgage since February 1997 and a director since May 1997. (Read More)
Transnational Reports Higher Earnings
August 17, 1998
Transnational Financial Corp., San Francisco, has reported net income of $309,000 for the second quarter, up from $108,000 a year ago. (Read More)
Title Searches Creep Up
August 18, 1998
The AFS Title Search Index rose 0.4% to 210.9 for the week ended Aug. 14 from 210.2 the previous week, according to Advance Factor Service. (Read More)
Bear Stearns Prices CRA MBS Deal
August 18, 1998
Bear, Stearns & Co. Inc., New York, has priced $354 million of securities backed by Community Reinvestment Act residential mortgage loans. (Read More)
Saxon MBS Downgraded
August 18, 1998
Nine classes of Saxon Mortgage Securities Corp. mortgage pass-through certificates have been downgraded by Fitch IBCA Inc. The downgrades in Series 1993-8 were as follows: Group 1, Class 1B4, downgraded from B to D; Group 1, Class 1B3, downgraded from BB to B and placed on RatingAlert Negative; and Group 2, Class 2B4, downgraded from B to CCC. (Read More)
Taubman's Preferred Stock Rating Lowered
August 18, 1998
The preferred stock rating of Taubman Centers Inc., a real estate investment trust based in Bloomfield Hills, Mich., has been downgraded from ba2 to ba3 by Moody's Investors Service and placed under review for possible further downgrade. (Read More)
PMI Names New Prez & COO
August 18, 1998
L. (Read More)
Bankers Trust Launches MBS Website
August 18, 1998
Bankers Trust Corp.'s corporate trust and agency services has opened its investor reporting website (http://online.bankerstrust.com/invr). (Read More)
Fleet Expands Alliance With Cybertek
August 18, 1998
Fleet Mortgage Group, Columbia, S.C., has announced an expanded alliance with Cybertek, a Dallas-based software application company, to develop a "next-generation" mortgage origination product. (Read More)
Starts Hit 5-Year High
August 19, 1998
Single-family starts rose 3% in July to their highest level in five years, according to statistics released Wednesday by the U.S. Department of Commerce. (Read More)
Advanta Taps Ahmanson Exec as CEO
August 19, 1998
Carl W. Forsythe will become the president and chief executive of Advanta Corp., Spring House, Pa., while Walter Carter will join the company as executive vice president. (Read More)
Applications Off Slightly
August 19, 1998
Mortgage applications declined 0.9% for the week ended Aug. 14, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Crestar Unveils Home Equity Website
August 19, 1998
Crestar Bank, Richmond, Va., has introduced a specialized website designed to facilitate online applications for home equity loans and offer access to the company's full range of products and services. (Read More)
S&P Downgrades CWMBS Certificates
August 19, 1998
The rating on CWMBS Inc.'s mortgage pass-through certificates Series 1995-M, Class B5 has been lowered from B to CCC by Standard & Poor's. (Read More)
Fannie Buys HFA Note
August 19, 1998
Fannie Mae has purchased a $500,000 note from the Florida Housing Finance Corp. to fund the housing agency's Down Payment Assistance Program. (Read More)
Principal Financial Promotes Bognanno
August 19, 1998
Paul Bognanno, president and chief executive of Principal Residential Mortgage, Des Moines, Iowa, has been promoted to senior vice president of its parent company, The Principal Financial Group, also based in Des Moines. (Read More)
Amerin Hires New EVPs
August 19, 1998
There are two new executive vice presidents at Amerin Corp., Chicago. (Read More)
Hotel REITs' Market Cap Hits $19.4B
August 19, 1998
The market capitalization of hotel real estate investment trusts in the U.S. has zoomed from $142.4 million in 1993 to $19.4 billion in the first quarter of 1998, according to Lodging Research Network, an Internet-based resource owned by PricewaterhouseCoopers. (Read More)
Correction
August 19, 1998
Fitch IBCA Inc. has issued a correction regarding its downgrading of nine classes of Saxon Mortgage Securities Corp. mortgage pass-through certificates. (Read More)
Freddie Finds Trend to 15-Year FRMs
August 20, 1998
A study by Freddie Mac has found that a growing number of borrowers were looking to cut their term when they refinanced their mortgage in the second quarter of 1998. (Read More)
HomeSeekers Buys RE Web Provider
August 20, 1998
HomeSeekers.com Inc., Minden, Nev., has acquired Genstar Media, a leading provider of personal websites for real estate agents and mortgage brokers. (Read More)
Rates Nearly Unchanged
August 20, 1998
The average 30-year fixed mortgage rate inched up to 6.92% for the week ending Aug. 21 from 6.91% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
S&P Downgrades Source One's Parent
August 20, 1998
The counterparty credit and senior debt ratings of Fund American Enterprises Holdings Inc., the parent of Source One Mortgage Services Corp., have been lowered from BBB-plus to BBB by Standard & Poor's. (Read More)
LandAmerica Names OneStop Prez
August 20, 1998
LandAmerica Financial Group Inc., Richmond, Va., has named Jeffrey D. Vaughan as its executive vice president-real estate services and as president of its OneStop subsidiary. (Read More)
Block Cites Mortgage Ops in Earnings Surge
August 20, 1998
H&R Block Inc., Kansas City, Mo., has reported that its mortgage operations contributed to a doubling of earnings to $78.9 million in the fiscal first quarter ended July 31 from $39.2 million a year ago. (Read More)
NAREIT Balks at FASB Ruling
August 20, 1998
The National Association of Real Estate Investment Trusts has asked for a reconsideration of a new Financial Accounting Standards Board rule that changes the long-standing practice of reporting income attributable to "percentage" rents evenly throughout the year. (Read More)
Dow, Mortgage Stocks Plummet
August 21, 1998
After a couple of days of positive news regarding mortgage lenders' stock prices, the group's shares plummeted in Friday morning's trading as the Dow Jones industrial average dropped 275 points by noon. (Read More)
10-Year Yield Falls to 5.20%
August 21, 1998
Meanwhile, a rally in the Treasury market caused the benchmark 10-year U.S. Treasury yield to fall to 5.20% around noon Friday. (Read More)
FirstCity Financial Chief Resigns
August 21, 1998
Richard Gillen, president and CEO of one of the nation's largest residential mortgage originators, FirstCity Financial Mortgage Corp., has resigned. (Read More)
ComNet Offers 3%-Down for Jumbos
August 21, 1998
A new 3%-downpayment jumbo mortgage has been introduced by Commonwealth Bank, Norristown, Pa., through its mortgage division, ComNet Mortgage Services. (Read More)
New Property Valuation System Introduced
August 21, 1998
Lender's Service Inc., Pittsburgh, has introduced PV, a new automated property valuation system that incorporates multiple data streams and adds advanced analysis for increased accuracy. (Read More)
REIT Hires Secured Capital to Sell Properties
August 21, 1998
First Union Real Estate Equity and Mortgage Investments, Cleveland, has retained Secured Capital Corp. to assist in selling eight multifamily and five office properties. (Read More)
Long Beach Makes $1B Forward Sale
August 24, 1998
Long Beach Financial Corp., Orange, Calif., has made a $1 billion forward sale of its mortgage production for the rest of this year and into the first quarter of 1999 to an unnamed Wall Street investment banking firm. (Read More)
Bingham Ends Acquisition Talks
August 24, 1998
Bingham Financial Services Corp., Farmington Hills, Mich., has terminated negotiations with two companies that had been potential acquisition targets, Bingham has announced. (Read More)
RE Market Still Viewed Favorably
August 24, 1998
Federal bank examiners continue to view the current residential real estate market in a positive light, according to data released Monday by the Federal Deposit Insurance Corp. In the FDIC's quarterly Survey of Real Estate Trends, 61% of 299 senior examiners and asset managers polled by the agency viewed their local housing markets favorably, down slightly from 63% when the last poll was conducted in April -- but up from 51% a year ago. (Read More)
2 CWMBS Classes Downgraded
August 24, 1998
Two classes of CWMBS (IndyMac) Inc.'s mortgage pass-through certificates have been downgraded by Fitch IBCA Inc. Class B4 of Series 1994-X, with approximately $1.5 million outstanding, was downgraded from BB to B, and Class B5 of that series, with approximately $460,000 outstanding, was downgraded from B to D, the rating agency said. (Read More)
New Century Creates New Post
August 24, 1998
New Century Financial Corp., Irvine, Calif., has promoted Shabi Asghar to the newly created position of president-wholesale division. (Read More)
$35MM Servicing Package Offered
August 24, 1998
Charbonneau-Klein Inc., Houston, is brokering a $35 million Fannie Mae servicing portfolio. (Read More)
GetSmart Adds Mortgage Lenders
August 24, 1998
GetSmart, Burlingame, Calif., has announced the addition of three mortgage lenders to its online borrower's marketplace. (Read More)
Resales Set Another Record
August 25, 1998
Sales of existing single-family homes reached yet another record high for the year in July, according to data released today by the National Association of Realtors. (Read More)
Higher Assessments for Thrift Servicers?
August 25, 1998
The Office of Thrift Supervision is proposing to charge institutions with large servicing operations an additional assessment next year. (Read More)
CFI To Sell Conforming Sub
August 25, 1998
CFI Mortgage Inc., West Palm Beach, Fla., has agreed to sell its conforming retail originations subsidiary, Bankers Direct Mortgage Corp., to Inverrary Trace Inc. for book value plus a premium of $1 million. (Read More)
Title Searches Decline
August 25, 1998
The AFS Title Search Index fell 2.3% to 206.1 for the week ended Aug. 21 from 210.9 the previous week, according to Advance Factor Service. (Read More)
FDIC Prepares for Y2K Problems
August 25, 1998
The Federal Deposit Insurance Corp. is bracing for an increasing number of bank failures due to computer and system failures associated with the year-2000 computer problem. (Read More)
Norwest Sub Signs Verification Pact
August 25, 1998
VIE LLC, a subsidiary of Norwest Mortgage, Des Moines, Iowa, has signed an agreement with the Pennsylvania Department of Labor and Industry under which the wage history files maintained by the state agency will be made available to credit-granting subscribers of the online income and employment verification system operated by VIE. (Read More)
Conti Increases CP Program
August 25, 1998
ContiFinancial Corp., New York, has increased its commercial paper program from $275 million to as much as $325 million. (Read More)
Where Is Simons?
August 26, 1998
Procrastination by the White House in naming a director to run HUD's multifamily restructuring program is raising concerns on Capitol Hill that the whole restructuring effort could be in jeopardy. (Read More)
Freddie Reorganizes Single-Family Group
August 26, 1998
Freddie Mac has reorganized its Single-Family Securitization Group into five divisions to provide "greater integration" of its single-family operations, the government-sponsored enterprise has announced. (Read More)
Rationing Works for Ginnie Mae
August 26, 1998
Ginnie Mae expects to make it through September without having to shut down its securitization program. (Read More)
Applications Fall
August 26, 1998
Mortgage applications declined 6.3% for the week ended Aug. 21, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Moody's Sees More Mergers, Riskier Profile
August 26, 1998
Consolidation will continue in the mortgage banking industry, and low profit margins, high leverage, and growing subprime originations will weaken a "relatively stable" credit profile overall for conventional mortgage bankers, according to Moody's Investors Service. (Read More)
Alltel Donates $100K to Y2K Testing
August 26, 1998
Alltel has donated $100,000 to the Mortgage Bankers Association of America's year-2000 readiness testing program. (Read More)
OTS Limits High-LTV Holdings
August 27, 1998
The Office of Thrift Supervision has designated high-LTV lending as a "high risk" activity and is restricting thrift holdings of the mortgage product to 100% of total capital. (Read More)
Ruble Crisis Triggers Stock Plunge
August 27, 1998
With the crisis in Russia getting worse and worse, the Dow Jones industrial average was off 120 points in the first 10 minutes of trading Thursday morning and down over 350 points shortly before noon before bouncing back just before midday to the high 200-point range. (Read More)
MBS Rise, But Lag Treasuries
August 27, 1998
Meanwhile, prices of benchmark agency mortgage-backed securities with coupons of 6.5% had risen half a point, widening slightly against greater gains just shy of a full point on comparable Treasuries, Telerate reported. (Read More)
FSLIC Fund Tagged With Goodwill Liability
August 27, 1998
The Department of Justice has determined that the FSLIC Resolution Fund (FRF) should pay most of the judgments or settlements in the S&L goodwill cases. (Read More)
Fannie Offers 1-Stop Defeasance Option
August 27, 1998
Fannie Mae has announced that it is now offering borrowers the multifamily market's only "one-stop" defeasance option for fixed-rate mortgages with a term of 10 years or less. (Read More)
Rates Unchanged
August 27, 1998
The average 30-year fixed mortgage rate was unchanged at 6.92% for the week ending Aug. 28, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Guardian Savings MBS Class Downgraded
August 27, 1998
The rating on Class A-1 of the Series 1991-1 mortgage pass-through certificates of Guardian Savings and Loan Association, Huntington Beach, Calif., has been lowered from CC to D by Standard and Poor's. (Read More)
Transnational Gets $75MM Warehouse Line
August 27, 1998
Transnational Financial Corp., San Francisco, has obtained a syndicated $75 million revolving warehouse line of credit that it says will significantly lower its cost of borrowing. (Read More)
NASCOR Offers $200MM Deal
August 27, 1998
Norwest Asset Securities Corp., Frederick, Md., has announced the offering of approximately $200 million of securities backed by fixed 20- and 30-year non-relocation mortgage loans. (Read More)
Ginnie Fee Hike Resurrected?
August 28, 1998
An increase in the Ginnie Mae guarantee fee continues to be a threat as House and Senate conferees decide on ways to pay for the Higher Education Act (H.R. 6). (Read More)
Bay View Cancels High-LTV Buy
August 28, 1998
Bay View Capital Corp., San Mateo, Calif., is canceling its proposed acquisition of PSB Lending Corp., the high loan-to-value originations unit of Pacific Southwest Bank, Corpus Christi, Texas. (Read More)
Fitch Okays MBS Reserve Release
August 28, 1998
Fitch IBCA Inc. has permitted the release of up to $65 million from the reserve fund related to Resolution Trust Corp.'s commercial mortgage pass-through certificates, Series 1994-C2 and affirmed its ratings on the series. (Read More)
Pilot Offers CRA Loans for LA Blacks
August 28, 1998
E-Loan, NetNoir--The Black Network, and the Los Angeles Urban League have announced a pilot program aimed at promoting home ownership and computer access among African Americans in Los Angeles. (Read More)
Ohio FHLBank Members Awarded Funds
August 28, 1998
The Federal Home Loan Bank of Cincinnati has announced the 11 Ohio FHLBank members that will receive $412,500 to promote home ownership under a new program. (Read More)
HUD Resumes Insuring ARMs
August 31, 1998
The Department of Housing and Urban Development has announced that it will resume insuring adjustable-rate mortgages on Tuesday, Sept. 1. (Read More)
New Home Sales Fall in July
August 31, 1998
After reaching record territory in June, new home sales fell 2% in July, according to data released Monday by the U.S. Department of Commerce. (Read More)
MBS Issuance Skyrockets
August 31, 1998
Issuance of agency mortgage-backed securities shot up 106.2% in the first half of 1998 compared with MBS issuance in the first half of 1997, according to The Bond Market Association. (Read More)
GMAC Seeks Thrift Charter
August 31, 1998
GMAC Mortgage Group, Horsham, Pa., has applied for a federal thrift charter to expand its commercial, residential, and subprime mortgage lending in the U.S. "We are enthusiastic about this filing because a Federal savings bank would enable us to help more people realize the dream of homeownership and would allow us to better service our customers with new products and services," GMAC Mortgage president Mike O'Brien said. (Read More)
FNF, Matrix Call Off Merger
August 31, 1998
Fidelity National Financial, Irvine, Calif., and Denver-based Matrix Capital Corp. have called off their merger agreement. (Read More)
United Financial To Buy MSA
August 31, 1998
United Financial Mortgage Corp., Oak Brook, Ill., has agreed to acquire Mortgage Service America Inc., Lombard, Ill. Terms of the deal were not disclosed. (Read More)
Fitch Downgrades 6 Japanese Banks
August 31, 1998
Fitch IBCA Inc. has lowered ratings at six Japanese financial institutions, including those of leading mortgage lender Asahi Bank. (Read More)
September
FirstPlus Puts Itself on the Block
September 1, 1998
FirstPlus Financial Corp., Dallas, the nation's largest originator and servicer of high-LTV loans, has put itself up for sale. (Read More)
Mortgage Stocks Mixed After Bloodbath
September 1, 1998
Mortgage lenders' share prices were mixed Tuesday morning amid roller-coaster volatility in the wake of Monday's 512.61-point, 6.4% nosedive in the Dow Jones industrial average. (Read More)
10-Year Yield Dives, Rebounds
September 1, 1998
Meanwhile, mortgage-backed security prepayment concerns ramped up Monday afternoon as the yield on the benchmark 10-year Treasury fell to 4.94% -- its lowest level in decades. (Read More)
Title Searches Rise
September 1, 1998
The AFS Title Search Index rose 1.2% to 208.9 for the week ended Aug. 28 from 206.1 the previous week, according to Bridge/Telerate Advance Factor Service. (Read More)
COFI Rises for 1st Time in '98
September 1, 1998
For the first time this year, the Eleventh Federal Home Loan District Cost of Funds Index has increased, rising three basis points from June to July. (Read More)
Conti Downgraded by S&P
September 1, 1998
The long-term counterparty credit rating and the senior unsecured debt rating of ContiFinancial Corp. have been lowered to BB from BB-plus by Standard & Poor's and removed from CreditWatch. (Read More)
WMF Capital Sells $691MM in Loans
September 1, 1998
WMF Capital Corp., Vienna, Va., has sold $691 million in commercial mortgage loans to Merrill Lynch Mortgage Capital Inc. and closed related hedges. (Read More)
HomeGold Sells Sterling Lending
September 1, 1998
HomeGold Financial Inc., Greenville, S.C., has sold Sterling Lending Corp., a retail originator of subprime loans, to FNSC Mortgage Corp., Beaumont, Texas. (Read More)
PMI Names New EVP
September 1, 1998
Thomas C. Brown has been promoted to executive vice president-field operations at PMI Mortgage Insurance Co., San Francisco. (Read More)
MuniMae Structures Rev Bond
September 1, 1998
Municipal Mortgage & Equity LLC, Baltimore, has structured a $19.5 million tax-exempt mortgage revenue bond issued by the Oklahoma County Finance Authority. (Read More)
Applications Up 9.1%
September 2, 1998
Mortgage applications rose 9.1% for the week ended Aug. 28, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
No Go on Simons
September 2, 1998
The Department of Housing and Urban Development is scrambling to find another candidate to run its fledging multifamily restructuring program, now that HUD's first choice, Larry Simons, has run into problems at the White House. (Read More)
Mego Names New President
September 2, 1998
Mego Mortgage Corp., Atlanta, has named William Paul Ralser as president and chief operating officer of the company, replacing Jeffrey S. Moore, who has resigned. (Read More)
Thrift Originations Top '93 Record
September 2, 1998
Thrift originations of one- to four-family loans hit a record $67.7 billion in the second quarter, according to the Office of Thrift Supervision, as thrifts took advantage of the summer refinancing activity and strong sales of new and existing homes. (Read More)
Mortgage Stocks Recovering
September 2, 1998
Most mortgage lenders' share prices were up in trading Wednesday morning -- many by more than one point and a few over two points -- following substantial gains by virtually the whole group of companies Tuesday as the Dow Jones industrial average surged 288.36 points on record trading volume. (Read More)
New 7.0s Lead Freddie Speed Hike
September 2, 1998
Prepayment speeds for 30-year Freddie Mac mortgage-backed securities rose for all coupons below 9.0% in the August reporting period, but the percentage gains were highest among post-1993 vintages of the 7.0% coupon, according to the Bear Stearns Prepayment Commentary. (Read More)
MICA Numbers Off, but Strong
September 2, 1998
Private mortgage insurers had their second best month of the year in July in terms of net primary new insurance written, according to data collected by the Mortgage Insurance Companies of America. (Read More)
Comerica Introduces Home Equity Flexline
September 2, 1998
Comerica Bank, Detroit, has introduced a home equity account that combines the convenience of a line of credit with the security of a fixed-term, fixed-rate loan. (Read More)
NISTAR Sells $285MM of MBS
September 2, 1998
Norwest Integrated Structured Assets Inc., Frederick, Md., has sold approximately $285 million of securities backed by 10- to 30-year fixed-rate alternative-A mortgage loans, NISTAR has announced. (Read More)
MuniMae Announces Rev Bond Financing
September 2, 1998
Municipal Mortgage & Equity LLC, Baltimore, has announced a $6.28 million financing package for the City of Tucson Industrial Development Authority. (Read More)
30-Year Rate Hits 5-Year Low
September 3, 1998
The average 30-year fixed mortgage rate dropped from 6.92% to 6.82% (with fees and points averaging 1.0) for the week ending Sept. 4, the lowest rate in nearly five years, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
H.R. 10 Mark-Up Postponed
September 3, 1998
The Senate Banking Committee has postponed a mark-up of a comprehensive financial services modernization bill (H.R. 10) due to unresolved issues, including Federal Home Loan Bank reforms and the treatment of unitary thrifts. (Read More)
Huntington Names New CEO
September 3, 1998
The Huntington Mortgage Co., Columbus, Ohio, has promoted Thomas J. Finnegan III to president and chief executive, replacing R. Frederick Taylor, who has left the company. (Read More)
Freddie Gold Offers Defease Option
September 3, 1998
A $235 million Multifamily Gold PC with a defeasance option that increases the borrower's flexibility has been issued by Freddie Mac. (Read More)
2Q Home Values Up 9.5%
September 3, 1998
Home values in major metropolitan areas rose in the second quarter to a level 9.5% higher than it was a year earlier, reaching their highest level of the decade, according to First American Real Estate Solutions. (Read More)
FDIC Getting Tougher on Y2K
September 3, 1998
Federal bank and thrift examiners are conducting a second round of on-site assessments to make sure bank computer and information systems are ready for the year 2000. (Read More)
Industry Jobs Post Yet Another Record
September 4, 1998
Mortgage employment posted still another record in August as the industry added 4,800 full-time jobs to the previous month's total. (Read More)
Group Urges HUD To Improve Data
September 4, 1998
The Department of Housing and Urban Development should act immediately to improve procedures for monitoring and disseminating market-sensitive data on FHA and Ginnie Mae loan and securitization programs, The Bond Market Association has urged. (Read More)
More Cops on the Block
September 4, 1998
The Department of Housing and Urban Development has expanded its "officer next door" program and will subsidize the purchase of an additional 1,000 FHA foreclosed homes to local police officers. (Read More)
Fannie Prices Reopening of Benchmark Note
September 4, 1998
Fannie Mae has priced a $2.0 billion reopening of the 5.75% five-year Benchmark Note due April 15, 2003. (Read More)
Island Enters Gestation Warehouse Pact
September 4, 1998
Island Mortgage Network Inc., Melville, N.Y., has entered into a gestation warehouse agreement (formally known as a mortgage loan purchase and sale agreement) with Prudential Securities Credit Corp., New York. (Read More)
UFI Brokering $125MM Portfolio
September 4, 1998
United Financial Inc., Denver, is brokering a $125 million portfolio of servicing rights on Fannie Mae loans. (Read More)
NAR Touts Housing as Investment
September 4, 1998
Despite the turmoil in the financial markets, housing is still a solid investment, according to the National Association of Realtors. (Read More)
Resource Bancshares Entertaining Offers?
September 8, 1998
Resource Bancshares Mortgage, Columbia, S.C., the nation's 18th largest residential lender, is entertaining offers for the company, sources have told MortgageWire. (Read More)
Mortgage Stocks Surge With Dow
September 8, 1998
Mortgage lenders' stock prices skyrocketed in trading Tuesday morning following the lead of the Dow Jones industrial average, which was up over 225 points as of midday (after being up 300 earlier). (Read More)
REIT Buys Commercial Mortgage Assets
September 8, 1998
Starwood Financial Trust has acquired the commercial mortgage origination and servicing business of Phoenix Home Life Mutual Insurance Co. for an undisclosed amount. (Read More)
REIT Merger Canceled
September 8, 1998
RFS Hotel Investors Inc., Memphis, and Equity Inns Inc. have canceled their plans to merge, the companies have announced. (Read More)
IndyMac REIT Hires Lowrey
September 8, 1998
IndyMac Mortgage Holdings Inc. (Read More)
Impac Completes 1st CMBS Deal
September 8, 1998
Impac Commercial Holdings Inc., Santa Ana Heights, Calif., has completed its first commercial mortgage-backed deal with the issuance of $276.5 million in collateralized mortgage obligations. (Read More)
Wilshire Buys 99% of French Originator
September 8, 1998
Mortgage banker, servicer, and problem loan specialist Wilshire Financial Services Group Inc., Portland, Ore., has agreed to acquire 99% of the outstanding stock of French mortgage originator Royal Saint Georges Banque, Paris, from the United Kingdom insurance company Commercial Union. (Read More)
Judge Approves Redlining Settlement
September 8, 1998
A U. S. district court judge has approved a $5.3 million settlement between Nationwide Insurance, Columbus, Ohio, and homeowners of Toledo, Ohio, concerning allegations of redlining in the sale of homeowners' insurance. (Read More)
Pulte Loses Tax-Sharing Case
September 8, 1998
The Federal Deposit Insurance Corp. has won another court decision that may force Pulte Corp. to pay up to $55 million to the federal government. (Read More)
Refis Surge 44.5%
September 9, 1998
The Refinancing Index surged 44.5% for the week ended Sept. 4 to its highest level since late February, as mortgage applications rose 26.3% overall, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
FHA ARM Delinquencies Hit Record
September 9, 1998
The delinquency rate for Federal Housing Administration-insured adjustable-rate mortgages hit an all-time high in the second quarter, according to statistics released Wednesday by the Mortgage Bankers Association. (Read More)
HUD IG Accuses Cuomo of 'Dirty Tricks'
September 9, 1998
HUD Inspector General Susan Gaffney has accused Housing Secretary Andrew Cuomo and his lieutenants of intimidation and "dirty tricks" in an effort to undermine her office and to get her to resign. (Read More)
Title Searches Up 4.3%
September 9, 1998
The AFS Title Search Index rose 4.3% to 217.7 for the week ended Sept. 4 from 208.9 the previous week, according to Bridge/Telerate Advance Factor Service. (Read More)
Westmark Opens New Corporate HQ
September 9, 1998
Westmark Group Holdings Inc. has established new corporate headquarters in Boca Raton, Fla. The subprime lender said it will coordinate all nationwide mortgage operations, sales, underwriting, and closing from the new 27,000-foot facility, as well as its corporate finance, accounting, and administrative functions. (Read More)
Fitch Downgrades IndyMac MBS
September 9, 1998
Two classes of CWMBS mortgage pass-through certificates have been downgraded by Fitch IBCA Inc. The rating on CWMBS (IndyMac Inc.), Series 1994-L, Class B3 was lowered from BB to B and remains on RatingAlert with negative implications, the rating agency said. (Read More)
TriNet Taps Holman as CEO--Again
September 9, 1998
Robert Walter Holman Jr. has been named chief executive officer of TriNet Corporate Realty Trust Inc., a San Francisco-based real estate investment trust. (Read More)
BNC Enters $280MM Forward Commitment
September 9, 1998
BNC Mortgage Inc., Irvine, Calif., has entered into a $280 million forward commitment with an unnamed New York-based investment bank. (Read More)
E-Loan Gets Nod From Bank Rate Monitor
September 9, 1998
Online mortgage broker E-Loan, Palo Alto, Calif., has been selected by Bank Rate Monitor to provide additional mortgage qualification services to its website. (Read More)
30-Year Rate Nears All-Time Low
September 10, 1998
The average 30-year fixed mortgage rate neared its all-time low during the week ending Sept. 11, falling from 6.82% to 6.77% (with fees and points averaging 1.0), according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Spreads Widen as Stocks Plunge
September 10, 1998
Mortgage spreads continued to widen early Thursday as the benchmark 10-year Treasury note's yield fell into the 4.80% range, a level that market participants believe "virtually guarantees a massive prepayment wave," Bridge/Telerate reported. (Read More)
Freddie Names 2 Senior Veeps
September 10, 1998
Freddie Mac has named two new senior vice presidents, one of them to the newly created position of senior vice president-finance. (Read More)
LendingTree Mulling IPO?
September 10, 1998
The announcement of management changes at LendingTree, the Internet lender based in Charlotte, N.C., has fueled rumors that the company is positioning itself for a possible IPO. (Read More)
UFI Brokering $1-2B Bulk Servicing Deal
September 10, 1998
An unnamed "leading Midwest based originator" is seeking to sell $1 billion to $2 billion a year in mortgage servicing rights, United Financial Inc., Denver, has announced. (Read More)
NASCOR Announces $400MM Offering
September 10, 1998
Norwest Asset Securities Corp., Frederick, Md., has announced the offering of approximately $400 million of securities backed by fixed 20- and 30-year non-relocation mortgage loans. (Read More)
REIT Boosts Credit Facility
September 10, 1998
CBL & Associates Properties Inc., Chattanooga, Tenn., has increased its credit facility with Wells Fargo Bank from $85 million to $120 million. (Read More)
S&P Downgrades Japanese Bank's Debt
September 10, 1998
The Tokyo office of Standard & Poor's has lowered its speculative-grade ratings on the senior long-term debt and certificates of deposit for the Long-Term Credit Bank of Japan Ltd. S&P attributed the actions to restructuring plans that include forgiving hundreds of billions of yen worth of problem loans, an increase in unrealized losses in the company's stock portfolio, and a pending merger with Sumitomo Trust & Banking Co. Ltd. S&P added that if the merger falls through, LTCB's ratings could be lowered further. (Read More)
Senate Panel OKs Banking Bill
September 11, 1998
The Senate Banking Committee voted 16-2 Friday morning to pass a comprehensive financial services modernization bill that stops commercial firms from acquiring unitary thrifts and provides small banks with easier access to the Federal Home Loan Bank advance window. (Read More)
HUD Issues MF Restructuring Rules
September 11, 1998
The Department of Housing and Urban Development has issued an interim rule that sets out the ground rules for its multifamily debt restructuring program. (Read More)
Argent Buys Las Vegas Mortgage Company
September 11, 1998
Argent Capital Corp., Huntington Beach, Calif., has announced the acquisition of the Sullivan and Mock Corp., a Las Vegas mortgage company. (Read More)
ACLI Finds Delinquencies at 28-Year Low
September 11, 1998
Life company mortgage investment delinquencies are at their lowest levels in over 28 years, a survey by the American Council of Life Insurance has found. (Read More)
HomeShark To Receive Cash Infusion
September 11, 1998
HomeShark Inc., a San Francisco-based online discount mortgage broker and national home listings service, will close its third round of financing next week, MortgageWire has learned. (Read More)
Advanta Prices $500MM Deal
September 11, 1998
Advanta Mortgage Conduit Services Inc. has priced a $500 million securitization of floating-rate mortgage loans. (Read More)
REIT Forms Joint Venture
September 11, 1998
Developers Diversified Realty Corp., a Cleveland-based real estate investment trust, has announced the formation of a joint venture with DRA Advisors Inc., an institutional investment advisory firm. (Read More)
MGIC Brokering $1B Midwest Portfolio
September 11, 1998
MGIC Investor Services Corp., Milwaukee, is brokering the sale of $988 million of mortgage servicing rights for an undisclosed Midwestern lender. (Read More)
More Mergers Forecast in Home Equity Industry
September 11, 1998
Consolidation will continue in the home equity industry as companies have trouble accessing the capital markets and low price/earnings ratios for small companies make them tempting acquisition targets, according to David Olson Research, Columbia, Md. "Many economists are projecting falling interest rates, which in turn will cause prepayments to remain high and make it increasingly difficult for home equity lenders to meet earnings targets," the company said. (Read More)
Noack Leaves Monument Mortgage
September 11, 1998
James Noack, president of Monument Mortgage, a Finet company based in Walnut Creek, Calif., has resigned from his post but will remain a consultant to the company. (Read More)
Firm Sees Equity REIT Rebound
September 11, 1998
Investors should treat the recent weakness in shares of equity real estate investment trusts as a buying opportunity, according to a research report from Sutro & Co., Los Angeles. (Read More)
Another Troublesome YSP Case
September 14, 1998
Yet another yield spread premium law suit has been certified as a class action, this time from Minnesota. (Read More)
Fannie Has Strong August
September 14, 1998
Fannie Mae's business activity continued at a strong pace in August with $16.8 billion of commitments, $14.3 billion of mortgage purchases, and $27.1 billion of MBS issues. (Read More)
First American Sells Another Mortgage Company
September 14, 1998
First American Corp., Nashville, Tenn., as part of its efforts to concentrate its mortgage operations on its primary market, has announced it sold McAfee Mortgage on Aug. 16. (Read More)
Conti Launches Subprime Retail Operation
September 14, 1998
ContiFinancial Corporation, New York, has announced that its wholly-owned subsidiary, ContiMortgage Corporation, has established ContiDirect, a new retail division which will originate subprime home equity loans on a direct-to-consumer basis. (Read More)
FirstPlus Fingers Market Manipulator
September 14, 1998
FirstPlus Financial, Dallas, Texas, has announced that it has identified an individual it believes has been systematically disseminating false and misleading information about the company over the Internet. (Read More)
Bear, Stearns and Partner to Purchase CRA Loan Portfolios
September 14, 1998
Bear, Stearns & Co. inc., New York, and Greystone Community Reinvestment Associates, Hartford, Connecticut, have jointly announced that they have partnered to purchase packages of Community Reinvestment Act residential mortgage loans. (Read More)
Firm Invests in Property that Requires Cleanup
September 14, 1998
Apollo Real Estate Advisors, San Francisco, a commercial real estate investment firm, will make a "major commitment" to CB Richard Ellis' environmental research initiative, the firms announced recently, increasing the real estate services firm's ability to invest in properties that require mitigation of environmental hazards. (Read More)
GE Capital Mortgage Insurance Expands Internet Offerings
September 14, 1998
GE Capital Mortgage Insurance Company, Raleigh N.C., announces several Internet applications designed for its lender and servicer customers. (Read More)
Title Index Hits 6-Month High
September 15, 1998
The AFS Title Search Index rose 6.3% to a holiday-adjusted 231.5 for the week ended Sept. 11, its highest level since March 20, according to Bridge/Telerate Advance Factor Service. (Read More)
GAO Downplays High-LTV Loan Risk
September 15, 1998
Even if high-LTV loan delinquencies increased as a result of an economic downturn, the resulting losses would pose little risk to the thrift and bank insurance funds, according to a General Accounting Office report released Tuesday. (Read More)
Chase Buys 26 Mellon Branches
September 15, 1998
Chase Manhattan Mortgage Corp., Edison, N.J., has agreed to acquire 26 branches that make up the Western retail origination network of Mellon Mortgage Co., Houston. (Read More)
United National Buys Into Premier
September 15, 1998
United National Inc., New Windsor, N.Y., a mortgage company that specializes in net branching, has acquired 2.26 million shares (48.57%) of Premier Mortgage Resources Inc. United National will operate as a subsidiary of the publicly traded Premier. (Read More)
1stPlus Gets 'Strong Buy' Recommendation
September 15, 1998
Chatfield Dean & Co. Inc., Greenwood Village, Colo., has initiated coverage on the Dallas-based FirstPlus Financial Group Inc. with a "strong buy" recommendation. (Read More)
Wells, BofA Offer HELs Via Web
September 15, 1998
Wells Fargo and BankAmerica are now offering borrowers Internet access to home equity loans. (Read More)
FirstCity Capital Announces 1st Securitization
September 15, 1998
FirstCity Capital Corp., Valhalla, N.Y., has announced the completion of its first securitization. (Read More)
Fannie Issues $443.2MM Multifamily REMIC
September 15, 1998
Fannie Mae has issued a $443.2 million multifamily REMIC under its Wisconsin Avenue Securities senior/subordinated structure. (Read More)
No LIHTC Hike in GOP Tax Plan
September 15, 1998
The $80 billion tax cut proposed by the Republicans does not contain any special provisions for the real estate industry. (Read More)
Kennedy-Wilson Acquires Japanese Portfolio
September 15, 1998
Real estate investment, marketing, and property management company Kennedy-Wilson International has acquired a portfolio of Japanese distressed real estate and loans in a joint venture with Colony Capital, a real estate-related investment firm. (Read More)
REIT To Exceed $300MM Whole Loan Goal
September 15, 1998
Hanover Capital Mortgage Holdings Inc., New York, has announced that it expects to close $310-344 million in purchases of whole loan mortgages by Sept. 30, exceeding the $300 million goal of its securitization strategy. (Read More)
GE & BancOne Talking to FirstPlus?
September 16, 1998
G.E. Capital Corp., Stamford, Conn., and BancOne, Indianapolis, are talking to Dallas-based FirstPlus Financial Corp. about a deal, MortgageWire has learned. (Read More)
Archer Adds Housing Bonds to Tax Bill
September 16, 1998
House Ways and Means Committee Chairman Bill Archer, R, Texas, is proposing to increase funding for the mortgage revenue bond program as part of his $80 billion tax bill. (Read More)
Unadjusted Apps Fall
September 16, 1998
Mortgage applications declined 16.2% for the week ended Sept. 11, although the overall Market Index was up on a seasonally adjusted basis, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
HEL Delinquencies Fall
September 16, 1998
The American Bankers Association has reported that late payments (30 days or more past due) on home equity lines of credit fell 4 basis points in the second quarter to 0.72%. (Read More)
Freddie Pledges $100K to MBA Y2K Plan
September 16, 1998
Freddie Mac has made a $100,000 commitment to the Mortgage Bankers Association's Year 2000 testing plan, the MBA has announced. (Read More)
Conti Participates in $1.1B CMBS Deal
September 16, 1998
ContiFinancial Corp., New York, has announced that its subsidiary, ContiTrade Services LLC, contributed about $633 million of commercial mortgage loans to an approximately $1.1 billion securitization. (Read More)
ABFS Prices $200MM Deal
September 16, 1998
American Business Financial Services Inc., Bala Cynwyd, Pa., has priced a $200 million securitization of business-purpose and consumer home equity loans through three subsidiaries. (Read More)
MGIC Picked To Insure Wisconsin Bonds
September 16, 1998
Mortgage Guaranty Insurance Corp., Milwaukee, has been selected by the Wisconsin Housing and Economic Development Authority to provide pool mortgage insurance for all single-family bonds the agency issues over the next five years. (Read More)
Source One Builds Home Equity Business
September 16, 1998
Source One Mortgage Services Corp., Farmington Hills, Mich., hopes to generate $15 million to $20 million a month in home equity and high-LTV lending for the rest of this year and next year, according to Steve Manasco, vice president for home equity at Source One. (Read More)
30-Year Rate Hits Record Low
September 17, 1998
The average 30-year fixed mortgage rate hit a record low during the week ending Sept. 18, falling from 6.77% to 6.66% (with fees and points averaging 0.9), according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
SPFC Writedown Triggers Downgrade
September 17, 1998
Southern Pacific Funding Corp., Lake Oswego, Ore., has announced that it will take a one-time charge of $60-70 million in the third quarter as a result of changes in the valuation of its residual assets, increased credit loss expectations, and current conditions in the asset-backed, debt, and equity markets. (Read More)
MBS Spreads Widen as Stocks Plunge
September 17, 1998
Treasuries rallied once again in response to Thursday morning's drop in stock prices, causing mortgage-backed security spreads to widen, Bridge/Telerate reported. (Read More)
CRE Portfolios Getting Riskier, OCC Says
September 17, 1998
Commercial real estate loan underwriting standards continue to slip at national banks, according to the Comptroller of the Currency, and their CRE portfolios are taking on more and more risk. (Read More)
Duff & Phelps Initiates FirstPlus Ratings
September 17, 1998
Duff & Phelps Credit Rating Co., Chicago, has initiated debt ratings for FirstPlus Financial Group Inc. with a senior debt rating of BB and a subordinated debt rating of BB-minus. (Read More)
Stata Named Prez of Citizens
September 17, 1998
Robert M. Stata has been named president of Citizens Mortgage Service Co., a wholly owned subsidiary of IMN Financial Corp., Melville, N.Y. IMN said Mr. Stata's mission is to turn Citizens, which was acquired on Sept. 5, into a competing retail subprime lender. (Read More)
1st Alliance Prices $100MM Deal
September 17, 1998
First Alliance Mortgage Co. has priced a $100 million securitization of fixed- and adjustable-rate loans. (Read More)
Amerin Gets New Web Interface
September 17, 1998
American Management Systems, Fairfax, Va., has announced the successful implementation of Amerin VIA, a Web interface that provides integrated links to Amerin Guaranty Corp.'s existing back-office functions. (Read More)
Is Alltel Talking to Dovenmuehle?
September 18, 1998
Alltel Information Corp., Jacksonville, Fla., may be talking to Dovenmuehle Mortgage, Schaumburg, Ill., the nation's largest subservicer, about a possible purchase of the company, sources have told MortgageWire. (Read More)
SF Starts Fell in August
September 18, 1998
Single-family starts dropped 4% in August after hitting an all-time high the previous month, according to data released Friday by the U.S. Commerce Department. (Read More)
NAHB Housing Index Declines
September 18, 1998
The National Association of Home Builders' Housing Market Index declined from 71 to 70 in September, but remained only two points from the 18-year high of 72 recorded in July, the NAHB has reported. (Read More)
House Panel Approves Tax Cut
September 18, 1998
The House Ways and Means Committee has voted 23-15 to approve a $80 billion tax bill that would increase funding for the mortgage revenue bond program. (Read More)
Key CMBS Figure Leaves Capital America
September 18, 1998
Ethan Penner, a prominent figure in the world of commercial mortgage-backed securities, has resigned from the San Francisco-based Capital Company of America LLC (formerly Nomura Capital), of which he was a founder and vice chairman. (Read More)
Fitch Downgrades SPFC Senior Notes
September 18, 1998
Senior unsecured notes of Southern Pacific Funding Corp., Lake Oswego, Ore., have been downgraded by Fitch IBCA Inc. The rating on $100 million of 11.5% senior unsecured notes due 2004 was lowered from B-plus to B-minus, the rating agency said. (Read More)
Title Insurer Buys Wisconsin Company's Assets
September 18, 1998
First American Title Insurance Co., a subsidiary of First American Financial Corp., Santa Ana, Calif., has acquired the assets of American Title Corp., La Crosse, Wis. The acquisition will become a division of First American Title and will keep the American Title name. (Read More)
REIT Reports Unsolicited Merger Bid
September 18, 1998
Imperial Credit Commercial Mortgage Investment Corp., a Los Angeles-based real estate investment trust, has reported the receipt of an unsolicited merger proposal from Wilshire Real Estate Investment Trust Inc. ICCMIC said its board of directors will review the proposal in conjunction with Friedman, Billings, Ramsey & Co. Inc. and will communicate with shareholders on the matter. (Read More)
Weeks To Replace New Plan in REIT Index
September 18, 1998
Atlanta-based Weeks Corp. (Read More)
NASCOR Announces $500MM Deal
September 18, 1998
Norwest Asset Securities Corp., Frederick, Md., has announced the offering of approximately $500 million of securities backed by fixed 20- and 30-year non-relocation mortgage loans. (Read More)
Peppercorn To Head OMHAR?
September 21, 1998
The White House is expected to announce this week the nomination of Ira Peppercorn to be the first director of the Office of Multifamily Housing Assistance Restructuring. (Read More)
Moody's Spotlights Jumbo MBS Variations
September 21, 1998
Credit quality varies significantly among different issuers' jumbo mortgage-backed security pools, according to Moody's Investors Service. (Read More)
Saxon MBS Downgraded
September 21, 1998
Four classes of Saxon Mortgage Securities Corp.'s mortgage pass-through certificates have been downgraded by Fitch IBCA Inc. Series 1993-10, Class B4 and Series 1994-2, Class B4 were downgraded from B to CCC; Series 1994-10, Class B2 was downgraded from BB to B-minus and remains on RatingAlert with negative implications; and Series 1994-12, Class B-1 was downgraded from CCC to D. In addition, Series 1994-2, Class B3 was placed on RatingAlert with negative implications. (Read More)
S&P Downgrades Chinese RE Firm
September 21, 1998
Standard & Poor's has lowered its long-term corporate credit rating of real estate investor and developer Chinese Estates Holding Ltd. and its guaranteed issues to a speculative-grade BB-minus. (Read More)
REIT Rejects Unsolicited Merger Bid
September 21, 1998
The board of directors of Imperial Credit Commercial Mortgage Investment Corp., a Los Angeles-based real estate investment trust, has unanimously rejected an unsolicited merger proposal from Wilshire Real Estate Investment Trust Inc. ICCMIC said the board considered numerous factors, including its belief that the Wilshire proposal was inadequate and did not reflect "the inherent value of ICCMIC and its portfolio of assets" as well as the advice of Friedman, Billings, Ramsey & Co. that the proposal was not in the best interests of the REIT's shareholders. (Read More)
REIT Selloff an Overreaction, Analysts Say
September 21, 1998
The market has overreacted in its selloff of stock in real estate investment trusts, according to analysts with NationsBanc Montgomery Securities. (Read More)
NAR Offers Diversity Program
September 21, 1998
The National Association of Realtors has launched a new certification program aimed at teaching real estate professionals how to promote homeownership among various minority groups. (Read More)
CharterMac Buys 2 Rev Bonds
September 21, 1998
Charter Municipal Mortgage Acceptance Co., New York, has acquired two tax-exempt mortgage revenue bonds totaling $10.3 million, CharterMac has announced. (Read More)
Title Insurer's Stock Moves to Nasdaq
September 21, 1998
Capital Title Group Inc., Scottsdale, Ariz., has announced that its common stock has begun trading on the Nasdaq SmallCap Market under the symbol CTGI. (Read More)
Prepay Spike Seen as Title Searches Jump
September 22, 1998
The AFS Title Search Index climbed 13.3% to 230.1 for the week ended Sept. 18, signaling a coming spike in prepayments, according to Bridge/Telerate Advance Factor Service. (Read More)
Amendment Tackles High-LTV Tax Disclosures
September 22, 1998
High-LTV lenders would be required to disclose that the interest on the loan is not necessarily tax deductible under an amendment by Sen. Jack Reed, D, R.I., that has been added to the consumer bankruptcy bill (S. 1301). (Read More)
GAO Raps Finance Board
September 22, 1998
The Federal Home Loan Banks are not being properly examined by their regulator, the General Accounting Office says in a new report. (Read More)
Turmoil Clouds Record Earnings Report
September 22, 1998
Federally insured banks and thrifts achieved record earnings in the second quarter but economic turmoil in Russia and Asia is expected to dampen future growth, FDIC Chairman Donna Tanoue said Tuesday. (Read More)
Freddie Buys Field Services Firm
September 22, 1998
Freddie Mac has agreed to acquire Cendant Asset Services, a subsidiary of Cendant Mobility Services that specializes in management and sale of real estate owned. (Read More)
GE Unveils A-Minus Program
September 22, 1998
GE Capital Mortgage Insurance Co., Raleigh, N.C., is introducing an "A-Minus" program so that it can provide mortgage insurance for homebuyers with less than perfect credit profiles. (Read More)
S&P Eyes Ratings on SPFC-Linked Deal
September 22, 1998
Standard & Poor's has placed its ratings on the Southern Pacific CMN Trust Series 1998-H1 home loan asset-backed notes on CreditWatch with negative implications. (Read More)
CMAC Offers MI Online
September 22, 1998
Commonwealth Mortgage Assurance Co., Philadelphia, has introduced an online service that enables lenders to obtain mortgage insurance in seconds, according to CMAC. (Read More)
NASCOR Announces $368MM Deal
September 22, 1998
Norwest Asset Securities Corp., Frederick, Md., has announced the offering of approximately $368 million of securities backed by fixed 10- and 15-year relocation and non-relocation mortgage loans. (Read More)
MGIC Testing Appraisal Service
September 23, 1998
The Mortgage Guaranty Insurance Co., Milwaukee, is testing a new valuation service with selected clients that completely eliminates the need for on-site appraisals. (Read More)
Adjusted Apps Off Slightly, but Refis Rise
September 23, 1998
Mortgage applications rose 24.1% for the week ended Sept. 18 from the holiday-shortened Labor Day week, but despite a real increase in the Refinancing Index the overall Market Index was down slightly on a seasonally adjusted basis, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Fannie Closes First Defease Deal
September 23, 1998
Fannie Mae has reported the recently closing of a $100 million credit facility for a real estate investment trust that included the first use of its one-stop multifamily prepayment defeasance option. (Read More)
UCFC Prices $1.3B Home Equity Deal
September 23, 1998
United Companies Financial Corp., Baton Rouge, La., has announced the pricing of a $1.3 billion home equity loan securitization. (Read More)
BNY Creates Asset-Based Lending Group
September 23, 1998
The Bank of New York Co. Inc. has announced the creation of a new Asset Based Lending Sector, including BNY Mortgage Co., that will be headed by senior executive vice president Robert J. Mueller. (Read More)
S&P Puts Mortgage Bonds on Watch
September 23, 1998
The triple-A rating on Frederick City, Md.'s FHA-insured mortgage lien bonds, Series 1993A has been placed on CreditWatch with negative implications by Standard & Poor's. (Read More)
IHFA Drops Rate to Record 6.25%
September 23, 1998
The Indiana Housing Finance Authority has dropped the interest rate on its First Home mortgage loans from 6.50% to 6.25%, the lowest rate the IHFA has ever offered. (Read More)
Chase Buying Subprime Companies?
September 24, 1998
Chase Manhattan Funding, Woodcliff Lake, N.J., is looking for strategic alliances among the battered subprime lending companies. (Read More)
30-Year Rate Falls Further
September 24, 1998
The average 30-year fixed mortgage rate inched down to 6.64% for the week ending Sept. 18 from the record low 6.66% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Fed OKs Travelers/Citicorp Merger
September 24, 1998
The merger of Travelers Group Inc. and Citicorp into a combined company to be called Citigroup Inc. has received conditional approval from the Federal Reserve Board. (Read More)
1st Chesapeake To Buy 3 Companies
September 24, 1998
First Chesapeake Funding Corp., Plantation, Fla., has signed agreements to acquire three undisclosed mortgage companies. (Read More)
IMN Financial Buys Bankers Direct
September 24, 1998
IMN Financial Corp., Melville, N.Y., has acquired Bankers Direct Mortgage Corp., a retail mortgage banking company, from C.F.I. Mortgage Inc. IMN Financial said the acquisition was based on an earn-out formula linked to profitability and did not require any stock issuance or cash payment. (Read More)
Countrywide Reports Record 2Q Earnings
September 24, 1998
Countrywide Credit Industries Inc., Calabasas, Calif., has reported record unaudited earnings of $95.1 million for the fiscal second quarter ended Aug. 31, up 27% from $74.7 million (from ongoing operations) a year earlier. (Read More)
UCFC Prices $150MM MH Deal
September 24, 1998
United Companies Financial Corp., Baton Rouge, La., has announced the pricing of a $150 million securitization of manufactured housing contracts originated mainly by its subsidiary United Companies Funding Inc. UCFC Funding Corp., a subsidiary of UCFI, will act as the depositor of the trusts that will issue the securities. (Read More)
Resales Slide in August
September 25, 1998
Sales of existing, single-family homes slid 3.7% in August as a result of the recent correction in the stock market, according to data released Friday by the National Association of Realtors. (Read More)
Criimi Mae Says Earnings on Track
September 25, 1998
In response to recent declines in its share prices, Criimi Mae has announced that it expects to meet consensus analyst estimates of tax-basis earnings for the third quarter of $0.39 per share. (Read More)
Conferees Pushing FHA Note Sales
September 25, 1998
House and Senate appropriation staffers are working on language that would permit the Department of Housing and Urban Development once again to sell single-family loans that have gone into default. (Read More)
Conti Prices $2.1B Home Equity Deal
September 25, 1998
ContiMortgage Corp., New York, has priced a $2.1 billion securitization of home equity loans. (Read More)
Amresco Issues Novel $1B HEL Deal
September 25, 1998
Amresco has issued a $1 billion home equity securitization with a Freddie Mac guaranty on the $275 million fixed-rate portion of the offering. (Read More)
Finet Restates Earnings
September 25, 1998
Finet Holdings Corp., an electronic commerce company based in San Francisco, has restated its financial results for the fiscal quarter ended July 31, reporting a consolidated net loss from operations of $2.5 million, compared with a $5.3 million loss in the previous quarter. (Read More)
OCC Warns Bankers about High LTV Loans
September 25, 1998
Acting Comptroller of the Currency Julie Williams is warning bankers about eroding underwriting standards on home equity loans and high LTV loans. (Read More)
Trust Disputes Pending Litigation
September 25, 1998
Prime Group Realty Trust, a REIT that invests in Chicago-area office and industrial real estate, has been sued for wrongfully terminating its contract to purchase IBM Plaza in Chicago and National City Center in Cleveland. (Read More)
Ginnie Mae Fee Increase Coming
September 25, 1998
To pay for the Higher Education Act (H.R. 6), House and Senate conferees agreed to increase the Ginnie Mae guaranty fee from 6 basis points to 9 bp, starting Oct. 1, 2004. (Read More)
CCofA Prices CMBS Deal
September 25, 1998
Nomura Securities Co. Ltd. subsidiary Capital Company of America, San Francisco, has priced $1.1 billion in commercial mortgage pass through certificates through trust fund CASC Commercial Mortgage Trust 1998-D7. (Read More)
GetSmart.com Posts Record Month
September 25, 1998
GetSmart.com (http://www.getsmart.com), a company specializing in providing consumer and business lending services to the online community, has announced that it processed a record 50,000 loan applications during the month of August from more than a million visitors to its website. (Read More)
WAMU Makes Grant to Habitat for Humanity
September 25, 1998
Washington Mutual, a leading provider of banking and mortgage lending services in California, has announced a grant of $294,000 to Habitat for Humanity-Los Angeles - the largest corporate grant ever to a Habitat project in the state. (Read More)
HomeSide Names National Manager
September 25, 1998
HomeSide Lending, Inc., Jacksonville, Florida, has appointed Jere N. York first vice president - equity services group national production manager. (Read More)
Transnational Appoints Chief Compliance Officer
September 25, 1998
Transnational Financial Corporation, San Francisco, has appointed Mike Lawson chief compliance officer responsible for reviewing and implementing compliance, regulatory and quality control procedures for the wholesale and retail mortgage banker. (Read More)
Delta Sells MBS
September 25, 1998
Delta Funding, Woodbury, New York, has sold $475 million of closed-end home equity loan-backed securities priced in seven parts by underwriters led by Lehman Brothers Inc. and co-managed by Donaldson, Lufkin & Jenrette Securities Corporation and by Bear, Stearns & Co. Inc. The deal was structured using a 100% surety wrap credit enhancement by MBIA Insurance Corporation. (Read More)
1stPlus Dive Linked to GECC Report
September 29, 1998
The share price of FirstPlus Financial, Dallas, fell almost 15% Tuesday morning after a 34% decline on Monday. (Read More)
Title Searches Hit '98 High
September 29, 1998
The AFS Title Search Index rose 2.1% to 267.8 for the week ended Sept. 25, its highest level of the year, according to Bridge/Telerate Advance Factor Service. (Read More)
Management Shake-Up at SPFC
September 29, 1998
Southern Pacific Funding Corp., Lake Oswego, Ore., which last month announced it was taking a charge of over $60 million due to higher-than-anticipated prepayments and credit losses in its subprime mortgage servicing portfolio, has announced a shake-up in its senior management. (Read More)
Marshall To Retire From Associates
September 29, 1998
Harold D. Marshall, president and chief operating officer of Associates First Capital Corp., Irving, Texas, will retire early next year, the company has announced. (Read More)
Redwood Forms Residential, Commercial Units
September 29, 1998
Redwood Trust Inc., Mill Valley, Calif., has announced the formation of Redwood Residential Funding Inc. and Redwood Commercial Funding Inc., both wholly owned subsidiaries of Redwood Trust affiliate RWT Holdings Inc. Redwood Residential will set up correspondent loan purchase operations in Marin County, Calif., and will acquire high-quality, jumbo, fixed- and adjustable-rate single-family loans from a network of 200 lenders nationally, Redwood Trust said. (Read More)
Westcorp To Sell Servicing Portfolio
September 29, 1998
Western Financial Bank, Irvine, Calif., has signed a letter of intent to sell substantially all its mortgage servicing rights, which will result in an after-tax writedown of approximately $2.3 million and contribute to a previously announced third-quarter loss, according to Westcorp, the bank's parent. (Read More)
Fannie Provides Facility for Private REIT
September 29, 1998
Fannie Mae has announced its first credit facility transaction with a privately held real estate investment trust. (Read More)
Nomura Pulls Planned FASIT
September 29, 1998
Wide spreads in the troubled commercial mortgage-backed securities market have caused Nomura Securities International Inc. to withdraw a planned $1.3 billion commercial mortgage-backed securities deal, Bridge/Telerate has reported. (Read More)
New Home Sales Plummet
September 30, 1998
New home sales fell 4% in August to their lowest level in five months, according to data released Wednesday by the U.S. Commerce Department. (Read More)
Key Index Takes Sudden Downturn
September 30, 1998
The index on which adjustments in the conforming loan limit are based dropped sharply in August, ending a string of almost steady increases since the last modification. (Read More)
Peppercorn To Get OMHAR Nod
September 30, 1998
President Clinton has announced his intention to nominate Ira Peppercorn to be the first director of the Office of Multifamily Housing Assistance Restructuring. (Read More)
Fannie Expands Main Website
September 30, 1998
Fannie Mae has expanded its main website (http://www.fanniemae.com) and turned it into a business-to-business site that includes a new electronic news service and "push" technology that allows industry partners to receive Fannie Mae announcements automatically. (Read More)
1stPlus Says Talks Still Under Way
September 30, 1998
FirstPlus Financial Group Inc., Dallas, has announced that it "remains strongly engaged in finding a suitable strategic partner" and that discussions with more than one party are under way. (Read More)
SPFC Faces Suit, Warehouse Lending Problems
September 30, 1998
Southern Pacific Funding Corp., Lake Oswego, Ore., has obtained a temporary restraining order in a lawsuit filed Wednesday against Wilshire Real Estate Partnership, SPFC has announced. (Read More)
Norwest Promoting Renovation Loans
September 30, 1998
Norwest Mortgage Inc., Des Moines, Iowa, has launched a program to increase renovation loan production nationwide and promoted Desmond P. Smith to vice president-national renovation manager to head the consumer lending sales team. (Read More)
Broker/Dealer Expands Whole Loan Group
September 30, 1998
Due to an increase in demand from mortgage bankers seeking to secure flow commitments, mortgage-backed securities and mortgage finance broker/dealer Links Securities Inc. has announced the expansion of its whole loan group. (Read More)
S&P Downgrades United Dominion
September 30, 1998
The ratings on United Dominion Realty Trust, Richmond, Va., have been lowered by Standard & Poor's and the company's outlook has been revised from negative to stable, S&P has announced. (Read More)
FASB To Issue
September 30, 1998
The Financial Accounting Standards Board expects to issue a new financial accounting standard by Oct. 13 that will give mortgage bankers more flexibility in classifying retained assets after a securitization. (Read More)
October
Rates Continue Record-Breaking Decline
October 1, 1998
The average 30-year fixed mortgage rate has continued its record-breaking decline, falling to 6.60% for the week ending Oct. 2, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Refis Lead Application Surge
October 1, 1998
Mortgage applications rose 11.3% for the week ended Sept. 25, but most of the increase came from the continuing surge in refinancings, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
10-Year Hits Low; Prepays 'Deceptively Calm'
October 1, 1998
With the 10-year Treasury's yield at a record-setting 4.32% Thursday morning, more than 93% of the 30-year mortgage-backed securities market has become exposed to a refinancing incentive, Bear Stearns has reported. (Read More)
S&P Downgrades Criimi Mae
October 1, 1998
The long-term counterparty and senior debt ratings of Criimi Mae Inc. have been lowered from BB to B-plus by Standard & Poor's, and the outlook for the company's long-term ratings has been revised to negative. (Read More)
Fannie Sees Record Mortgage Volume
October 1, 1998
Fannie Mae chief economist David Berson is now projecting that just over $1.4 trillion in mortgage loans will be originated this year. (Read More)
COFI Resumes Decline
October 1, 1998
After rising by 3 basis points in July, the Eleventh District Cost of Funds Index fell by just over 1 bp in August, to 4.899%. (Read More)
Mortech Finds Falloff in Tech Demand
October 1, 1998
The appetite among mortgage lenders for new technologies has dipped, according to Mortech 98, due for release later this month. (Read More)
Fannie Prices Benchmark Reopening
October 1, 1998
Fannie Mae has priced a $2.0 billion reopening of the 6.00% 10-year Benchmark Note due May 15, 2008. (Read More)
Reverse Lender Faces Class Action
October 1, 1998
Transamerica Homefirst, a reverse mortgage lender, and its parent company Transamerica Corp., San Francisco, have been named in a suit in San Francisco Superior Court filed by a group of California senior citizens. (Read More)
Insurers' Apps Surpass '97 Yearly Total
October 1, 1998
Private mortgage insurers have received more applications in the first eight months of the year than they did in all of last year, according to the Mortgage Insurance Cos. (Read More)
Wilshire Closes $178MM Deal
October 1, 1998
Wilshire Financial Services Group Inc., Portland, Ore., has announced the closing of a $178 million securitization of fixed- and adjustable-rate mortgage loans. (Read More)
Vistana Completes Timeshare Securitization
October 1, 1998
Vistana Inc., Orlando, Fla., has completed a private placement of $66.2 million of Timeshare Mortgage-Backed Notes, Series 1998-A. (Read More)
SPFC Files for Chapter 11
October 2, 1998
Southern Pacific Funding Corp., Lake Oswego, Ore., has filed for protection under Chapter 11 of the Bankruptcy Code. (Read More)
Industry Job Decline First in 3 Years
October 2, 1998
Mortgage industry employment numbers fell slightly in September after reaching record levels the previous month, according to data released Friday by the U.S. Bureau of Labor Statistics. (Read More)
Mortgage Stock Slide Continues
October 2, 1998
After two consecutive days during which mortgage lenders' stock prices were hammered -- and the Dow Jones industrial average dropped a combined 467 points -- they continued to slide in trading Friday morning. (Read More)
FHA Loan-Limit Hike Advances
October 2, 1998
House and Senate appropriators completed work Thursday night on the VA-HUD appropriations bill (H.R. 4194), which includes an increase in the Federal Housing Administration loan limits. (Read More)
Fitch Eyes Criimi Mae Debt Rating
October 2, 1998
The BB rating on Criimi Mae Inc.'s senior unsecured debt has been placed on RatingAlert with negative implications by Fitch IBCA Inc. The action, affecting $100 million of 9.125 senior unsecured debt due 2002, stemmed from "liquidity challenges presented by widening spreads in the collateralized mortgage-backed securities market," the rating agency said, adding that Criimi Mae's liquidity "has been tested by margin calls from its secured lenders as value across its CMBS portfolio declined." (Read More)
HomeCapital Announces Reverse Stock Split
October 2, 1998
HomeCapital Investment Corp., Austin, Texas, has announced a one-for-five reverse split of its common stock (par value $0.01 per share). (Read More)
IMH Applies for NYSE Listing
October 2, 1998
Impac Mortgage Holdings Inc., Santa Ana Heights, Calif., has applied for a listing of its common stock on the New York Stock Exchange. (Read More)
Criimi Mae Files for Bankruptcy
October 5, 1998
Criimi Mae has filed for Chapter 11 bankruptcy protection because the real estate investment trust cannot meet margin calls from its lenders. (Read More)
Economic Slowdown To Hit Housing
October 5, 1998
Federal Reserve Board governor Laurence Meyer told private economists this morning that he believes the domestic economy, including housing starts, will slow in 1999 "in response to weaker foreign growth, the recent decline in equity values, and the widening of risk spreads" in the bond market. (Read More)
TriNet REIT Prunes Portfolio
October 5, 1998
TriNet Corporate Realty Trust, San Francisco, has identified a number of assets in its portfolio it plans to dispose of in order to reduce leverage ratios and free up cash for future high-yielding acquisitions. (Read More)
Markets Affected PAMM's Acquisition Deal
October 5, 1998
Market conditions have conspired to alter a deal between PacificAmerica Money Centers, Inc., Woodland Hills, Calif., and its potential acquirer, Fremont General Corporation. (Read More)
Markets May Close in Honor of Columbus
October 5, 1998
In observance of Columbus Day, The Bond Market Association has confirmed its previous recommendation for an early market close at 2:00 pm EDT Friday, October 9, and a full close Monday, October 12th. (Read More)
BankAtlantic Lowers Future Earning Expectations
October 5, 1998
BankAtlantic Bancorp, Fort Lauderdale, Florida, has announced that its third quarter and fourth quarter results will be significantly less than the $6.4 million and $8.2 million, respectively, reported for the comparable periods in 1997. (Read More)
Loanshop.com Launches Enhanced Website
October 5, 1998
First Mortgage Network, Plantation, Florida, has enhanced the design of its loanshop.com website (http://www.loanshop.com) by implementing customer care tools and adding educational content. (Read More)
Freddie Seeks Self-Insurance Authority
October 6, 1998
Freddie Mac has slipped a provision into the conference report on the VA-HUD appropriations bill (H.R. 4194) that would allow the government-sponsored enterprise to self-insure mortgage loans, instead of relying on mortgage insurance companies. (Read More)
SPFC Out of Business
October 6, 1998
Southern Pacific Funding Corp., Lake Oswego, Ore., is now working on a plan for an orderly liquidation of its assets after its failure to obtain advance funds from Greenwich Capital Markets Inc. for a previously announced post-bankruptcy filing credit facility. (Read More)
Criimi Mae-Linked CMBS Deals Under Review
October 6, 1998
Duff & Phelps Credit Rating Co., Chicago, has placed 14 commercial mortgage-backed securities deals on Ratings Watch-Uncertain because the special servicer for the transactions is a subsidiary of Criimi Mae Inc. The action followed a Chapter 11 bankruptcy filing by Criimi Mae. (Read More)
Fitch Affirms Criimi Deals, but Eyes Servicer Ratings
October 6, 1998
Meanwhile, Fitch IBCA Inc., New York, has affirmed its ratings on 24 CMBS deals for which Criimi Mae Services acts as master or special servicer, while placing the company's master and special servicer ratings on RatingAlert with negative implications. (Read More)
Title Searches Set Another Record
October 6, 1998
The AFS Title Search Index set another five-year record by rising 5.9% to 283.5 for the week ended Oct. 2, according to Bridge/Telerate Advance Factor Service. (Read More)
IndyMac Ratings Eyed
October 6, 1998
Fitch IBCA has indicated that two of IndyMac Mortgage Holdings Inc.'s ratings could be lowered, Bridge/Telerate has reported. (Read More)
CFI Expects 3Q Loss
October 6, 1998
CFI Mortgage Inc., West Palm Beach, Fla., has announced that it expects to report continuing losses for the third quarter. (Read More)
Associates Announces Stock Split
October 6, 1998
Associates First Capital Corp., Irving, Texas, has announced a two-for-one split of its common stock. (Read More)
REIT Responds to Unsolicited Tender Offer
October 6, 1998
American Residential Investment Trust Inc., Del Mar, Calif., has reported an unsolicited tender offer by IG Holdings Inc. to buy up to 4.9% of American Residential's common stock. (Read More)
NASCOR Offers $313MM Deal
October 6, 1998
Norwest Asset Securities Corp., Frederick, Md., has announced the offering of approximately $313 million of securities backed by fixed 20- and 30-year relocation mortgage loans. (Read More)
Refi Index Soars to All-Time Record
October 7, 1998
Mortgage applications rose 16.1% for the week ended Oct. 2 as the Refinancing Index surged past January's unprecedented levels to 3253.1, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Fannie/Ginnie Speeds Still Steady
October 7, 1998
Prepayment speeds for Fannie Mae and Ginnie Mae mortgage-backed securities were little changed in the September reporting period, but the next report "promises to look very different," according to the Bear Stearns Prepayment Commentary. (Read More)
Peppercorn on Ice
October 7, 1998
The Senate Banking Committee is expected to vote Thursday on whether or not to recommend Senate confirmation of Ira Peppercorn to be the first director of the Office of Multifamily Housing Assistance Restructuring. (Read More)
Criimi Mae Seeking Capital
October 7, 1998
Criimi Mae Inc. has announced that it is in "preliminary discussions" with other firms about a possible injection of capital into the ailing commercial mortgage company, which filed for Chapter 11 bankruptcy protection Oct. 5. (Read More)
Thornburg Affirms ARM Strategy
October 7, 1998
Thornburg Mortgage Asset Corp., Santa Fe, N.M., has affirmed its strategy of investing in adjustable-rate mortgage securities and loan products despite the recent bankruptcy filing of Criimi Mae. (Read More)
CSSA Confab To Eye Market Turmoil
October 7, 1998
The Commercial Real Estate Secondary Market and Securitization Association has completely revamped the program for its annual convention to focus on the turmoil in the commercial mortgage market. (Read More)
New Century Cites MBS Deals, Record Loans
October 7, 1998
New Century Financial Corp., Irvine, Calif., has announced that its wholly owned subsidiary, New Century Mortgage Corp., recently completed two securitizations and achieved record loan production of $900 million in the third quarter. (Read More)
UFI Brokering 2 Portfolios
October 7, 1998
A $3.5 billion portfolio of servicing rights on 27,947 Fannie Mae loans is being brokered by United Financial Inc., Denver. (Read More)
Leach Seeks To Kill Freddie Self-Insurance
October 8, 1998
House Banking Committee Chairman Jim Leach, R, Iowa, is supporting efforts to repeal legislation that allows Freddie Mac to self-insure mortgage loans. (Read More)
Rates Keep Falling
October 8, 1998
The average 30-year fixed mortgage rate set another record for the week ending Oct. 9, falling to 6.49% from 6.60% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Fitch Downgrades 4 Subprime Lenders
October 8, 1998
Four subprime home equity lenders have been downgraded by Fitch IBCA Inc. United Companies Financial Corp.'s senior unsecured debt rating was lowered from the lowest investment-grade rating of BBB-minus to the below-investment-grade BB. (Read More)
S&P Lowers Amresco's Ratings
October 8, 1998
Amresco Inc.'s subordinated debt rating has been lowered from B to CCC-plus and its long-term counterparty credit rating has been lowered from BB-minus to B by Standard & Poor's. (Read More)
MBS Prices Dive
October 8, 1998
Mortgage-backed securities prices went through what Bridge/Telerate reported was "one of the worst days ever" on Wednesday. (Read More)
Kansas Mortgage Bond Ratings Eyed
October 8, 1998
The AAA ratings on the single-family Ginnie Mae collateralized mortgage bonds, Series 1990A and 1990B, of Olathe and Labette counties in Kansas have been placed on CreditWatch with negative implications by Standard & Poor's. (Read More)
Conti's Parent To Provide Liquidity
October 8, 1998
Continental Grain Co., owner of a 75% stake in New York-based ContiFinancial Corp., has announced that it plans to periodically purchase up to 2.5 million shares of ContiFinancial common stock in the open market at prevailing prices, subject to market conditions. (Read More)
Ocwen Says 3Q Earnings on Track
October 8, 1998
Ocwen Financial Corp., West Palm Beach, Fla., has announced that it expects to meet earnings expectations for the third quarter. (Read More)
Cityscape Files Chapter 11 Plan
October 8, 1998
Cityscape Financial Corp., Elmsford, N.Y., has announced that convertible debenture and Series A preferred stockholders have approved its Chapter 11 reorganization plan, which has been filed in the U.S. Bankruptcy Court for the Southern District of New York. (Read More)
Downs Named CEO of NAHB
October 8, 1998
Thomas M. Downs has been named to replace Kent W. Colton as executive vice president and chief executive officer of the National Association of Home Builders. (Read More)
Web Refi Demand Limited, Study Says
October 8, 1998
After a study of mortgage loan refinancing activity in one of the country's major mortgage markets, Transamerica Intellitech has concluded that the number of people seeking to refinance first mortgages via the Internet is limited. (Read More)
1stPlus Deal Coming?/Phillips' Partnership Bankrupt
October 9, 1998
FirstPlus Financial, Dallas, the nation's market leader in high-LTV lending, is on the verge of announcing a merger with WMC Mortgage, Woodland Hills, Calif., sources have told MortgageWire. (Read More)
Subprime/'Alt A' Lender Sold to BOA Unit
October 9, 1998
A unit of BankAmerica, San Francisco, has purchased the balance of First Franklin Financial Corp., San Jose, Calif., a subprime/alternative 'A' wholesaler in which it already held a 65% stake. (Read More)
Limits Lifted on GSE MF Loan Purchases
October 9, 1998
Congress has approved legislation that removes the dollar limits on multifamily loan purchases by Fannie Mae and Freddie Mac. (Read More)
Bankruptcy Bill in Trouble
October 9, 1998
The consumer bankruptcy reform bill (H.R. 3150) will die at the finish line unless Senate and House Republican leaders agree to demands by Democratic lawmakers and the White House. (Read More)
MBS Prices Dive Further
October 9, 1998
Agency mortgage-backed security prices ended the day Thursday down more than a point for the second day in a row, but by Friday morning had begun to show their first signs of recovery this week as spreads tightened, Bridge/Telerate has reported. (Read More)
Fannie Reports Another Record Quarter
October 9, 1998
Fannie Mae's earnings for the third quarter of 1998 were a record $857.4 million ($0.81 per common share), up from $848.0 million ($0.80 per share) in the second quarter of 1998, Fannie Mae has reported. (Read More)
Apgar, Peppercorn Await Confirmation
October 9, 1998
The Senate has the opportunity in the next few days to approve the confirmation of William Apgar to be the next Federal Housing Administration commissioner and Ira Peppercorn to be the first director of the Office of Multifamily Housing Assistance Restructuring. (Read More)
IMH, ICH Expect Losses, Change Strategies
October 9, 1998
Impac Mortgage Holdings Inc. and Impac Commercial Holdings Inc., both of Santa Ana Heights, Calif., have announced a change in business strategies, expected third-quarter losses, and a delay of the payment date for third-quarter dividends. (Read More)
S&P Lowers Servicer Ranking of Amresco
October 9, 1998
Standard & Poor's has lowered its servicer rankings on Amresco Inc. in the wake of its downgrade of Amresco's long-term counterparty credit rating. (Read More)
NASCOR Announces 2 Deals
October 9, 1998
Norwest Asset Securities Corp., Frederick, Md., has announced two securitizations of fixed 20- and 30-year non-relocation mortgage loans. (Read More)
Freddie Throws in the Towel
October 13, 1998
Freddie Mac has thrown in the towel on getting self-insurance powers. (Read More)
Freddie Unveils Enhanced Loan Prospector
October 13, 1998
Meanwhile, Freddie Mac has announced enhancements to its Loan Prospector automated underwriting service that "enables lenders to approve significantly more borrowers and dramatically streamline origination processes." (Read More)
Capstead Mulling Big Servicing Sale
October 13, 1998
Dallas-based Capstead Inc., the nation's 15th largest residential servicer, is considering the sale of a large chunk of its $55.7 billion portfolio, investment banking sources have told MortgageWire. (Read More)
Market Turmoil Torpedoes 2 Acquisitions
October 13, 1998
The turmoil in the marketplace has torpedoed two separate acquisitions. (Read More)
Wilshire Sub Buys Mortgage Banker
October 13, 1998
First Bank of Beverly Hills (Calif.) FSB, a subsidiary of Wilshire Financial Services Group Inc., Portland, Ore., has purchased George Elkins Mortgage Banking Co., a Los Angeles commercial mortgage originator. (Read More)
Bankruptcy Bill Gets Second Chance
October 13, 1998
Republican congressional leaders and White House officials are negotiating a final compromise on the consumer bankruptcy bill (H.R. 3150) in hopes of including it in the continuing funding resolution. (Read More)
Another Hedge Fund in Trouble
October 13, 1998
The plunge in prices of mortgage derivatives and margin calls from Wall Street forced the $1 billion mortgage hedge fund Ellington Capital Management to sell off a substantial amount of its holdings in a Monday night auction, according to Bridge/Telerate reports. (Read More)
Intuit Sought to Purchase E-Loan
October 13, 1998
Rumors that E-Loan was in play were apparently on target. (Read More)
Ratings of 5 Securitizers Under Review
October 13, 1998
Duff & Phelps Credit Rating Co., Chicago, has placed the debt ratings of five mortgage securitizers under review for possible downgrade. (Read More)
Amresco Reports $936MM Sale, Hedging Loss
October 13, 1998
Amresco Inc., Dallas, has announced the sale of $936 million in commercial mortgage loans that resulted in a $35.8 million net loss. (Read More)
1stPlus-WMC Talks Hit Snag
October 14, 1998
Acquisition talks between high-LTV lender FirstPlus Financial, Dallas, and Apollo Advisors have broken down, sources have told MortgageWire. (Read More)
Refi Index Out of Sight
October 14, 1998
Mortgage applications rose 23.6% for the week ended Oct. 9 as the Refinancing Index skyrocketed nearly 1,000 points, passing the 4000 mark for the first time, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Bankruptcy Bill Dies
October 14, 1998
Congressional and White House negotiators have given up on efforts to include the consumer bankruptcy reforms in the omnibus continuing funding resolution. (Read More)
FASB Looks at Gain on Sale
October 14, 1998
The Financial Accounting Standards Board has agreed that securitizers using gain-on-sale accounting should provide additional disclosures in their financial statements, along with sensitivity tests that show how issuer assumptions would perform if prepayments, for example, increased by 10% and 20%. (Read More)
Conti Downgraded by S&P
October 14, 1998
Standard & Poor's has lowered its senior unsecured debt and long-term counterparty credit ratings of ContiFinancial Corp., New York, from BB to B-plus. (Read More)
MBS Prices Jump
October 14, 1998
Agency mortgage-backed securities prices rose 21/32 of a point Wednesday as the benchmark 10-year Treasury rose 17/32, Bridge/Telerate reported. (Read More)
Midland Closes $2.9B CMBS Deal
October 14, 1998
Midland Loan Services Inc., Kansas City, Mo., has closed a $2.9 billion securitization of commercial mortgages. (Read More)
Associates Reports Record 3Q
October 14, 1998
Associates First Capital Corp., Irving, Texas, has reported record earnings of $317.6 million ($0.91 per share) for the third quarter, up 17% from a year ago. (Read More)
Charter One Makes Tender Offer
October 14, 1998
Charter One Bank FSB, Cleveland, has begun a cash tender offer to buy some or all of its outstanding Secured Zero Coupon Bonds due Feb. 26, 2005, according to the bank's parent, Charter One Financial Inc. As of Sept. 30, about $407 million in original face amount of the bonds were outstanding, with a current accreted balance of $198 million and an annual yield to maturity of 11.93%. (Read More)
1stPlus Strikes Deal, Cuts Divisions
October 15, 1998
FirstPlus Financial, the nation's market leader in high-LTV lending, is getting a much-needed infusion of cash but is cutting its business to the bone at the same time. (Read More)
30-Year Rate Soars 41 BP
October 15, 1998
The average 30-year fixed mortgage rate soared 41 basis points to 6.90% for the week ending Oct. 16 -- from its record low of 6.49% the week before -- in response to a similar rise in the 10-year Treasury yield, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
S&P Downgrades Aames
October 15, 1998
The senior unsecured debt and long-term counterparty ratings of Aames Financial Corp., Los Angeles, have been lowered from BB-minus to B by Standard & Poor's. (Read More)
Freddie Reports Record EPS
October 15, 1998
Freddie Mac has reported net income of $425 million for the third quarter, up from $354 million a year ago and $414 million in the second quarter. (Read More)
WMF Capital Expects 3Q Loss
October 15, 1998
The WMF Group Ltd., Vienna, Va., has reported that its WMF Capital Corp. subsidiary expects an after-tax loss of about $31 million for the quarter ended Sept. 30. (Read More)
Dime's 3Q Earnings Up 52%
October 15, 1998
Dime Bancorp, New York, has reported net income of $59.9 million ($0.52 per share) for the third quarter, up 52% from $39.5 million ($0.38 per share) a year ago. (Read More)
IndyMac Reports Higher Earnings
October 15, 1998
IndyMac Mortgage Holdings Inc., Pasadena, Calif., has reported earnings of $39.0 million ($0.54 per share) for the third quarter, compared with operating net income of $27.1 million ($0.46 per share) a year ago. (Read More)
PMI's Volume Up 73%
October 15, 1998
PMI Mortgage Insurance Co., San Francisco, wrote $7.7 billion of new insurance in the third quarter, up 73% from $4.5 billion a year ago, according to the company's parent, The PMI Group Inc. Net income for the third quarter was $53.7 million ($1.73 per share), compared with $41.9 million ($1.26 per share) a year ago. (Read More)
CMAC Earnings, Volume Rise
October 15, 1998
CMAC Investment Corp., Philadelphia, has reported net income of $23.4 million ($0.96 per share) for the third quarter, up 21% from $19.3 million ($0.79 per share) a year ago. (Read More)
Carlisle Unveils Loss Model
October 15, 1998
The Carlisle Group, Scranton, Pa., has unveiled CLM, a residential loss model that allows lenders to compute loss severity and loss coverage numbers in order to pool loans for securitization. (Read More)
Stewart Becomes First MERS Registrar
October 15, 1998
Stewart Title, a MERS charter member, has become the first authorized registrar to register loans in the MERS system for lenders. (Read More)
SSB Reiterates Fannie 'Buy' Rating
October 15, 1998
Salomon Smith Barney has reiterated its "buy" rating of Fannie Mae, citing the government-sponsored enterprise's "earnings surprise" of a 14% increase in operating earnings per share in the third quarter. (Read More)
BAC Takes $250MM Writedown on Servicing
October 16, 1998
BankAmerica Corp., San Francisco, has taken a $250 million writedown on its residential mortgage servicing portfolio. (Read More)
IMC Hires DLJ, May Be For Sale
October 16, 1998
IMC Mortgage Co., Tampa, Fla., is the latest subprime lender to fall victim to a cash crunch. (Read More)
Aames Deal Falling Apart?
October 16, 1998
Shares in subprime lender Aames Financial Corp., Los Angeles, were down 3% at noon Friday to $1.93 after reports began to circulate that it could not find a buyer for the company. (Read More)
Title Index Hits All-Time High
October 16, 1998
The AFS Title Search Index rose 15.4% to an all-time high of 327.2 for the week ended Oct. 9, according to Bridge/Telerate Advance Factor Service. (Read More)
Fed Move to Steepen Yield Curve
October 16, 1998
In a surprise move, the Federal Open Market Committee has eased the federal funds rate, the overnight rate at which banks lend money to each other, by 25 basis points. (Read More)
NAR Sees Rates Dropping Further
October 16, 1998
A representative of a national real estate trade association has predicted that interest rates will continue their downward trend. (Read More)
No Ginnie Fee Increase
October 16, 1998
The budget deal announced Thursday by Republican congressional leaders and President Clinton does not include an increase in Ginnie Mae guaranty fees, but it does include language to repeal Freddie Mac's newly won self-insurance powers, sources have told MortgageWire. (Read More)
Fitch Downgrades Conti
October 16, 1998
The rating on ContiFinancial Corp.'s $700 million of senior notes has been lowered from BBB-minus to a below-investment-grade BB by Fitch IBCA Inc. The rating remains on RatingAlert negative. (Read More)
SPFC-Linked MBS Under Review
October 16, 1998
Classes B-1A and B-1F of Southern Pacific Secured Asset Corp.'s Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1997-2 have been placed on Rating Watch--Down by Duff & Phelps Credit Rating Co., Chicago. (Read More)
Norwest Reports Record 3Q
October 16, 1998
Norwest Mortgage Inc., Des Moines, Iowa, has reported record earnings of $56.0 million in the third quarter, up from $54.0 million in the previous quarter. (Read More)
Triad Earnings Climb 50%
October 16, 1998
Mortgage insurer Triad Guaranty, Winston-Salem, N.C., has reported third-quarter net income of $6.5 million ($0.47 per share), up 36% from $4.7 million ($0.34 per share) in the same period of 1997. (Read More)
Fannie Prices $3B Benchmark Note
October 16, 1998
Fannie Mae has priced a $3.0 billion three-year Benchmark Note due Oct. 15, 2001. (Read More)
PMC, Supertel Cancel Merger
October 16, 1998
PMC Commercial Trust, Dallas, has announced the cancellation of a merger agreement with Supertel Hospitality Inc. The boards of both companies voted to terminate the agreement. (Read More)
CHEC Completes $240MM Deal
October 16, 1998
Centex Home Equity Corp., Dallas, has announced that it completed the securitization of $240 million of subprime home equity loans in September through Centex Home Equity Loan Trust 1998-3. (Read More)
Impac Sells $182MM of Whole Loans
October 16, 1998
Impac Mortgage Holdings Inc., Santa Ana Heights, Calif., has announced the whole loan sale of $182 million in principal balance of mortgage loans. (Read More)
California Agency Creates Anti-Fraud Website
October 16, 1998
The California Department of Financial Institutions has created a website (www.dfi.ca.gov) designed to help prevent online fraud. (Read More)
HUD Releases Areas Receiving Loan Limit Increase
October 19, 1998
HUD Sec. (Read More)
Originations Could Top $1.4 Trillion
October 19, 1998
Thanks to the recent jump in refinancing activity, the Mortgage Bankers Association is now predicting a record $1.4 trillion in loan originations this year. (Read More)
Lenders Advised to Expect Continued Change
October 19, 1998
Home buyers and their lenders were told during the MBA's annual convention that more interest rate swings like the recent 100-basis-point jump that occurred over a short 48-hour period are now a normal part of the mortgage market. (Read More)
A Good Year for the Agencies
October 19, 1998
The Federal Housing Administration, Department of Veterans Affairs mortgage guarantee program, and the Government National Mortgage Association all racked up impressive numbers for the fiscal year that just ended September 30, attendees at the Mortgage Bankers Association annual convention in Chicago heard. (Read More)
FiTech Partners with Freddie Mac
October 19, 1998
FiTech Systems Lending Division, Greensboro, North Carolina, and Freddie Mac have teamed up in an effort to further streamline the loan origination process. (Read More)
New Century Enters into Strategic Alliance with USB
October 19, 1998
Publicly-traded subprime lender New Century Financial Corp., Irvine, Calif., has entered into a strategic alliance with U.S. Bancorp, Minneapolis. (Read More)
HomeSide Joins on Capstead
October 19, 1998
HomeSide Lending Inc., Jacksonville, Fla., has expressed interest in bidding on the servicing portfolio of Capstead Inc., Dallas, sources have told MortgageWire. (Read More)
DLJ Cuts Staff
October 19, 1998
Donaldson, Lufkin & Jenrette has confirmed market rumors that it has laid off 23 staffers "from all levels" of its residential and commercial mortgage departments in conjunction with consolidation at the firm. (Read More)
Stockholders File Class Action Against Criimi Mae
October 19, 1998
Criimi Mae and certain of its officers and directors have been named as defendants in a lawsuit filed in U.S. District Court for the Eastern District of New York on behalf of purchasers of the company's common stock between February 20, 1998 and October 5, 1998. (Read More)
London Bridge Acquires CheckFree's Mortgage Products Division
October 19, 1998
London Bridge Software Holdings plc, London, has acquired CheckFree's Mortgage Products Division and intends to make it part of the firm's North American operation, LBSS Inc. Based in Atlanta, LBSS provides a range of mortgage software products from residential construction and origination to servicing and default management. (Read More)
Websites Under Surveillance
October 19, 1998
California Commissioner of Financial Institutions Walter J. Mix III has announced the implementation of a process to enable consumers to detect and report suspicious financial institution websites. (Read More)
Fannie's DU To Handle FHA Loans
October 20, 1998
FHA originators will soon be able to use Fannie Mae's Desktop Underwriter system to originate these loans, the government-sponsored enterprise announced Tuesday at the Mortgage Bankers Association of America convention in Chicago. (Read More)
GE Unveils Zero-Down Loan
October 20, 1998
Borrowers with solid credit can purchase a home with absolutely no cash out of their own pockets under a new privately insured mortgage introduced by the GE Capital Mortgage Insurance Co., Raleigh, N.C. With GE's CashSaver Advantage, a secured pledge of 3% by the lender substitutes for the buyer's downpayment. (Read More)
1st Vendor Named to MBA Board
October 20, 1998
James W. Milligan, president of Alltel Residential Mortgage Services, has been named to the MBA board of directors as an associate member. (Read More)
Web Benefits and Dangers Cited
October 20, 1998
Dave Matthews, chief technology officer for Chase Manhattan Mortgage Co., says the Internet is leveling the playing field in the mortgage business and has the potential to lower costs. (Read More)
Title Searches Drop
October 20, 1998
The AFS Title Search Index dropped 17.8% to 268.8 for the week ended Oct. 16 from its all-time high of 327.2 the previous week, according to Bridge/Telerate Advance Factor Service. (Read More)
Korell Hired as Chairman, CEO at Finet
October 20, 1998
Mark Korell has been hired as chairman and chief executive officer of Finet Holdings Corp., Walnut Creek, Calif. Dan Rawitch will step down as chairman of Finet and assume the post of president. (Read More)
Amresco Sells HELs, Expects 4Q Loss
October 20, 1998
Amresco Inc., Dallas, has completed the sale of approximately $1 billion of home equity loans and entered into a commitment to sell an additional $400 million, the company has announced. (Read More)
Fitch Downgrades Amresco Servicer Rating
October 20, 1998
Fitch IBCA Inc. has downgraded Amresco Management Inc.'s special servicer rating from Superior to Above Average. (Read More)
Clinton Names 2 to Fannie Board
October 20, 1998
President Clinton has appointed Eli J. Segal, current president and CEO of The Welfare to Work Partnership, and Jose H. Villarreal, a lawyer, to Fannie Mae's board of directors. (Read More)
1st American Reports Earnings Up 171%
October 20, 1998
First American Financial Corp., Santa Ana, Calif., has reported record earnings of $55.8 million ($0.93 per share) for the third quarter, up 171% from $20.6 million ($0.39 per share) a year ago. (Read More)
MBA Sees '99 as 2nd Best Year Ever
October 21, 1998
There will be a contraction in the housing industry next year, but it will still be the second best year ever in terms of mortgage originations, Mortgage Bankers Association of America chief economist David A. Lereah said Wednesday at the group's annual convention in Chicago. (Read More)
Fannie Piloting Apartment Rehab Loan
October 21, 1998
Owners of apartment projects affordable to low- and moderate-income tenants now have a new rehabilitation financing vehicle available to them. (Read More)
1st American To Distribute Freddie's LP
October 21, 1998
Freddie Mac and First American Real Estate Information Services Inc., Jacksonville, Fla., have announced an agreement to distribute Freddie Mac's Loan Prospector and to offer free installation and training to mortgage brokers. (Read More)
GEMICO Cutting Refi Prices
October 21, 1998
GE Capital Mortgage Insurance Co., Raleigh, N.C., will cut its prices up to 15% for mortgage refinances, the company announced at the MBA convention. (Read More)
Apps, Refi Index Plunge
October 21, 1998
Mortgage applications plunged 40.4% for the week ended Oct. 16 as the unadjusted Refinancing Index sank more than 2,000 points from its 4300-plus record heights the week before, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
SF Starts Fall Slightly
October 21, 1998
Despite a weakening economy and global instability, single-family starts fell only 1% in September, according to data released Wednesday by the U.S. Commerce Department. (Read More)
Criimi Mae Sues Morgan Stanley
October 21, 1998
Criimi Mae has sued Morgan Stanley & Co. for seizing $286.9 million of its assets (commercial mortgage-backed securities), while the real estate investment trust is in Chapter 11 bankruptcy. (Read More)
WaMu Reports Record 3Q Earnings
October 21, 1998
Washington Mutual Inc., Seattle, has reported record earnings of $274.3 million ($0.73 per share) for the third quarter, compared with an after-tax loss of $127 million ($0.36 per share) a year ago. (Read More)
Amresco Earnings Nose-Dive
October 21, 1998
Amresco Inc., Dallas, has reported net income of $758,000 ($0.02 per share) for the quarter ended Sept. 30, down dramatically from $15.3 million a year ago. (Read More)
Delta Reports 3Q Earnings Falloff
October 21, 1998
Delta Financial Corp., Woodbury, N.Y., has reported earnings of $3.1 million ($0.20 per share) for the third quarter, down from $7.9 million ($0.51 per share) a year ago. (Read More)
Clinton Signs FHA Loan Limit Hike
October 22, 1998
President Clinton has signed into law a $24.5 billion HUD budget that calls for healthy increases in the Federal Housing Administration loan limit. (Read More)
OCC To Publish Subprime Guidelines
October 22, 1998
The Office of the Comptroller of the Currency has said it wants to publish a set of guidelines by year end that will instruct banks on how to manage a subprime operation. (Read More)
FHFB Nominee Announced
October 22, 1998
President Clinton has nominated Douglas L. Miller to the Federal Housing Finance Board. (Read More)
Fixed Rates Drop
October 22, 1998
The average 30-year fixed mortgage rate fell to 6.73% for the week ending Oct. 23 from 6.90% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
WMF Announces Recap, Work Force Cut
October 22, 1998
The WMF Group Ltd., Vienna, Va., has announced a $30 million recapitalization plan and an approximately 15% reduction in the company's work force. (Read More)
Golden State Reports 3Q Loss
October 22, 1998
Golden State Bancorp Inc., San Francisco, the parent of California Federal Bank, has reported a net loss of $32.2 million ($0.44 per share) for the third quarter, compared with net earnings of $33.0 million a year ago. (Read More)
RBMG Reports Record 3Q
October 22, 1998
Resource Bancshares Mortgage Group Inc., Columbia, S.C., has reported record net income of $13.3 million ($0.56 per share) for the third quarter, up 50% from $8.8 million ($0.42 per share) before non-recurring and special charges in the third quarter of 1997. (Read More)
TBMA Proposes New Reg Framework
October 22, 1998
The Bond Market Association has proposed a new framework that it says would provide a more efficient regulatory structure for fixed-income markets. (Read More)
Life Files Suit Against 1stPlus
October 23, 1998
Life Financial Corp., Riverside, Calif., is asking for civil damages from high-LTV lender FirstPlus Financial (symbol: FP), Dallas, in connection with the latter's planned -- and since aborted -- purchase of the thrift. (Read More)
UCFC Downgraded by S&P
October 23, 1998
The ratings on United Companies Financial Corp. have been lowered by Standard & Poor's and removed from Credit Watch. (Read More)
Homeownership Hits Record
October 23, 1998
The homeownership rate hit a record 66.8% in the third quarter, up from 66% in the second quarter, according to the Department of Housing and Urban Development. (Read More)
13 Criimi Deals on Rating Watch-Down
October 23, 1998
Duff & Phelps Credit Rating Co., Chicago, has shifted 13 commercial mortgage-backed securities transactions from Rating Watch-Uncertain to Rating Watch-Down in connection with the recent Chapter 11 bankruptcy filing of Criimi Mae Inc. The rating agency attributed the change to its "further evaluation of the impact" of Criimi Mae's bankruptcy filing on its subsidiary Criimi Mae Services LP, which acts as special servicer for the 13 deals and as master servicer for one. (Read More)
Trading Halted on Chastain
October 23, 1998
Trading of real estate investment trust Chastain Capital Corp.'s Nasdaq-listed shares has been halted at 5 1/4, according to Bridge/Telerate. (Read More)
Coalition Challenges Subprime Lenders
October 23, 1998
A coalition of civil rights and fair housing groups has called for a meeting of subprime mortgage lenders in Washington, D.C. to develop voluntary reforms of what it termed unscrupulous lending practices. (Read More)
Nomura Gets Cash Infusion, Records CMBS Loss
October 23, 1998
Nomura Holding America Inc., New York, has reported that its parent company, The Nomura Securities Co. Ltd. of Tokyo had provided the U.S. subsidiary an additional equity investment of $1.2 billion in conjunction with NHA's recent pretax loss of $1.16 billion. (Read More)
Amerin Reports Earnings Up 33%
October 23, 1998
Amerin Corp., Chicago, has reported net income of $14.0 million ($0.52 per share) for the third quarter, up 33% from $10.5 million ($0.40 per share) a year ago. (Read More)
Ryland's 3Q Financial Services Earnings Down
October 23, 1998
The Ryland Group Inc., Columbia, Md., has reported net earnings of $9.20 million ($0.59 per share), up from $6.74 million ($0.41 per share) a year ago. (Read More)
1st Alliance's Earnings Fall
October 23, 1998
First Alliance Corp., Irvine, Calif., has reported net income of $3.8 million ($0.21 per share) for the third quarter, down from $8.2 million ($0.37 per share) a year ago. (Read More)
Resales Hit Low for Year
October 26, 1998
Sales of existing single-family homes hit a low for the year in September, falling 1.1%, according to data released by the National Association of Realtors. (Read More)
HUD Simplifies Downpay Formula
October 26, 1998
The Department of Housing and Urban Development has issued regulations that make it easier for lenders to calculate the downpayment of a Federal Housing Administration-insured loan. (Read More)
Long Beach Reports Record Earnings
October 26, 1998
Long Beach Financial Corp., Orange, Calif., has reported record earnings of $8.3 million ($0.34 per share), up from $7.9 million ($0.30 per share) a year ago. (Read More)
Prepay-Linked Loss Reported by BankAtlantic
October 26, 1998
BankAtlantic Bancorp, Fort Lauderdale, Fla., has reported a prepayment-linked net loss of $9.5 million ($0.27 per share) for the third quarter, compared with net income of $6.4 million ($0.18 per share) a year ago. (Read More)
Fitch Downgrades City Rev Bonds
October 26, 1998
The City of Indianapolis's Series A multifamily revenue bonds for the Sunrise Apartment Project have been downgraded from BB-plus to BB by Fitch IBCA Inc. The approximately $3.63 million of certificates are secured by a mortgage loan on a 320-unit multifamily property in Indianapolis. (Read More)
REIT Gets Standby Facility With Fannie
October 26, 1998
Charles E. Smith Residential Realty Inc., Arlington, Va., has negotiated a $300 million standby credit facility with Fannie Mae, through lender Green Park Financial. (Read More)
Realty Income Prices $100MM of Notes
October 26, 1998
Realty Income Corp., Escondido, Calif., has priced $100 million of Monthly Income Senior Notes due 2008. (Read More)
QuickenMortgage To Add Lenders to Site
October 26, 1998
QuickenMortgage, the online multilender based in Mountain View, Calif., plans to add three to six lenders to its site, MortgageWire has learned. (Read More)
Nationwide Hit With $100MM in Redline Damages
October 27, 1998
Nationwide Insurance Co., Columbus, Ohio, one of the nation's top underwriters of homeowners insurance, must pay a record $100 million in civil damages after a jury found the company guilty of "redlining." (Read More)
FDIC Holds Premiums Steady
October 27, 1998
The Federal Deposit Insurance Corp. has voted to keep Bank Insurance Fund and Savings Association Insurance Fund deposit insurance premiums at current levels for the first half of 1999. (Read More)
PacAmerica Shuts Down Wholesale Unit
October 27, 1998
PacificAmerica Money Center Inc., Woodland Hills, Calif., has announced that it is shutting down its wholesale production channel, effective immediately. (Read More)
He Got the Car
October 27, 1998
The Mortgage Bankers Association of America's former top executive Warren Lasko has left the association after agreeing to a $2.5 million buyout of his contract. (Read More)
Title Searches Rise
October 27, 1998
The AFS Title Search Index rose 2.4% to 275.2 for the week ended Oct. 16 from 268.8 the previous week, according to Bridge/Telerate Advance Factor Service. (Read More)
UCFC Downgraded by S&P
October 27, 1998
Standard & Poor's has downgraded United Companies Financial Corp. and removed its ratings from CreditWatch. (Read More)
Advanta: Earnings Up, Reporting Change Planned
October 27, 1998
Advanta Corp., Spring House, Pa., has reported net income of $15.0 million ($0.58 per share) for the third quarter, up 59% from $9.5 million in the previous quarter. (Read More)
Wilshire Restructures, Delays Dividend
October 27, 1998
Wilshire Real Estate Investment Trust Inc., Portland, Ore., has restructured its balance sheet and will postpone the payment of its third-quarter dividend to increase its short-term liquidity, Wilshire has announced. (Read More)
HFA Ratings on Watch
October 27, 1998
The ratings on the Massachusetts Housing Finance Agency's $117.7 million multifamily refunding revenue bonds (Harbor Point), Series 1995A have been placed on CreditWatch with negative implications by Standard & Poor's. (Read More)
With No Buyer, UCFC Shrinks Business
October 28, 1998
United Companies Financial Corp., Baton Rouge, La., the nation's 12th largest subprime lender, today announced a massive restructuring plan that includes the firing of 1,070 employees -- about 30% of its staff -- and a decision to close or sell several business units, including its wholesale home equity division. (Read More)
New FHA Affordable Housing Program
October 28, 1998
A neglected Federal Housing Administration mortgage insurance program has been revamped to facilitate single-family lending by community development financial institutions. (Read More)
Applications Up 18.4%
October 28, 1998
Mortgage applications jumped 18.4% for the week ended Oct. 23, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Union Planters To Buy First American Units
October 28, 1998
Union Planters Corp., Memphis, Tenn., has agreed to buy the wholesale mortgage loan production operations of First American Bank Texas SSB, Bryan, Texas, and its subsidiary Adam Mortgage Co. Included in the purchase is First American's four production offices in Houston; San Antonio; Irvine, Calif.; and Tampa. (Read More)
Associates' $4.8B of Global Notes on Watch
October 28, 1998
Fitch IBCA Inc. has assigned a rating of AA to $4.8 billion of senior global notes issued by The Associates Corp. of North America and placed them on RatingAlert negative. (Read More)
Fannie Prices $3B Benchmark Note
October 28, 1998
Fannie Mae has priced a $3.0 billion five-year Benchmark Note due Nov. 14, 2003. (Read More)
ICII Reports $109.4MM Net Loss
October 28, 1998
Imperial Credit Industries Inc., Torrance, Calif., has reported a net loss of $109.4 million ($2.83 per share) for the quarter ended Sept. 30, compared with net income of $14.6 million ($0.36 per share) a year ago. (Read More)
Finet Names Cap Markets EVP
October 28, 1998
Michael G. Conway has been appointed executive vice president of capital markets at e-commerce firm Finet Holdings Co., San Francisco. (Read More)
Starwood Terminates Forward Swap
October 28, 1998
Starwood Hotels & Resorts and Starwood Hotels & Resorts Worldwide Inc. have announced the termination of a forward equity swap arrangement with affiliates of Merrill Lynch, Lehman Brothers, and NationsBank. (Read More)
Correction
October 28, 1998
MortgageWire incorrectly reported Tuesday that Warren Lasko held out for a car as part of the negotiations over the $2.5 million buyout of his contract by the Mortgage Bankers Association of America. (Read More)
OFHEO Completes Work on Cap Standard
October 29, 1998
On Friday, the Office of Federal Housing Enterprise Oversight will take a very important step in the development of a risk-based capital system for Fannie Mae and Freddie Mac. (Read More)
HomeSide Launches $1.5B CP Program
October 29, 1998
HomeSide Lending Inc., Jacksonville, Fla., has begun issuing commercial paper as part of its efforts to lower its cost of funding by accessing the capital markets directly. (Read More)
Rates Rise
October 29, 1998
The average 30-year fixed mortgage rate rose to 6.83% for the week ending Oct. 30 from 6.73% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
REIT Restructures Assets, Expects 4Q Charge
October 29, 1998
American Residential Investment Trust Inc., Del Mar, Calif., has announced a restructuring of its assets that is expected to result in a charge against fourth-quarter earnings. (Read More)
NovaStar Reports 3Q Earnings Rise
October 29, 1998
NovaStar Financial Inc., Westwood, Kan., has reported earnings of $2.4 million ($0.29 per share) for the third quarter, up $2.2 million from $177,000 ($0.05 per share) a year ago. (Read More)
Interlinq Reports Earnings Surge
October 29, 1998
Interlinq Software Corp., Kirkland, Wash., has reported net income of $707,000 ($0.13 per share) for its fiscal first quarter ended Sept. 30, up 238% from $209,000 ($0.04 per share) a year ago. (Read More)
REIT's Credit Line Hiked to $400MM
October 29, 1998
The unsecured revolving credit facility of BRE Properties Inc., San Francisco, has been increased to $400 million and its maturity has been extended to Aug. 1, 2001, the real estate investment trust has announced. (Read More)
New Home Sales Hit Low for Year
October 30, 1998
New, single-family home sales hit a low for the year, falling 1% in September, according to data released Friday by the U.S. Department of Commerce. (Read More)
FHA Loan Limits Fall in Some Areas
October 30, 1998
Legislation signed by President Clinton that dramatically increased the FHA loan limit for single-unit homes is having a completely opposite effect on two-, three-, and four-family structures. (Read More)
MIAC Offering MF Servicing Portfolio
October 30, 1998
Mortgage Industry Advisory Corp., New York, is offering for sale $313 million in multifamily servicing. (Read More)
Texas OKs HEL Title Coverage
October 30, 1998
The Texas Department of Insurance has adopted supplemental title insurance coverage for home equity loans (T-42.1), as requested by Fannie Mae. (Read More)
1stPlus To Release Earnings
October 30, 1998
FirstPlus Financial, Dallas, the nation's top originator of high-LTV loans, said it will release its third quarter earnings after the market closes on Monday. (Read More)
Melody Buys CBSP
October 30, 1998
Commercial mortgage banker L.J. Melody & Co., Houston, has acquired the Pittsburgh-based Carey, Brumbaugh, Starman, Phillips & Associates. (Read More)
UCFC MH Deals Downgraded
October 30, 1998
Three manufactured housing securities enhanced by a limited guarantee from United Companies Financial Corp. have been downgraded from BB to B by Fitch IBCA Inc. The rating agency attributed the action to its recent lowering of UCFC's corporate credit rating from BB to B. The affected securities are the Class B-2 certificates of UCFC's manufactured housing contract pass-through certificates, Series 1997-1, 1997-2, and 1997-3. (Read More)
Fitch Eyes CMBS Deals Linked to Bankers Trust
October 30, 1998
The recent downgrading of Bankers Trust Co. may have negative implications for certain commercial mortgage-backed security transactions rated AA-minus or higher for which Bankers Trust is the trustee, Fitch IBCA has announced. (Read More)
Consumers Look but Don't Buy on Internet
October 30, 1998
According to a new study released by Brittain Associates, an Atlanta-based national research firm, only about one-third of the 15 million Internet-connected adults in the U.S. that claim to have researched mortgage and equity loan rates online actually applied for a loan from a lender they found on the Internet. (Read More)
REIT Reports 3Q Loss
October 30, 1998
First Union Real Estate Investments, Cleveland, has reported a loss of $11.7 million ($0.37 per share) for the third quarter. (Read More)
Dynex Earnings Down; Will Curtail 4Q Output
October 30, 1998
Dynex Capital Inc., Glen Allen, Va., has reported net income of $6.5 million ($0.07 per share) for the third quarter, down from $15.6 million ($0.27 per share) for the previous quarter. (Read More)
November
Freddie Speeds Surge in 6.5s-7.5s
November 2, 1998
Prepayment speeds for Freddie Mac mortgage-backed securities rose across the board in the October reporting period, but the acceleration was greatest in the 30-year 6.5%-7.5% coupons, according to the Bear Stearns Prepayment Commentary. (Read More)
Coss To Retire as Green Tree CEO
November 2, 1998
Lawrence M. Coss, the 59-year-old chairman and chief executive officer of Green Tree Financial Corp., will retire from active management at the end of the year but will remain a director of the company, Conseco Inc. has announced. (Read More)
NY Thrift To Buy Ivy Mortgage
November 2, 1998
Staten Island (N.Y.) Bancorp Inc. has agreed to acquire the residential mortgage operations of Ivy Mortgage Corp., Branchburg, N.J., for an undisclosed amount. (Read More)
BlackRock Buys Risk Monitors
November 2, 1998
BlackRock Inc., New York, has acquired Risk Monitors Inc., which develops prepayment models, from GMAC Mortgage. (Read More)
MBS Prices Fall
November 2, 1998
Mortgage-backed securities had fallen more than half a point at around noon on Monday in the wake of a falloff in Treasury prices, Bridge/Telerate reported. (Read More)
New MI Hits Record High
November 2, 1998
Private mortgage insurers set a new record in September with nearly $17.4 billion of net primary new insurance written, the Mortgage Insurance Cos. (Read More)
No Fixes Seen for Texas HEL Law
November 2, 1998
Despite acknowledged problems with the Texas home equity lending law, it appears the Texas legislature will not consider substantive changes when it meets in January. (Read More)
COFI Falls Again
November 2, 1998
The Eleventh Federal Home Loan District Cost of Funds Index for September is 4.882%, down more than 1 basis point from August's 4.899%. (Read More)
Clarion Reports $48.2MM Net Loss
November 2, 1998
Clarion Commercial Holdings Inc., New York, has reported a net loss of $48.2 million ($9.80 per share) for the third quarter, its first full quarter of operations. (Read More)
1stPlus Loses $82MM in 3Q
November 3, 1998
FirstPlus Financial, the nation's market leader in high-LTV lending, lost $82 million in the third quarter and said originations fell because of "constraints in the company's warehouse lines." (Read More)
Title Searches Fall
November 3, 1998
The AFS Title Search Index fell 9.2% to 268.8 for the week ended Oct. 30 from 275.2 the previous week, according to Bridge/Telerate Advance Factor Service. (Read More)
James River Forms Mortgage Unit
November 3, 1998
James River Bankshares Inc., Suffolk, Va., has formed a new mortgage subsidiary, Mortgage Company of James River Inc. The new operation will be based in Richmond, Va., but will originate loans across the state, from Hampton Roads to Charlottesville, said James River Bankshares president and chief executive Harold U. Blythe. (Read More)
Lockport Expands in Western NY
November 3, 1998
Lockport (N.Y.) Savings Bank has announced an aggressive expansion of its mortgage capabilities in western New York with the hiring of the residential mortgage origination team formerly associated with the Buffalo, N.Y. division of Bank of America. (Read More)
Freddie Announces Stock Offering
November 3, 1998
Freddie Mac has announced a public offering of 15 million shares of its common stock and said it expects, in 1999, to redeem all or part of $450 million in preferred stock that is now callable. (Read More)
MBHC Streamlines Operations
November 3, 1998
Mortgage Bankers Holding Corp., Carnegie, Pa., has streamlined its operations and refocused on its core businesses, the company has announced. (Read More)
Weinberg to Launch Links CMO Unit
November 3, 1998
Links Securities Inc., New York, has announced the appointment of Matthew Weinberg as a partner and managing director to launch the company's fixed-rate collateralized mortgage obligation trading business. (Read More)
NRMLA Seeks Reverse Mortgage Changes
November 3, 1998
A national lenders group has called for modifications to the federal reverse mortgage program that would allow borrowers to refinance their loans more cheaply by crediting them for certain costs paid for the original loan. (Read More)
Delta's 3Q Earnings Down
November 3, 1998
Delta Financial Corp., Woodbury, N.Y., has reported net income of $3.1 million ($0.20 per share) for the third quarter, compared with a net income of $7.9 million ($0.51 per share) a year ago. (Read More)
Headlands Reports 3Q Earnings
November 3, 1998
Headlands Mortgage Co., Larkspur, Calif., has reported net income of $9.3 million ($0.46 per share) for the third quarter, compared with pro forma net income of $11.8 million ($0.84 per share) a year ago. (Read More)
Fitch Adds New CMBS Servicer Category
November 3, 1998
Fitch IBCA Inc. has announced the addition of a new category and a new rating scale for servicers of commercial mortgage-backed securities. (Read More)
Subprime Industry May Face Another Jolt
November 4, 1998
Although liquidity in the subprime market has improved the past few weeks, the industry could be in for one more jolt. (Read More)
Gramm To Head Senate Banking Panel
November 4, 1998
Sen. Phil Gramm, R, Texas, will become the next chairman of the Senate Banking Committee in the wake of Rep. Charles Schumer's upset of Sen. Alfonse D'Amato, R, N.Y. The Democratic congressman from Brooklyn and long-time House Banking Committee member racked up 55% of the vote in defeating Senate Banking Committee chairman D'Amato in a race that was considered too close to call just a day before Tuesday's election. (Read More)
Applications Fall 13.1%
November 4, 1998
Mortgage applications fell 13.1% for the week ended Oct. 30, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Dockser Big Post-Bankruptcy Contributor
November 4, 1998
Criimi Mae chairman William Dockser made a $25,000 contribution to the Democratic National Committee on Oct. 6 -- one day after his company filed for Chapter 11 bankruptcy protection. (Read More)
UCFC MH Classes Under Review
November 4, 1998
The ratings of four classes of manufactured housing securities issued by UCFC Funding Corp. have been downgraded by Moody's Investors Service, and the ratings of 43 other classes have been placed under review for possible downgrade. (Read More)
Freddie Modifies Reference Notes Program
November 4, 1998
Freddie Mac has announced modifications to its Reference Notes non-callable debt program, which was launched in March. (Read More)
Euro MBS Market Coming Soon
November 4, 1998
The development of a European mortgage-backed securities market will get a major boost Jan. 1 when 11 countries merge their currencies into a single currency called the "euro." (Read More)
REIT Hires CEO, 2 EVPs
November 4, 1998
First Union Real Estate Investments, Cleveland, has announced the hiring of David P. Friedman as its chief executive officer and David Schonberger and Anne Zahner as executive vice presidents. (Read More)
Source One 3Q Earnings Up
November 4, 1998
Source One Mortgage Services Corp., Farmington Hills, Mich., has reported net income of $10.0 million for the third quarter, compared with $1.1 million a year ago. (Read More)
Examiners Eye FHA Steering
November 5, 1998
Federal banking and thrift examiners will be looking to see whether mortgage lenders are steering minorities into Federal Housing Administration loans under newly revised examination procedures that go into effect early next year. (Read More)
SPFC Engages Advisor To Sell UK Unit
November 5, 1998
Southern Pacific Funding Corp., Lake Oswego, Ore., has engaged CIBC Oppenheimer Corp. to act as financial advisor in connection with the proposed sale of Southern Pacific Mortgage Ltd., SPFC's wholly owned United Kingdom subsidiary. (Read More)
BNY, Alliance Mortgage Form Joint Venture
November 5, 1998
The Bank of New York has formed a joint venture with Alliance Mortgage Co., Jacksonville, Fla., to originate residential mortgage loans in New York, New Jersey, and Connecticut. (Read More)
Dynex Preferred Stock Downgraded
November 5, 1998
The preferred stock of Dynex Capital Inc., Glen Allen, Va., has been downgraded from BB-minus to B-plus by Standard & Poor's. (Read More)
Citicorp REMIC Class Downgraded
November 5, 1998
The rating on Citicorp Mortgage Securities Inc.'s REMIC pass-through certificates, Series 1989-8, Class A-1 has been lowered from BBB-minus to a below-investment-grade BB by Standard & Poor's. (Read More)
Rates Continue To Rise
November 5, 1998
The average 30-year fixed mortgage rate rose to 6.89% for the week ending Nov. 6 from 6.83% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
QuickenMortgage Releases Origination Stats
November 5, 1998
QuickenMortgage announced Thursday that it has originated more than $350 million in closed loans over the Internet in the last three quarters, including $75 million in August alone. (Read More)
WMF Reports 3Q Loss, Work Force Cuts
November 5, 1998
The WMF Group, Vienna, Va., has reported a net loss of $29.6 million ($5.62 per share) for the third quarter and announced cuts in its work force. (Read More)
Veterans' Day, Thanksgiving Closes Suggested
November 5, 1998
The Bond Market Association has recommended a full market close in observance of Veterans' Day on Wednesday, Nov. 11. (Read More)
Industry Jobs Top 300,000
November 6, 1998
Mortgage industry employment has surpassed 300,000 full-time jobs for the first time ever, according to data released by the Bureau of Labor Statistics. (Read More)
Fannie Speeds Surge in 6.5s-7.5s
November 6, 1998
Increases in prepayment speeds for Fannie Mae 30-year mortgage-backed securities, like those recently reported for Freddie Mac's MBS, were concentrated in the 6.5%-7.5% coupons in the October reporting period, according to the Bear Stearns Prepayment Commentary. (Read More)
BYL Buys ASF Mortgage Operations
November 6, 1998
BYL Bancorp, Yorba Linda, Calif., has acquired the mortgage banking operations of All Source Financial LLC, Diamond Bar, Calif., a subsidiary of Assurance Mortgage Corp. of America. (Read More)
Criimi Mae Taps Banc 1 for Servicing
November 6, 1998
In an effort to address the concerns of rating agencies in the wake of its Chapter 11 bankruptcy filing, Criimi Mae Inc., Rockville, Md., has announced the designation of Banc One Mortgage Capital Markets LLC as special servicer on approximately $28 billion of commercial mortgage-backed securities. (Read More)
Fannie Touts Int'l Benchmark Sales
November 6, 1998
Although many international financial markets have been going through a liquidity crisis, Fannie Mae has reported that it has been able to sell 42% of its multibillion-dollar issues of non-callable Benchmark Notes to investors outside the United States, primarily Europeans. (Read More)
Impac REITs Report Losses
November 6, 1998
Impac Mortgage Holdings Inc. and Impact Commercial Holdings Inc., both based in Santa Ana Heights, Calif., have reported losses for the third quarter. (Read More)
Recession Wouldn't Derail RE, Firm Says
November 9, 1998
Even if the U.S. economy enters a recession in 1999 the real estate market will be strong, according to a report by the Boston-based CB Richard Ellis/Torto Wheaton Research. (Read More)
HomeShark, Homes.com Join Forces
November 9, 1998
The online discount mortgage broker HomeShark Inc., San Francisco, has joined forces with Homes.com, a home listing and Realtor marketing service, to develop Realtor-friendly online mortgage services. (Read More)
QSpace Unveils Online Credit Reports
November 9, 1998
A program that allows Realtors to offer instant credit reports to prospective homebuyers has been unveiled by iCreditReport.com. (Read More)
Transnational Warehouse Line Increased
November 9, 1998
Transnational Financial Corp., San Francisco, has announced a $30 million increase in the company's warehouse line of credit. (Read More)
Weeks Places $35MM in Securities
November 9, 1998
The Atlanta-based Weeks Corp. has completed a $35 million direct placement of preferred equity securities and warrants to buy common stock with AEW Targeted Securities Fund LP. (Read More)
Chastain Receives Waiver Extension
November 9, 1998
Chastain Capital Corp., Atlanta, has received a waiver extension from Morgan Guaranty Trust Co. and Merrill Lynch Mortgage Capital, the company has announced. (Read More)
Cargill Acquisition Spurs Conti Stock
November 10, 1998
Shares of ContiFinancial Corp., New York, traded higher Tuesday morning after the Minneapolis-based Cargill Inc. said it was acquiring a portion of the assets owned by Conti's parent, Continental Grain Co. However, Cargill, the nation's largest privately held company, released a statement shortly after noon saying it is purchasing only Continental's international grain operations and not the financial unit. (Read More)
OTS Okays Life Co. Acquisition
November 10, 1998
Jacksonville National Life Insurance Co., Lansing, Mich., has received Office of Thrift Supervision approval to acquire First Federal Savings & Loan Association, a $104 million thrift in San Bernardino, Calif. Jackson National becomes the eighth insurance company to receive a thrift charter, and in this case the insurance company acquired a troubled thrift that will require a $4 million capital infusion. (Read More)
Title Searches Dip
November 10, 1998
The AFS Title Search Index fell 2.8% to 243.1 for the week ended Nov. 6 from 250.0 the previous week, according to Bridge/Telerate Advance Factor Service. (Read More)
S&P Downgrades 1st Union
November 10, 1998
The ratings on First Union Real Estate Investments, Cleveland, have been lowered by Standard & Poor's and removed from CreditWatch. (Read More)
Fannie Announces Y2K Requirements
November 10, 1998
Fannie Mae has notified its approved seller/servicers of requirements to undergo industry testing on Year 2000 compliance before March 31, 1999 and set a deadline for outlining their Y2K compliance status. (Read More)
Wholesale Access Conducts Broker Study
November 10, 1998
Wholesale Access, a Columbia, Md.-based research firm, is conducting a study of the mortgage brokerage industry, its first since 1994. (Read More)
$78MM in Servicing for Sale
November 10, 1998
United Financial Inc., Denver, is brokering the sale of $78 million in non-recourse servicing rights on a portfolio of both commercial and residential mortgage loans from the Western United States from a company that is selling its servicing to concentrate on commercial loan origination.The portfolio is seven years old and has a weighted average interest rate of 8.11%. (Read More)
HUD Reluctant To Restart Note Sales
November 11, 1998
The Department of Housing and Urban Development appears to be reluctant to restart the FHA note sale program, despite explicit orders from Congress. (Read More)
Apps Fall; Refi Index Below 2000
November 11, 1998
Mortgage applications fell 8.1% for the week ended Nov. 6 as the Refinancing Index dropped below 2000 for the first time in two months, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
CHEC Buys 9 UC Lending Offices
November 11, 1998
Centex Home Equity Corp., Dallas, the subprime lending subsidiary of Centex Corp., has added 10 offices to its Texas branch network, nine of which were acquired from UC Lending, a subsidiary of United Companies Financial Corp. The terms of the transaction were not disclosed. (Read More)
HUD Announces Y2K Readiness
November 11, 1998
The Department of Housing and Urban Development says its mission-critical computer systems are Year 2000 compliant and are not expected to crash at midnight Dec. 31, 1999. (Read More)
Advanta Prices $1.1B Deal
November 11, 1998
Advanta Mortgage Conduit Services Inc. has priced a $1.1 billion floating-rate mortgage loan securitization involving three separate trusts: Advanta Mortgage Loan Trusts 1998-4A, 1998-4B, and 1998-4C. (Read More)
Fitch Eyes Glenborough Senior Notes
November 11, 1998
The rating on Glenborough Realty Trust Inc.'s $150 million of 7.625% senior notes due 2008 have been placed on RatingAlert with negative implications by Fitch IBCA Inc. The rating agency said the resolution of the RatingAlert "will largely depend on Glenborough's ability to manage through a capital-constrained environment that has forced management to deviate from its stated financing plans, evidenced by increased leverage, predominately through secured debt." (Read More)
Associates Plans Stock Offering
November 11, 1998
Associates First Capital Corp., Irving, Texas, has announced a planned public offering of 15 million new shares of Class A common stock. (Read More)
Kranzco Adopts Shareholder Rights Plan
November 11, 1998
The board of trustees of Kranzco Realty Trust, Conshohocken, Pa., has announced the adoption of a shareholder rights plan. (Read More)
1stPlus Rating Eyed by Fitch
November 12, 1998
The rating of FirstPlus Financial Group Inc.'s ability to meet senior unsecured obligations has been placed on RatingAlert negative by Fitch IBCA Inc. The B rating was removed from "evolving" status, where it was placed Oct. 7 after FirstPlus's announced decision to evaluate strategic options, including the sale of the company. (Read More)
Rates Up Again
November 12, 1998
The average 30-year fixed mortgage rate rose to 6.93% for the week ending Nov. 13 from 6.89% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Reverse Lender Plans Acquisition
November 12, 1998
America's Senior Financial Services, Miami Lakes, Fla., has announced its intention to acquire Capital Funding of South Florida Inc., a mortgage lender with six offices in the state. (Read More)
QuickenMortgage 3.0 Adds New Tools
November 12, 1998
The debut of version 3.0 of QuickenMortgage, featuring new interactive tools, has been announced by Intuit Inc., Mountain View, Calif. The new version also expands the website (http://www.quickenmortgage.com) to include seven new lenders and adds online rate-locking. (Read More)
State Farm Gets Thrift Charter
November 12, 1998
The Office of Thrift Supervision has granted State Farm Mutual Insurance Co. a de novo thrift charter that will allow insurance company to market mortgage and auto loans though its independent agents in Illinois, Missouri, and Arizona. (Read More)
2 PruHome MBS Classes Under Review
November 12, 1998
Moody's Investors Service has placed the lowest-rated tranche from each of two resecuritized Prudential Home B-Piece mortgage-backed securities on review for possible downgrade. (Read More)
Investors Warned About Mini-Tenders
November 12, 1998
Offers to buy limited partnership or untraded REIT securities are not registered with the Securities and Exchange Commission and are not subject to the usual disclosure requirements, a trade association has warned investors. (Read More)
Banc 1 Selling Servicing; Others Mull Sales
November 13, 1998
A handful of fairly large commercial banks are considering selling all or part of their residential servicing portfolios, investment advisors have told MortgageWire. (Read More)
Moody's Downgrades Conti
November 13, 1998
The long-term debt and preferred stock ratings of ContiFinancial Corp. have been lowered by Moody's Investors Service and placed on review for possible further downgrade. (Read More)
Self-Storage REITs To Merge
November 13, 1998
Public Storage Inc., Glendale, Calif., and Storage Trust Realty, Columbia, Mo., have announced that their boards of trustees have approved a strategic merger of the two self-storage real estate investment trusts. (Read More)
BofA Faces Reconveyance Suit
November 13, 1998
Bank of America faces a class action lawsuit alleging that the bank failed to properly record loan reconveyance documents when mortgages were paid in full. (Read More)
Hanover Announces Repo Facility, Alliance
November 13, 1998
Hanover Capital Mortgage Holdings Inc., New York, has arranged a 90-day mortgage loan repurchase facility with GMAC/Residential Funding Corp. and the two companies have agreed to establish a long-term strategic relationship. (Read More)
Minority Denial Rates Rising, Study Says
November 13, 1998
Despite a robust economy, the percentage of minorities denied a conventional home mortgage last year increased, according to a new study published by the Association of Community Organizations for Reform Now. (Read More)
Dai-Ichi Kangyo Reducing Stake in CIT
November 13, 1998
The CIT Group Inc. has reported that its corporate parent, The Dai-Ichi Kangyo Bank Ltd., is selling 49 million shares of CIT at $27 per share. (Read More)
4 REITs Close Private Placements
November 13, 1998
Four real estate investment trusts have announced private placements of preferred equity securities. (Read More)
Conti Cuts 446 Jobs in Wholesale Unit
November 16, 1998
ContiMortgage, Hatboro, Pa., the nation's second largest subprime lender, is eliminating 446 jobs in its wholesale division, or 12% of its total work force, due to liquidity pressures. (Read More)
Conti Reports $114MM Loss
November 16, 1998
Meanwhile, ContiFinancial has reported a net loss of $114.3 million in the quarter ended Sept. 30 as a result of a pretax writedown of $129 million on its commercial real estate loan portfolio and other pretax charges of $36 million. (Read More)
Ocwen To Expand UK Operations
November 16, 1998
Ocwen Financial Corp. has found a friendly profit environment in the U.K. and says it plans to expand its operations there. (Read More)
Customer Focus Advised for Home Equity Lenders
November 16, 1998
Home equity lenders should focus on the customer to differentiate themselves in the marketplace, Jack Antonini, executive vice president of First Union Corp., Charlotte, N.C., told a recent session of the Home Equity Lending Conference at Marco Island, Fla. First Union has redesigned its platforms to make them more customer friendly, he said. (Read More)
Headlands Increases Credit Facility
November 16, 1998
Headlands Mortgage Co., Larkspur, Calif., has announced the expansion of its committed warehouse credit facility from $310 million to $750 million. (Read More)
Chastain Restructures, Stops Buying New Assets
November 16, 1998
Chastain Capital Corp., Atlanta, has announced a restructuring of its credit facilities, the disposition of certain assets, and a decision to cease acquiring new assets. (Read More)
Amresco Expects 4Q Loss
November 16, 1998
Amresco Inc., Dallas, has reported that it expects a net loss of $85-95 million in the fourth quarter, including losses from previously announced sales of its commercial mortgage and home equity loan portfolios. (Read More)
PacAmerica Reports 3Q Loss
November 16, 1998
PacificAmerica Money Center Inc., Woodland Hills, Calif., has reported a consolidated net loss of $22.4 million ($4.35 per share) for the third quarter, compared with net income of $5.5 million ($1.10 per share) a year ago. (Read More)
Amresco Closes B&C Correspondent Unit
November 17, 1998
Amresco Inc., Dallas, one of the nation's top subprime mortgage lenders, closed its correspondent subprime lending division Monday but is retaining its wholesale operation. (Read More)
B&C MBS Servicers May Face Crisis
November 17, 1998
The combination of high delinquencies and high prepayments may be setting the stage for a crisis among servicers of subprime loans that have been securitized. (Read More)
Global Turmoil Dropped CRE Prices
November 17, 1998
Dislocation in global markets this year has pushed commercial real estate prices down 10%-20% nationally, according to Howard Esaki, a principal in commercial mortgage-backed securities research at Morgan Stanley. (Read More)
Bank Home Equity Lending Up Dramatically
November 17, 1998
Home equity lending at national banks has grown dramatically to $67 billion at the end of the second quarter of 1998, compared with $68 billion for all of 1997, according to David D. Gibbons, deputy comptroller for credit risk at the Office of the Comptroller of the Currency. (Read More)
Reverse Lenders To Merge
November 17, 1998
America's Senior Financial Services, Miami Lakes, Fla., has executed a letter of intent to acquire the Chicago-based Senior Income Reverse Mortgage Corp. The terms of the transaction, which will include cash and stock, were not disclosed. (Read More)
Title Searches Fall Again
November 17, 1998
The AFS Title Search Index fell 11.0% to 216.3 for the week ended Nov. 6 from 243.1 the previous week, according to Bridge/Telerate Advance Factor Service. (Read More)
Freddie Taps Oklahoma City
November 17, 1998
Freddie Mac and the Oklahoma City Partners in Home Ownership have announced a $100 million initiative to increase homeownership in Oklahoma City. (Read More)
Aames Earnings Dive; Talks Under Way
November 17, 1998
Aames Financial Corp., Los Angeles, has reported net income of $448,000 ($0.01 per share) for its first fiscal quarter and announced preliminary discussions about a possible capital infusion of up to $100 million. (Read More)
IMC Reports 3Q Earnings
November 17, 1998
IMC Mortgage Co., Tampa, Fla., has reported net income of $2.2 million ($0.06 per share) for the third quarter, compared with $13.5 million ($0.40 per share) a year ago. (Read More)
President of WMF Capital Resigns
November 17, 1998
Lawrence A. Brown has resigned as president of WMF Capital Corp., Charlotte, N.C., for personal reasons, the company has announced. (Read More)
B&C Lending Seen Hitting $160B
November 18, 1998
Subprime lending is expected to reach a total of $160 billion in 1998, SMR Research vice president George Yacik told attendees at the National Home Equity Mortgage Association Southeast-Atlantic conference in New Orleans. (Read More)
Applications Drop Again
November 18, 1998
Mortgage applications fell 17.5% for the week ended Nov. 13, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Rate Drop Spurs MBS Market
November 18, 1998
The Federal Open Market Committee of the Federal Reserve Board has lowered the overnight rate at which banks lend money to each other by 25 basis points for the third time this year. (Read More)
Fannie Names 5 New SVPs, 12 VPs
November 18, 1998
Fannie Mae's board of directors has named five new senior vice presidents. (Read More)
RE Info, Insurance Tracking Firms To Merge
November 18, 1998
First American Financial Corp., Santa Ana, Calif., and National Information Group, South San Francisco, have signed a definitive merger agreement under which First American Financial will acquire National Information Group in a stock-for-stock transaction. (Read More)
HomeSide Eases Web Bill Payment
November 18, 1998
Through an agreement with CheckFree, HomeSide Lending, Jacksonville, Fla., has now made it easier for its 1.4 million customers to receive and pay their monthly mortgage bill using their personal computer. (Read More)
Criimi Mae Reports 3Q Loss
November 18, 1998
Criimi Mae Inc., Rockville, Md., has reported a net loss of $8.7 million for the third quarter, compared with net income of $10.0 million a year earlier. (Read More)
IndyMac Projects 4Q Loss
November 18, 1998
IndyMac Mortgage Holdings Inc., Pasadena, Calif., has projected a net loss for the fourth quarter. (Read More)
Starts Rebound in October
November 19, 1998
After losing ground the past two months, single-family starts rebounded in October, according to data released by the U.S. Department of Commerce. (Read More)
Housing Index Hits Record High
November 19, 1998
The Housing Market Index of the National Association of Home Builders hit a new high of 78 in November, the NAHB has reported. (Read More)
GE Capital To Buy UGIS
November 19, 1998
GE Capital, Stamford, Conn., has agreed to acquire United General Information Services, a Denver-based national provider of residential mortgage settlement services. (Read More)
MBHC To Merge With Estate Planner
November 19, 1998
Mortgage Bankers Holding Corp., Carnegie, Pa., and the privately held estate-planning organization National Institute Companies of America have entered into a definitive agreement to merge. (Read More)
Moody's Downgrades 3 MBS Classes
November 19, 1998
Three classes of pass-through certificates of Securitized Asset Sales Inc.'s Series 1994-4 have been downgraded by Moody's Investors Service. (Read More)
GreenPoint Prices 1st MH Deal
November 19, 1998
GreenPoint Credit Corp., San Diego, has priced its first securitization of manufactured housing loans, parent GreenPoint Financial Corp. has announced. (Read More)
IndyMac Sells $3B in Servicing
November 20, 1998
IndyMac Mortgage Holdings Inc., Pasadena, Calif., has sold a $3 billion servicing portfolio that it purchased at the end of September. (Read More)
Fed Rate Cut Should Aid Thrifts
November 20, 1998
The recent cut in interest rates by the Federal Reserve should help the thrift sector, according to Salomon Smith Barney analyst Tom O'Donnell. (Read More)
Conti Senior Debt Downgraded
November 20, 1998
ContiFinancial Corp.'s senior debt has been downgraded from BB to B-plus by Fitch IBCA Inc. The ratings on Conti's $700 million of senior notes were also removed from RatingAlert Negative. (Read More)
Aames Debt Ratings Lowered
November 20, 1998
The debt ratings of Aames Financial Corp. have been lowered by Duff & Phelps Credit Rating Co. and removed from Rating Watch--Down. (Read More)
Rates Decline
November 20, 1998
The average 30-year fixed mortgage rate fell to 6.86% for the week ending Nov. 20 from 6.93% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Fannie Refis $140MM of REIT Debt
November 20, 1998
Fannie Mae has announced the recent refinancing of $140 million of multifamily mortgages for Charles E. Smith Residential Realty, a multifamily real estate investment trust. (Read More)
DDR Boosts Credit Facility
November 20, 1998
Developers Diversified Realty Corp., Cleveland, has increased the size of its primary unsecured credit facility from $300 million to $375 million. (Read More)
CMAC and Amerin To Merge
November 23, 1998
A merger between CMAC Investment Corp., Philadelphia, and Amerin Corp., Chicago will create the nation's second largest mortgage insurer, the two companies have reported. (Read More)
Norwest Unit Hiring Unicor Reps
November 23, 1998
Directors Acceptance Corp., the subprime lending unit of Norwest Mortgage Inc., Des Moines, is hiring much of the sales force of Unicor Mortgage, the former wholesale unit of United Companies Financial Corp., Baton Rouge, La. Also joining Norwest is former Unicor president Jim Buchanan, who will be vice president, wholesale subprime national sales manager. (Read More)
Banks Tighten CRE Standards
November 23, 1998
Seven out of 16 commercial banks surveyed by the Federal Reserve Board tightened their standards for making commercial real estate loans during the past three months. (Read More)
Nomura CRE Unit Appoints CEO
November 23, 1998
Nomura Holding America Inc. has appointed Michael Hurdelbrink as chief executive of its commercial real estate lending subsidiary, Capital Company of America. (Read More)
Republic Bancshares Reports Loss
November 23, 1998
Republic Bancshares Inc., St. Petersburg, Fla. will report a fourth quarter net loss of $10 million to $13 million, 96 cents to $1.26 per share, as a result of the recent turmoil in the financial markets. (Read More)
Downey Licenses Origination Tech
November 23, 1998
Downey Savings and Loan, Newport Beach, Calif., has signed to license Empower, an origination system, from Eastern Software Corporation, Sharon, Pa. Training is scheduled for the middle of January, and installation will be completed by June, said Alfred Bartello, vice president of western operations for Eastern Software Corporation. (Read More)
Industry Profits Increased Last Year
November 24, 1998
The Mortgage Bankers Association of America says the average mortgage firm had a profit margin of 15.9% in 1997, up from 12.4% in 1996. (Read More)
Title Searches Rose
November 24, 1998
The AFS Title Search Index rose 3.9% in the week ending November 20. (Read More)
Associates Announces Stock Offering
November 24, 1998
Associates First Capital Corporation, Dallas, which has the nation's largest portfolio of subprime credit quality mortgage loans, announced that it has priced the offering of 15 million shares of Class A common stock at $75.5 per share. (Read More)
Mortgage Stocks Rise
November 24, 1998
With the Dow Jones industrial average soaring 214.72 points Monday to an all-time high of 9,374.27, mortgage lenders' stock prices climbed as well. (Read More)
MBS Prices Fall
November 24, 1998
Mortgage-backed securities fell a few ticks shy of half a point on Monday afternoon as stocks prices surged, followed by a slight rise in price Tuesday as stocks fell, Bridge/Telerate reported. (Read More)
Servicing Runoff May Scuttle Merger
November 24, 1998
FBOP Corporation's planned acquisition of Calumet Bancorp, Dolton, Ill., has run into a snag because the buyer is concerned about Calumet's investment in a firm that owns purchased mortgage servicing rights. (Read More)
Study Evaluates Subprime Lending to Minorities
November 24, 1998
Mortgage lenders are making more loans to minorities, but a large percentage of these borrowers are forced to obtain financing from subprime companies that charge higher points and fees, according to a new study released today by the National Community Reinvestment Coalition. (Read More)
S&P Sees More Trouble in Japan
November 24, 1998
Continuing problem loan concerns in Japan have caused Standard & Poor's to place the ratings of Japan's Asahi Bank Ltd., Dai-Ichi Kangyo Bank Ltd., Daiwa Bank Ltd., Fuji Bank Ltd., Industrial Bank of Japan Ltd., Sakura Bank Ltd., Sanwa Bank Ltd., Sumitomo Bank Ltd., Tokai Bank Ltd., and their related entities on its Credit Watch with negative implications. (Read More)
Agency Loan Limit Rising to $240K
November 25, 1998
The conforming loan limit will be $240,000 next year. (Read More)
Mortgage Applications Rise; Rates Fall
November 25, 1998
Lenders reported an increase in mortgage applications for the week ending Nov. 20 as the average contract interest rate for 30-year fixed rate mortgages declined to 6.73% from 6.86% the week before on 80% loan-to-value ratio loans. (Read More)
15 Year Loans Decline in Popularity
November 25, 1998
Among homeowners refinancing a 30-year mortgage in the third quarter, most choose to replace it with a new 30-year mortgage rather than jumping into a 15-year loan, as was common during the 1993 refinancing boom, according to a Freddie Mac study. (Read More)
Freddie Mac Requires Y2K Testing
November 25, 1998
Freddie Mac, McLean, VA., announced that customers who were servicing 1,000 or more loans as of November 13, 1998, are required to successfully test, by March 31, 1999, investor and default reporting transactions as part of the Mortgage Bankers Association of America (MBA) Year 2000 Inter-System Readiness Test. (Read More)
Existing Home Sales Rebound
November 25, 1998
After two straight monthly declines, sales of existing, single-family homes rebounded in October, rising 2.1%, according to data released today by the National Association of Realtors. (Read More)
Norwest Invites Correspondents to Use MERS
November 25, 1998
Norwest Mortgage, an early backer of the electronic registry for tracking ownership of loan servicing rights and beneficial interests in the loans, has offered the correspondents who sell loans to the company the opportunity to register loans on Mortgage Electronic Registration Systems, Inc. The move reduces the cost of recording an assignment of the mortgage to the wholesale lender. (Read More)
New Century Completes US Bancorp Alliance
November 25, 1998
New Century Financial Corp., Irvine, Calif., has completed a "strategic alliance" with Minneapolis-based U.S. Bancorp. (Read More)
Regulators Clarify Loan Loss Reserve Policies
November 25, 1998
The Securities and Exchange Commission and Federal banking agencies have called truce in their brief fight over bank reserves and they have issued a joint interagency statement to clarify their positions. (Read More)
IMC Signs Change of Control
November 30, 1998
IMC Mortgage Co., Tampa, Fla., the nation's third largest subprime firm, has signed a non-binding letter of intent with Greenwich Street Capital Partners II LP, which is ultimately owned by the Travelers Group. (Read More)
OTS Ups Fees on Servicing
November 30, 1998
The Office of Thrift Supervision has decided to increase examination fees on servicing assets, but at a lower rate than originally proposed. (Read More)
Fed Drops CMBS Appraisal Regs
November 30, 1998
The Federal Reserve Board has dropped appraisal requirements on commercial mortgage-backed securities issued by the securities underwriting units of bank holding companies. (Read More)
Wilshire, Mego Report Stunning Losses
November 30, 1998
Saying it was forced to sell loans to meet collateral calls by Salomon Smith Barney, Wilshire Financial Services Group, Beverly Hills, Calif., has reported a $111.8 million loss for the nine-month period ended September 30. (Read More)
Credit Depot Going Out of Business
November 30, 1998
Credit Depot Corp., Gainesville, Fla., has announced that it has ceased its loan origination operations and will seek an accommodation with creditors to liquidate the company. (Read More)
FDIC Survey Shows RE Boom Subsiding
November 30, 1998
The boom in residential and commercial real estate lending apparently subsided in most parts of the country during the third quarter, according to a study released Monday by the Federal Deposit Insurance Corp. The FDIC's quarterly Survey of Real Estate Trends showed that only 36% of the senior bank examiners polled for the study in October felt residential lending had improved in their markets, down from 61% in July. (Read More)
Chase Forms Title Agency
November 30, 1998
Chase Manhattan Bank, New York, has formed a title agency -- called Madison Park Title Agency LLC -- that will deal with the commercial real estate market. (Read More)
Bankruptcies Hit Record Level
November 30, 1998
The number of bankruptcies filed during the 12-month period ended Sept. 30 edged up 5.1% from a year earlier to a new record of 1,436,964, according to data released by the Administrative Office of the U.S. Courts. (Read More)
But Few Filers Can Afford to Repay
November 30, 1998
Separately, the ABI has released a study that disputes assertions, frequently made by creditors, that many bankruptcy filers could afford to pay some of their debts. (Read More)
December
Freddie Speeds Jump
December 1, 1998
Prepayment speeds for Freddie Mac mortgage-backed securities jumped for most 30-year coupons in the November reporting period, with the strongest refi responses recorded in the 7.0% and 7.5% coupons, according to the Bear Stearns Prepayment Commentary. (Read More)
FASIT Rule Coming
December 1, 1998
The Internal Revenue Service plans to issue long-awaited guidance on financial asset securitization investment trusts in the coming months, possibly before the end of December, according to a Treasury Department official. (Read More)
Westmark To Buy Credit Depot Wholesale Biz
December 1, 1998
Westmark Group Holdings Inc., Boca Raton, Fla., has agreed to "assume" the wholesale subprime division of Credit Depot Corp., Gainesville, Ga. Credit Depot is in the process of liquidating and is unlikely to receive much in the way of cash for its wholesale business. (Read More)
COFI Plunges 12BP
December 1, 1998
The Eleventh Federal Home Loan District Cost of Funds Index -- known for being a slow-moving index -- had its biggest decline of the year in October, dropping a massive 12 basis points. (Read More)
Mortgage Stocks Slide
December 1, 1998
With the Dow Jones industrial average down more than 100 points at one point in Tuesday morning's trading before regaining about 50 points shortly before noon, many mortgage lenders' share prices were off significantly as the Dow fell. (Read More)
Fannie Completes Record MF Transaction
December 1, 1998
Fannie Mae has announced the completion of a record $150 million transaction that provides financing for a 729-unit mixed-income apartment complex in New York City. (Read More)
Moody's Calls for Disclosure in B&C Repos
December 1, 1998
Investors benefit from delinquent loan repurchases in subprime mortgage deals but may be harmed in the long run if issuers don't disclose the repurchases, according to a forthcoming report from Moody's Investors Service. (Read More)
Title Searches Fall
December 1, 1998
The AFS Title Search Index fell 3.2% to a holiday-adjusted 217.5 for the week ended Nov. 27 from 224.7 the previous week, according to Bridge/Telerate Advance Factor Service. (Read More)
Fannie Prices Benchmark Reopening
December 1, 1998
Fannie Mae has priced a $2 billion reopening of its 4.75% five-year Benchmark Note due Nov. 14, 2003, originally issued Nov. 2. (Read More)
Thrifts Eclipse Origination Record
December 2, 1998
Thrifts originated $67.5 billion in single-family loans during the third quarter, bringing their year-to-date production to a record $194 billion, according to the Office of Thrift Supervision. (Read More)
New Home Sales Inch Up in October
December 2, 1998
New home sales rose 1% in October to a seasonally adjusted annual rate of 851,000 units, according to data released Wednesday by the U.S. Commerce Department. (Read More)
Republic Buys D&N Financial
December 2, 1998
Republic Bancorp Inc., Ann Arbor, Mich., the nation's 40th largest residential lender, has agreed to purchase D&N Financial, Hancock, Mich., for $286 million or $30.14 per share. (Read More)
Mortgage Insurers Set New Records
December 2, 1998
Mortgage insurers set new monthly records in net primary new insurance written and net applications received in October, according to data compiled by the Mortgage Insurance Cos. (Read More)
Apps Fall, but Indices Up Seasonally
December 2, 1998
Mortgage applications fell 21.5% for the holiday week ended Nov. 27, but all indicies were up on a seasonally adjusted basis, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Dems Put 3 New Senators on Bank Panel
December 2, 1998
Senate Democrats have selected three newly elected senators to serve on the Senate Banking Committee. (Read More)
S&P Offers New High-CLTV Data
December 2, 1998
A new matrix that will provide cumulative performance data for securitizations of loans with high combined loan-to-value ratios has been developed by Standard & Poor's Ratings Services. (Read More)
CMBS Spreads Tightening, Finova Says
December 2, 1998
Spreads have continued to tighten in recent weeks for the investment-grade portions of commercial mortgage-backed securities, according to Finova Realty Capital. (Read More)
Finet Adds New Board Member
December 2, 1998
Richard E. Wilkes, president and owner of GMI Group Millennium, has been appointed to the board of directors of Finet Holdings Corp., the San Francisco-based electronic commerce company. (Read More)
People's Enters Servicing Alliance
December 3, 1998
People's Bank, Bridgeport, Conn., has entered into a strategic alliance with HomeSide Lending Inc. that will allow the thrift to focus on residential mortgage originations and avoid interest rate risk on servicing assets. (Read More)
Optika Forms Alliance With McCracken
December 3, 1998
Optika Inc., Las Vegas, has announced a strategic alliance with McCracken Financial Software, a software provider for the commercial mortgage industry. (Read More)
Rates Continue Decline
December 3, 1998
The average 30-year fixed mortgage rate fell to 6.71% for the week ending Dec. 4 from 6.78% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
HomeAdvisor Signs Up 600 Brokers, MLSs
December 3, 1998
The MSN HomeAdvisor online real estate service has signed new agreements with more than 600 real estate brokers and multiple listing services representing more than 2,000 offices in 50 states. (Read More)
UCFC's COO Retires
December 3, 1998
United Companies Financial Corp., Baton Rouge, La., has announced the retirement of John D. Dienes, UCFC's executive vice president and chief operating officer. (Read More)
HomeSeekers.com Becomes ISP
December 3, 1998
HomeSeekers.com Inc., a real estate listing service based in Minden, Nev., has become an Internet service provider. (Read More)
Citibank Joins Lending Tree
December 3, 1998
LendingTree, the Charlotte, N.C.-based Internet lender, has announced that Citibank has joined its network of lenders. (Read More)
Hong Kong Raises Cap
December 3, 1998
The Hong Kong government has made plans to raise the cap on mortgage lending value in order to bolster the weak property market, according to Bridge/Telerate. (Read More)
France Presents Bond Law
December 3, 1998
France's Finance Ministry has presented legislation that creates a market for mortgage bonds based on Germany's Pfandbriefe, Bridge/Telerate has reported. (Read More)
Industry Jobs Hit Another High
December 4, 1998
Mortgage industry employment hit another record high in November despite massive layoffs in the subprime sector. (Read More)
Delta Comes to Market With $400MM Deal
December 4, 1998
Delta Financial, Woodbury, N.Y., has come to market with a $400 million security backed by subprime residential loans. (Read More)
Alliance Completes 1stPlus Loan Buy
December 4, 1998
Alliance Funding, Montvale, N.J., has completed the purchase of $28.1 million in subprime loans from FirstPlus Financial Corp., Dallas, the ailing publicly traded high-LTV/subprime lender. (Read More)
Hambrecht May Acquire Interlinq
December 4, 1998
W.R. Hambrecht & Co. has reported to the Securities and Exchange Commission that it is considering a reorganization, merger, or recapitalization of Interlinq Software Corp., Kirkland, Wash. If a transaction were to occur, Hambrecht would exchange a substantial majority of outstanding shares for approximately $8.50. (Read More)
Mortgage Stocks Recovering
December 4, 1998
With the Dow Jones industrial average up nearly 130 points at noon Friday, one day after falling 184 points, mortgage lenders' stocks were recovering nicely from the slide they took the day before. (Read More)
Franklin Gets FHA Single-Family Nod
December 4, 1998
The Department of Housing and Urban Development has appointed Matthew Franklin to be acting deputy assistant secretary for single-family housing at the Federal Housing Administration. (Read More)
Fed Adjusts HOEPA Trigger
December 4, 1998
The Federal Reserve Board has adjusted for inflation the dollar trigger for high-cost/high-interest-rate loans subject to the Home Ownership and Equity Protection Act. (Read More)
QuickenMortgage Expands Website
December 4, 1998
The QuickenMortgage website (http://www.quickenmortgage.com) has been expanded to cater to the needs of borrowers with less-than-perfect credit. (Read More)
New Cyberspace Alliance
December 4, 1998
First Mortgage Network, Plantation, Fla., and Inpho, Cambridge, Mass., have announced an agreement to provide borrowers with homebuying information online. (Read More)
Freddie Prices $3B Reference Note
December 4, 1998
Freddie Mac has priced a $3 billion, three-year Reference Note with a 4.75% coupon. (Read More)
Firm Announces Stock Repo, Reorganization
December 4, 1998
The board of directors of Mortgage Plus Equity and Loan Corp., Melville, N.Y., has authorized the repurchase of up to 500,000 shares of the company's common stock. (Read More)
Fannie/Ginnie Speeds Slower Than Expected
December 7, 1998
Prepayment speeds for Fannie Mae and Ginnie Mae mortgage-backed securities were slower than expected in the November reporting period, according to the Bear Stearns Prepayment Commentary. (Read More)
Transamerica, Alltel Join Forces
December 7, 1998
Transamerica Real Estate Information Cos., Dallas, and Alltel, Jacksonville, Fla., have announced an agreement to jointly develop software designed to benefit customers of both companies. (Read More)
GreenPoint Buys NationsCredit MH Biz
December 7, 1998
GreenPoint Credit, San Diego -- the manufactured housing lending unit of GreenPoint Financial Corp., Flushing, N.Y. -- has purchased the dealer origination segment of NationsCredit's manufactured housing business. (Read More)
Delinquencies Lowest Since '69, ACLI Says
December 7, 1998
Delinquencies on commercial mortgages owned by life insurance companies are at their lowest levels since the end of 1969, the American Council on Life Insurance says in its third quarter report. (Read More)
Fannie Hires Former Gingrich Aide
December 7, 1998
Arne L. Christenson, who once served as chief of staff to outgoing House Speaker Newt Gingrich, R-Ga., has been appointed senior vice president of regulatory policy at Fannie Mae. (Read More)
Freddie Names Top Economist to Board
December 7, 1998
Stephen A. Ross, a prominent economist in the academic and business worlds, has been appointed to Freddie Mac's board of directors. (Read More)
MBA Hires New Deputy EVP
December 7, 1998
The Mortgage Bankers Association of America has hired Suzanne C. Samson to be deputy executive vice president at the association's headquarters in Washington. (Read More)
E-Loan Projects $4B in '98 Originations
December 7, 1998
E-Loan, the Palo Alto, Calif.-based online mortgage broker, has announced that it expects its online residential mortgage originations to total nearly $4 billion in 1998. (Read More)
Countrywide Offers 10-Day HELOC Online
December 7, 1998
Countrywide Home Loans Inc., Calabasas, Calif., has announced a new online home equity line of credit that offers qualified borrowers access to cash in 10 days. (Read More)
ContiMortgage Prices $1.05B HEL ABS
December 8, 1998
In a sign of returning liquidity in the subprime market, ContiMortgage Corp., a subsidiary of ContiFinancial Corp. New York, has priced a $1.049 billion home equity loan asset-backed security issue. (Read More)
Conti Drops Plans To Buy 1st Security
December 8, 1998
Meanwhile, ContiFinancial has dropped plans to acquire First Security Commercial Mortgage LP and First Security Commercial Mortgage Servicing LLC, citing "unsettled conditions" in the commercial real estate market. (Read More)
Hawke Appointed Comptroller
December 8, 1998
Treasury Undersecretary John D. Hawke was scheduled to be sworn in Tuesday as the next comptroller of the currency. (Read More)
Criimi Mae Reaches Pacts With 2 Creditors
December 8, 1998
Criimi Mae Inc., Rockville, Md., has reached agreements with two major creditors to split the monthly cash flow (after debt service) from 13 classes of the company's subordinated commercial mortgage-backed securities. (Read More)
PMCC Engages M&A Advisor
December 8, 1998
PMCC Financial Corp., Roslyn Heights, N.Y., has engaged Prime Charter Ltd. as an advisor on merger-and-acquisition strategies, capital raising activities, and financial communications. (Read More)
Title Searches Fall
December 8, 1998
The AFS Title Search Index fell 4.5% to 207.7 for the week ended Dec. 4 from a holiday-adjusted 217.5 the previous week, according to Bridge/Telerate Advance Factor Service. (Read More)
Savings Bank Forms Passive Mortgage Unit
December 8, 1998
Mechanics Savings Bank, Hartford, Conn., has announced plans to form a passive investment company called Mechanics Mortgage Co. The bank, a subsidiary of MECH Financial Inc., said the plan is aimed at taking advantage of recent changes in Connecticut's tax laws that allow state-chartered banks and thrifts, as of Jan 1, 1999, to transfer mortgages into passive investment subsidiaries. (Read More)
United PanAm Gets New Credit Lines
December 8, 1998
United PanAm Financial Corp., San Mateo, Calif., has established new warehouse lines of credit totaling $300 million. (Read More)
REIT Expands Credit Facility
December 8, 1998
Bradley Real Estate Inc., Northbrook, Ill., has amended and expanded its unsecured revolving credit facility from $200 million to $250 million. (Read More)
Weeks Closes $85MM Loan
December 8, 1998
Weeks Corp., Atlanta, has closed an $85 million, three-year unsecured term loan with a syndicate of five banks. (Read More)
Lender's Service Names CFO
December 8, 1998
Mark E. Thompson has been named chief financial officer of Lender's Service Inc., the suburban Pittsburgh-based provider of real estate information and services. (Read More)
GreenPoint To Buy Headlands
December 9, 1998
GreenPoint Financial Corp., New York, has agreed to buy Headlands Mortgage Co., a subprime mortgage lender based in Larkspur, Calif., in an all-stock deal valued at $473 million. (Read More)
FDIC Sees Growth in Subprime Lending
December 9, 1998
The Federal Deposit Insurance Corp.'s San Francisco regional office is finding more FDIC-insured institutions are becoming involved in residential subprime and high-LTV lending. (Read More)
Analysts Predict $50-60B in CMBS in '99
December 9, 1998
New commercial mortgage-backed securities issuance will total $50-60 billion in 1999 and investors will be scrutinizing the originators of loans in CMBS deals, analysts told a real estate seminar Tuesday in New York. (Read More)
Norwest Tops $100B in Originations
December 9, 1998
Norwest Mortgage Inc., Des Moines, Iowa, has surpassed the $100 billion mark in single-family loan production -- a first for the mortgage industry. (Read More)
Unadjusted Apps Surge
December 9, 1998
Mortgage applications surged 40.3% for the week ended Dec. 4, although they remained virtually unchanged on a seasonally adjusted basis from the holiday-shortened Thanksgiving week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
REIT Merger Pact Revised
December 9, 1998
Reckson Associates Realty Corp., Crescent Real Estate Equities Co., and Tower Realty Trust Inc. have revised their previously announced merger agreement. (Read More)
Progress Realty Forms Delaware Venture
December 9, 1998
Progress Realty Advisors Inc., Blue Bell, Pa., has announced a joint venture with Robert F. McCann and H. Gerald Nanos to form Progress Realty Advisors of Delaware LLC. (Read More)
CFO Resigns at Associated Estates
December 9, 1998
Dennis W. Bikun, the vice president, chief financial officer, and treasurer of the Cleveland-based Associated Estates Realty Corp., has resigned effective Jan. 8 to "pursue other opportunities," the company has announced. (Read More)
ABFI Closes $80MM MBS Deal
December 9, 1998
American Business Financial Services Inc., Bala Cynwyd, Pa., has closed an $80 million securitization of business purpose and consumer residential mortgage loans. (Read More)
Opportunity Seen in Japanese RE
December 9, 1998
U.S. real estate company Kennedy-Wilson International has reported that there is a strong buyer's market for Japanese properties and loans. (Read More)
Capstead Deal Imminent
December 10, 1998
Capstead Inc., Dallas, a $57 billion servicer, is on the verge of selling all or part of its servicing portfolio, sources told MortgageWire Thursday morning. (Read More)
Associates Under Investigation
December 10, 1998
The Federal Trade Commission has confirmed that is investigating Associates First Capital Corp., Irving, Texas, but the FTC will not comment on the focus of the investigation. (Read More)
Amresco Announces Layoffs
December 10, 1998
Amresco Inc. has laid off 160 employees and will let go another 215 in the next two weeks as part of an effort to cut its annual costs by approximately $34 million. (Read More)
Fed Sees Strong Housing Finance Sector
December 10, 1998
Fueled by low interest rates, demand for residential mortgage loans and refinancings is strong or increasing throughout the U.S., according to the Federal Reserve Board's survey of economic conditions, which is known as the Beige Book. (Read More)
Apartment Owners Lose Breach-of-Contract Case
December 10, 1998
The U.S. Appeals Court for the Federal Circuit has struck down a decision that would have forced the U.S. government to compensate owners of HUD-insured multifamily properties because of a breach of contract. (Read More)
30-Year Rates Fall 5th Straight Week
December 10, 1998
The average 30-year fixed mortgage rate fell to 6.69% for the week ending Dec. 11 from 6.71% the previous week, the fifth straight weekly decline in the 30-year rate, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
TriNet Names President, CFO
December 10, 1998
A. (Read More)
REIT Reaches Tentative LOC Pact
December 10, 1998
Associated Estates Realty Corp., Richmond Heights, Ohio, has announced a tentative agreement with its bank group to revise certain covenants in its unsecured line of credit. (Read More)
Irish Life, Irish Permanent To Merge
December 10, 1998
Irish Life Assurance and mortgage lender Irish Permanent have made plans to merge into a new entity that will be the leader in Ireland's residential mortgage, life insurance, and pensions finance markets. (Read More)
GMAC Buys Capstead Servicing
December 11, 1998
GMAC Mortgage, Horsham, Pa., has acquired $38 billion in owned-servicing from Capstead Inc., Dallas, for $550 million. (Read More)
REOs Cost HUD $1MM a Day, IG Says
December 11, 1998
The Department of Housing and Urban Development is losing $1 million a day because of lengthy delays in the disposal of its foreclosed single-family properties, according to a report released by the HUD Inspector General's office. (Read More)
Fitch Sees HomeGold Default as 'Probable'
December 11, 1998
The rating on $125 million of HomeGold Financial Inc.'s senior debt has been lowered from CCC-plus to CC by Fitch IBCA Inc., indicating that "default of some kind appears probable, but the timing is not necessarily imminent," the rating agency said. (Read More)
HUD Launches Rural Housing Program
December 11, 1998
The Department of Housing and Urban Development has unveiled a new Office of Rural Housing and Economic Development that will provide grant money to outlying communities in need of assistance. (Read More)
Justice, FTC Probing Associates
December 11, 1998
Since April 4, the U.S. Department of Justice and the Federal Trade Commission have been conducting a joint investigation into the mortgage lending practices of Associates First Capital Corp., Irving, Texas. (Read More)
Walter Industries Completes $313.5MM Deal
December 11, 1998
Walter Industries Inc., Tampa, Fla., has completed a $313.5 million offering of asset-backed notes. (Read More)
Augusta Tops Affordable Market Index
December 11, 1998
The most affordable U.S. housing market in the third quarter was the five-county metropolitan statistical area including Augusta, Ga. and Aiken, S.C., according to the National Association of Home Builders. (Read More)
Aames Boosts LOC, Delays Annual Meeting
December 14, 1998
Aames Financial Corp., Los Angeles, has obtained a $20 million increase in its revolving credit line. (Read More)
Nomura Ends Cap America's Lending
December 14, 1998
The operations of Capital Company of America LLC, San Francisco, will be consolidated in New York and the commercial mortgage company will stop making new loan commitments, the company's parent, Nomura Holding America Inc., has announced. (Read More)
Olympus, Amresco Join Forces
December 14, 1998
Olympus Real Estate Corp. and Amresco Capital Trust have announced the formation of a $100 million joint venture to invest in commercial mortgage-backed securities, mezzanine debt, distressed debt, and other structured finance obligations. (Read More)
DDR Sells 3MM Shares
December 14, 1998
Developers Diversified Realty Corp., Cleveland, has completed an offering of three million registered common shares of DDR at $18.5625 per share. (Read More)
Canadian Merger Proposals Rejected
December 14, 1998
Canadian Finance Minister Paul Martin has rejected mergers involving four major banks that would have created two Canadian mortgage lending giants, Bridge/Telerate has reported. (Read More)
UFI Offering Forward Bulk Portfolio
December 14, 1998
United Financial Inc., Denver, is offering a $500 million to $1 billion semiannual Freddie Mac/Fannie Mae forward bulk, non-recourse servicing portfolio for purchase. (Read More)
LION Opens Tennessee Realtor Website
December 14, 1998
Lenders Interactive Online Network, Seattle, has announced the opening of a website for Realtors in central Tennessee. (Read More)
Freddie Sees Nearly $200B in ARMs
December 15, 1998
The adjustable-rate mortgage, which always seems to vanish during refi booms, is alive and well. (Read More)
Title Searches Rise
December 15, 1998
The AFS Title Search Index rose 4.4% to 216.9 for the week ended Dec. 11 from 207.7 the previous week, according to Bridge/Telerate Advance Factor Service. (Read More)
Fannie Unveils 'HouseOklahoma'
December 15, 1998
Fannie Mae has announced a five-year, $4 billion plan to provide affordable homeownership and rental housing financing for 58,000 Oklahoma families. (Read More)
OTS Restructures Supervision Division
December 15, 1998
The Office of Thrift Supervision has appointed Scott Albinson to be managing director of the office of supervision, which includes supervision policy, application processing, accounting, and examinations, and Timothy Burniston to be managing director of compliance, which also includes specialty examinations. (Read More)
MBA Hires CMBS Director
December 15, 1998
The Mortgage Bankers Association of America has hired Deborah McKinnon to be senior director for capital markets in MBA's commercial real estate finance department. (Read More)
Freddie's Watt Retiring
December 15, 1998
Thomas J. Watt will retire as Freddie Mac's senior vice president for multifamily housing at the end of 1999. (Read More)
Burkholder Elected to Board of FHLB-Dallas
December 15, 1998
Barry C. Burkholder, the chairman, president, and chief executive officer of the Houston-based Bank United, has been elected to the board of directors of the Federal Home Loan Bank of Dallas. (Read More)
REIT Names New Board Member
December 15, 1998
Christine Garvey has been appointed to the board of directors of Pacific Gulf Properties Inc., Newport Beach, Calif. Ms. Garvey is president of Cadspec, a Novato, Calif.-based software company specializing in real estate portfolio management. (Read More)
HK Firm Boosts Mortgage Portfolio
December 15, 1998
The Hong Kong Mortgage Corp. Ltd. has reported that it purchased 2.3 billion Hong Kong dollars (about $297 million) worth of residential mortgages in October, boosting its total loan portfolio to HK$7.5 billion (approximately $968 million) at the end of the month, according to Bridge/Telerate. (Read More)
Single-Family Starts Hit 14-Year High
December 16, 1998
Fueled by low-interest rates and a strong economy, single-family starts hit a 14-year high in November, according to data released Wednesday by the U.S. Commerce Department. (Read More)
Overseas Turmoil Hits Bank Earnings
December 16, 1998
Bank earnings fell 7% during the third quarter as a result of economic turmoil in overseas markets, the Federal Deposit Insurance Corp. reported Wednesday. (Read More)
Delinquencies Up Slightly
December 16, 1998
Mortgage delinquencies nationwide rose 4 basis points to 4.37% in the third quarter, according to the Mortgage Bankers Association of America, but the slight increase masks higher delinquency increases in the Federal Housing Administration and Department of Veterans Affairs loan programs. (Read More)
Fannie, Freddie Purchases Hit Yearly High
December 16, 1998
Loan purchases by the nation's congressionally chartered secondary marketing agencies hit a yearly high in November. (Read More)
Applications Fall
December 16, 1998
Mortgage applications fell 9.4% for the week ended Dec. 11, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
TBMA Sees Slowdown in '99
December 16, 1998
The U.S. economy should remain fairly strong in 1999, but it probably will be weaker than in 1998 due to increased risks of recession, the economic advisory committee of The Bond Market Association has forecast. (Read More)
Approved Buys ConsumerOne
December 16, 1998
Approved Financial Corp., Virginia Beach, Va., has acquired ConsumerOne Financial, Birmingham, Mich. The terms of the transaction, which will be accounted for as a purchase, were not disclosed. (Read More)
Starwood, Lazard Announce $500MM Transaction
December 16, 1998
Starwood Financial Trust, New York, has acquired a portfolio of commercial mortgage and mezzanine loans from Lazard Freres Real Estate Investors LLC for $280.3 million. (Read More)
Dime To Buy Lakeview Financial
December 16, 1998
Dime Bancorp, New York, has entered into a definitive agreement to acquire Lakeview Financial Corp., Paterson, N.J., in a tax-free transaction valued at approximately $110 million. (Read More)
Fleet Unveils Revitalization Program
December 16, 1998
The Boston-based Fleet Financial Group and its subsidiary, Fleet Mortgage Group, have launched a $65 million neighborhood revitalization program in conjunction with Fannie Mae and NeighborWorks Organizations. (Read More)
HomeShark Touts Closing Cost Info
December 16, 1998
HomeShark says it will now provide consumers with more accurate closing cost estimates, a service that has not been readily available on the Internet. (Read More)
1stUnion Offers Portfolio Analysis
December 16, 1998
First Union, Charlotte, N.C., has added residential mortgage portfolio analysis to its menu of capital markets services, the company has announced. (Read More)
Spanish Fund Issues MBS
December 16, 1998
Spanish mortgage securitization fund Fondo de Titulizacion Hipotecaria Hipotebansa No. 8 has brought a 54 billion Spanish peseta (about $384 million) deal to market through lead manager Morgan Stanley & Co. International Ltd., Bridge/Telerate has reported. (Read More)
MBS May Set Record
December 17, 1998
The Bond Market Association has reported that, with $517 billion in total issuance through the third quarter, MBS issuance has surpassed the $368 billion issued in all of 1997 and is on track to break 1993's record-setting volume of $568 billion. (Read More)
BNY Acquires Trotter Kent
December 17, 1998
The Bank of New York has signed an agreement to acquire the servicing activities of Trotter Kent, a Bethesda, Md., special servicer for commercial mortgage loans. (Read More)
BankAtlantic To Exit Servicing
December 17, 1998
BankAtlantic Bancorp., Fort Lauderdale, Fla., is selling off the rights to its $3 billion residential mortgage servicing portfolio and exiting the servicing business altogether. (Read More)
Citigroup Okays $900MM Charge
December 17, 1998
Citigroup Inc.'s board of directors has approved an after-tax restructuring charge of approximately $900 million, most of which will be recorded during the fourth quarter of 1998. (Read More)
Shelter Insurance Gets Thrift Charter
December 17, 1998
The Office of Thrift Supervision has approved a federal charter for Shelter Mutual Insurance Co., Columbia, Mo., to open a full-service thrift institution. (Read More)
Freddie, Consortium Launch Minority Program
December 17, 1998
Freddie Mac and a consortium of lenders and community groups have launched a $15 million minority homeownership program in DeKalb County, Ga. The Atlanta-area program, Expanding the Dream DeKalb, is the first in the nation to combine the consumer marketing capabilities of a regional mall and a unit of the country's largest retailer -- Wal-Mart -- with lenders, community groups, and Freddie Mac to increase minority homeownership, Freddie Mac said. (Read More)
Fitch Revises Residential MBS Criteria
December 17, 1998
Fitch IBCA Inc. has revised its criteria for analyzing credit risk in residential mortgage-backed securities. (Read More)
1stAlliance Completes $120MM Deal
December 17, 1998
First Alliance Mortgage Co., Irvine, Calif., has completed a $120 million securitization of fixed- and adjustable-rate mortgage loans. (Read More)
Countrywide Reports Record 3Q Earnings
December 17, 1998
Countrywide Credit Industries Inc., Calabasas, Calif., has reported record unaudited earnings of $98.0 million for the fiscal third quarter ended Nov. 30, up 22% from $80.2 million a year earlier. (Read More)
Moody's Warns of Small Sub Classes
December 18, 1998
Small subordinate classes in jumbo mortgage-backed security deals are subject to a "very high" severity of loss if they default and will receive lower ratings as a result, according to a new report from Moody's Investors Service. (Read More)
Fannie Foundation Creates Fellowship
December 18, 1998
The Fannie Mae Foundation has created a fellowship program in honor of its chairman, James A. Johnson, to reward leadership and promote innovation in the affordable housing and community development fields. (Read More)
1st Alliance Ends UK Originations
December 18, 1998
First Alliance Corp., Irvine, Calif., has reported that it has discontinued all originations in the United Kingdom as well as the marketing of its real estate-secured credit card program. (Read More)
Fannie Offers New Version of DU
December 18, 1998
Fannie Mae has announced the release of the latest version of its Desktop Underwriter automated loan origination and underwriting system. (Read More)
Rates Hold Steady
December 18, 1998
The average 30-year fixed mortgage rate remained unchanged at 6.69% for the week ending Dec. 18, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
CUs Get New Pooling Powers
December 18, 1998
The National Credit Union Administration has approved a rule that will allow federally chartered credit unions to purchase participations in real estate loan pools. (Read More)
NHEMA Issues Consumer Guide
December 18, 1998
The National Home Equity Mortgage Association has issued a borrowing guide in connection with a new consumer education program, NHEMA has announced. (Read More)
FP Shopping Servicing Again?/5 Directors Quit
December 21, 1998
FirstPlus Financial, Dallas, may be talking to other potential bidders about the sale of its $7.9 billion servicing portfolio and platform, sources have told MortgageWire. In mid-October, when the high-LTV lender/servicer agreed to sell its servicing and platform to Superior Bank of Michigan and its affiliate Alliance Funding, Montvale, N.J., there was an exclusivity clause in the contract that barred FirstPlus from talking to other buyers. (Read More)
Ginnie Fee Hike in '99?
December 21, 1998
The Department of Housing and Urban Development budget proposal for fiscal 2000 calls for a hike in Ginnie Mae guarantee fees from 6 basis points to 9 bp. (Read More)
HUD Urged To Clarify Legality of YSPs
December 21, 1998
The House Banking Committee is urging the Department of Housing and Urban Development to publish a policy statement on yield spread premiums by the 90-day deadline mandated by Congress. (Read More)
New Lobbying Group Formed
December 21, 1998
Countrywide, GE Capital, Microsoft, and Intuit will form the Electronic Financial Services Council, a new lobbying group focusing on such e-commerce issues as standardizing the way mortgage transactions are done over the Internet. (Read More)
1st Chesapeake To Buy Wholesale Lender
December 21, 1998
First Chesapeake Financial, Philadelphia, has agreed to acquire FMB Mortgage of Daytona Beach, Fla., which specializes in wholesale conventional and government lending. (Read More)
TCF To Refocus on Home Equity Lending
December 21, 1998
TCF Financial Corp., Minneapolis, has announced a restructuring of its consumer finance company operations that will include a focus on home equity lending and the discontinuation of indirect auto lending. (Read More)
C-BASS Completes $120MM Deal
December 21, 1998
C-BASS, New York, has announced the completion of a $120 million securitization of fixed- and adjustable-rate conventional mortgages. (Read More)
Colonial To Take Servicing Writedown
December 21, 1998
Colonial BancGroup, Montgomery, Ala., has announced that it expects fourth-quarter earnings to fall "significantly below" earnings in the fourth quarter of 1997 because of an expected $30 million writedown in the value of mortgage servicing rights of its bank subsidiary, Colonial Mortgage Co. The company also announced non-recurring pretax charges of $32 million in acquisition, restructuring, and other one-time charges. (Read More)
REIT Announces $119MM Refinancing
December 21, 1998
Brandywine Realty Trust, Newtown Square, Pa., has obtained a $119 million, five-year loan agreement with two financial institutions. (Read More)
Proposed FHA Cuts Stir Protest
December 22, 1998
Four housing trade groups have sent a letter to President Clinton to protest large proposed budget cuts in the Federal Housing Administration multifamily insurance program. (Read More)
BNC To Buy Web Loans
December 22, 1998
BNC Mortgage Inc., Irvine, Calif., has agreed to acquire certain assets of America's Lender Inc., which originates mortgage loans on the Internet on a wholesale basis. (Read More)
Title Searches Fall
December 22, 1998
The AFS Title Search Index fell 8.7% to 198.1 for the week ended Dec. 18 from 216.9 the previous week, according to Bridge/Telerate Advance Factor Service. (Read More)
Ocwen REIT May Change Status
December 22, 1998
The board of directors of Ocwen Asset Investment Corp., West Palm Beach, Fla., has approved a proposal to convert the company from a real estate investment trust to a taxable C-corporation. (Read More)
Thornburg Issues $1.14B Deal
December 22, 1998
Thornburg Mortgage Asset Corp., Santa Fe, N.M., has announced the issuance of $1.14 billion of privately placed asset-backed notes collateralized by single-family adjustable-rate mortgage and hybrid loans. (Read More)
New Prez Named at Prime Eagle
December 22, 1998
William Kelley has been promoted to the post of president of Prime Eagle Mortgage, a subsidiary of Eagle Bancshares Inc., Tucker, Ga. Mr. Kelley has more than 20 years of mortgage banking experience. (Read More)
CharterMac Completes Low-Cost Fundings
December 22, 1998
Charter Municipal Mortgage Acceptance Co., New York, has announced that the outstanding balance of its $150 million revolving credit enhancement facility has been increased by $92 million in the past month. (Read More)
Atlantic Bank Adds to Loan Portfolio
December 22, 1998
Atlantic Bank, Boston, has announced the recent purchase from two private sellers of 90 loans with outstanding principal balances totaling about $55.8 million at a purchase price of $46.7 million. (Read More)
OMB Wants To Privatize Ginnie
December 23, 1998
The federal government is considering the sale of Ginnie Mae to the private sector with the objective of raising at least $2.5 billion. (Read More)
Unity To Buy Certified Mortgage
December 23, 1998
Unity Bancorp Inc., Clinton, N.J., has agreed to acquire Certified Mortgage Associates Inc., a Marlboro, N.J.-based correspondent mortgage banker for $2.8 million. (Read More)
Impac Agrees To Buy California Thrift
December 23, 1998
Impac Mortgage Holdings Inc., Santa Ana Heights, Calif., has signed a letter of intent to acquire an unnamed federally chartered thrift in California and announced plans to merge its conduit operations into the thrift. (Read More)
Metris Allies With Countrywide
December 23, 1998
Metris Companies Inc., St. Louis Park, Minn., has entered into a strategic alliance with Countrywide Credit Industries Inc., Calabasas, Calif., to market residential mortgage products. (Read More)
Applications Drop
December 23, 1998
Mortgage applications fell 11.9% for the week ended Dec. 18, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Freddie Backs Affordable Housing Bonds
December 23, 1998
Freddie Mac has provided credit enhancement for a mortgage backing municipal bonds that funded an established 600-unit multifamily community in Maryland. (Read More)
Safeco Upgrades RE Unit to Division
December 23, 1998
Safeco Credit Co., Redmond, Wash., has announced that its real estate department will be upgraded to full division status as of Jan. 4. (Read More)
WMF Tops FHA List 4th Straight Year
December 23, 1998
WMF/Huntoon, Paige Associates Ltd. has topped the list of providers of FHA-insured multifamily and health care financing for the fourth year in a row, the WMF Group Ltd. has announced. (Read More)
Centex Names Latin American Exec
December 23, 1998
Home builder Centex Corp., Dallas, has named Mexican construction executive Gilberto Riojas president and chief executive of the company's new subsidiary, Centex Latin America Inc. Mr. Riojas, who is a founder and partner in residential and commercial real estate developer VPN Desarrollo Inmobiliario, SA de CV, will assume responsibility for Centex's housing joint venture in Mexico and will pursue investments with companies operating in Mexico, Argentina, Brazil, and Chile. (Read More)
Aames Financial Gets Partner
December 24, 1998
An agreement has been signed between cash-strapped subprime lender Aames Financial Corp., Los Angeles, and Capital Z Financial Services Fund II LP, New York, under which Aames could get up to $100 million for approximately 76% of the firm's common stock outstanding. (Read More)
FHA Delays Use of Downpayment Form
December 24, 1998
The Federal Housing Administration has postponed mandatory use of a new reporting form for FHA downpayment calculations until March 22, 1999. (Read More)
HMDA Exemption Remains at $29 Million
December 24, 1998
The Federal Reserve Board announced that the Home Mortgage Disclosure Act exemption threshold will remain at $29 million in 1999 because the inflation rate is so low. (Read More)
Fitch Downgrades Colonial BancGroup
December 24, 1998
Fitch IBCA, New York, has downgraded Colonial BancGroup Inc.'s $70 million capital securities due 2027, issued via its wholly-owned subsidiary Colonial Capital II, from BBB- to BB+. (Read More)
Community First Sells Off Loans
December 24, 1998
Community First Bankshares Inc., Fargo, N.D., will take a $10 million charge related to the disposition of subprime mortgage and auto loans. (Read More)
BofA Class Action Settlement Approved
December 24, 1998
A San Francisco federal court judge has given preliminary approval to a $19 million settlement of two class action lawsuits by trust beneficiaries against Bank of America. (Read More)
Mortgage Rates Inch Up
December 24, 1998
In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 6.77%, with an average of 1.0 of a point, for the week ending December 25, 1998. (Read More)
Morgan Stanley Called in to Consult
December 24, 1998
The special committee of the board of directors of Irvine Apartment Communities has announced that it has engaged Morgan Stanley Dean Witter to assist the Special Committee in evaluating the previously announced offer by TIC Acquisition LLC, a subsidiary of The Irvine Company, to acquire all of the outstanding shares of common stock of IAC in a business combination for $32.50 per share in cash. (Read More)
Bond Market Holiday Schedule
December 24, 1998
The Bond Market Association (www.bondmarkets.com) has issued its recommended holiday schedule for full and early market closes in the U.S. for 1999. (Read More)
1stPlus Scraps Coast Deal
December 28, 1998
FirstPlus Financial Group Inc., Dallas, and Coast-to-Coast Financial Corp. have terminated their mutual obligations under an Oct. 14 strategic alliance agreement. (Read More)
Roubinek Leaving 1stPlus for PSB
December 28, 1998
Meanwhile, Jack Roubinek, one of the chief architects of FirstPlus's rise to power in the high-LTV loan market, is leaving to join high-LTV competitor PSB Lending, Carlsbad, Calif. Mr. Roubinek told MortgageWire that he is leaving FirstPlus on Jan. 1 and assuming control of a new wholesale division that PSB Lending is establishing in the Dallas area. (Read More)
Duff Downgrades 2 Nomura Classes
December 28, 1998
Duff & Phelps Credit Rating Co., Chicago, has lowered the ratings on classes B-1 and B-2 of Nomura Asset Securities Corp.'s Commercial Mortgage Pass-Through Certificates, Series 1994-MD1. (Read More)
Ginnie Touts Inner City Program
December 28, 1998
Ginnie Mae's targeted program boosted lending in underserved inner city neighborhoods by $5.3 billion over the past two years, according to the federal secondary market agency. (Read More)
CHEC Completes $189MM Deal
December 28, 1998
Centex Home Equity Corp., Dallas, has completed the securitization of $189 million of subprime home equity loans. (Read More)
WMF Closes Credit Facility for Walden
December 28, 1998
WMF Washington Mortgage Corp., Vienna, Va., has closed $250 million in financing for a master revolving credit facility for Walden Residential Properties Inc. The transaction provides $75 million of 10-year, fixed-rate financing amortizing over 30 years at 6.385%. (Read More)
Resales Reach Near-Record Level
December 29, 1998
Bolstered by low interest rates and mild weather, sales of existing single-family homes rose 2.7% in November, according to the National Association of Realtors. (Read More)
NAHB: New Home Sales Hit Peak in '98
December 29, 1998
Meanwhile, the National Association of Home Builders has reported that the highest number of new single-family home sales ever and the most overall housing starts in more than a decade were recorded by the homebuilding industry in 1998. (Read More)
Title Searches Decline
December 29, 1998
The AFS Title Search Index fell 2.3% to a holiday-adjusted 193.5 for the week ended Dec. 25 from 198.1 the previous week, according to Bridge/Telerate Advance Factor Service. (Read More)
EMB Moves B&C Ops, Lays Off 20
December 29, 1998
EMB Mortgage, a subsidiary of EMB Corp., is moving all B&C production out of its Costa Mesa, Calif., office and into the firm's Denver facility. (Read More)
Thrift Merger May Be Terminated
December 29, 1998
T R Financial Corp., Garden City, N.Y., has delivered a notice to terminate its merger agreement with Roslyn Bancorp Inc., subject to Roslyn's right to increase the common stock exchange ratio set forth in the agreement. (Read More)
Sunstone Urges Rejection of Tender Offer
December 29, 1998
Sunstone Hotel Investors Inc., San Clemente, Calif., has "strongly encouraged" its shareholders to reject a tender offer from IG Holdings Inc. that it says is 15%-20% less than the market value of its stock. (Read More)
Correction
December 29, 1998
In an item posted Monday, a headline erroneously identified Nomura Asset Securities Corp. as NASCOR, which stands for Norwest Asset Securities Corp. The downgraded mortgage-backed security classes were those of Nomura, not NASCOR. (Read More)
Fannie/Freddie User Fees Proposed Again
December 30, 1998
The president's budgeteers are considering a $250 million user fee on both Fannie Mae and Freddie Mac, and the $500 million would go directly to the Department of Housing and Urban Development to support its housing programs. (Read More)
Interlinq To Merge in Leveraged Recap
December 30, 1998
Interlinq Software Corp., Bellevue, Wash., and W. R. Hambrecht + Co. LLC, San Francisco, have announced a leveraged recapitalization of Interlinq involving a merger of the software company with Terlin Inc., a WRH affiliate created expressly for the transaction. (Read More)
Fitch Lowers 1stPlus's Credit Rating
December 30, 1998
The rating of FirstPlus Financial Group Inc.'s ability to meet senior unsecured obligations has been lowered from B to B-minus by Fitch IBCA Inc. and remains on RatingAlert Negative, the rating agency has announced. (Read More)
US Bancorp Buys Stake in New Century
December 30, 1998
U.S. Bancorp has acquired 500,000 shares of the common stock of New Century Financial Corp., Irvine, Calif., from The Foundation Companies Inc. in a private transaction, New Century has announced. (Read More)
Applications Plunge
December 30, 1998
Mortgage applications plunged 41.7% for the holiday-shortened week ended Dec. 25, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
New MI Declines 8%
December 30, 1998
Private mortgage insurers saw the volume of net primary new insurance written fall by over 8% in November, the Mortgage Insurance Cos. (Read More)
Finet Names Acting CFO
December 30, 1998
Finet Holdings Corp., San Francisco, has appointed Gary A. Palmer acting chief financial officer. (Read More)
FDIC Releases Y2K Consumer Info
December 30, 1998
The Federal Deposit Insurance Corp. has published two new brochures that banks can provide to customers worried about the Year 2000 problem. (Read More)
USB Buys $900MM in HLTVs From FP
December 31, 1998
U.S. Bancorp, Minneapolis, has purchased $900 million in high-LTV loans from FirstPlus Financial, Dallas, through a "whole loan" transaction, investment bankers have told MortgageWire. (Read More)
Republic Lays Off 340 in Mortgage Unit
December 31, 1998
Republic Bancshares Inc., St. Petersburg, Fla., has laid off 340 employees in its mortgage banking unit and is closing all out-of-state high LTV loan production offices. (Read More)
Roslyn Nixes Ratio Hike in Merger Pact
December 31, 1998
Roslyn Bancorp Inc., Roslyn, N.Y., has notified T R Financial Corp., Garden City, N.Y., that it will not increase the stock exchange ratio under the companies' merger agreement, which will be terminated unless further action is taken. (Read More)
Junior Liens To Get Better Cap Treatment
December 31, 1998
Federal regulators have agreed to give favorable capital treatment to junior liens, if the bank or thrift also holds the first lien on the one- to four-family property and the combined loan-to-value ratio does not exceed 90%. (Read More)
FDIC Clarifies Receivership Powers
December 31, 1998
The Federal Deposit Insurance Corp. has issued a proposed policy statement to clarify its treatment of securitizations and loan participations after an insured bank or thrift is placed in receivership. (Read More)
Rates Rise
December 31, 1998
The average 30-year fixed mortgage rate rose to 6.83% for the week ending Jan. 1 from 6.77% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
REIT Okays Buyback, Postpones Dividend
December 31, 1998
The board of directors of Wilshire Real Estate Investment Trust Inc., Portland, Ore., has authorized the repurchase of up to a million shares of the hybrid REIT's common stock. (Read More)
Walden Closes $250MM Facility
December 31, 1998
Walden Residential Properties Inc., Dallas, has announced the closing of a $250 million credit facility with Fannie Mae, with WMF Washington Mortgage Corp. as the lender. (Read More)
Happy New Year!
December 31, 1998
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