John A. Vella has been named president and chief operating officer of Aames Investment Corp., a Los Angeles-based mortgage real estate investment trust.Mr. Vella was most recently chief sales officer for Option One Mortgage, a national subprime lender, and he previously served as Option One's chief administrative officer. Aames can be found on the Web at http://www.aames.com.
The founder who was recently ousted as CEO said he wants to return the company to its positive trajectory, after last week's shakeup battered its stock price.
The lender won its motion for summary judgment just about two months after the court denied a plaintiff's attempt to certify a class of over 50,000 consumers.
While delinquencies eased overall quarter to quarter, they trended upward on a yearly basis across all loan types, the Mortgage Bankers Association said.
The seller surplus was a result of sluggish demand as opposed to increased supply. The 30-year fixed-rate mortgage rose every week in July to 6.66%.
More than a third of listings are below their original ask, with entry-level homes seeing frequent cuts in several metros, Movoto data shows.
For the first time in six weeks, the 30-year fixed rate mortgage dropped, with observers expecting a steady but challenging housing market for the rest of 2026.
