American Mortgage Network, the San Diego-based wholesaler better known as AmNet, has left the subprime business, according to a source that confirmed published reports.AmNet succumbed to increasing pressures in this line of business, including compressed margins, and felt it could no longer compete with the larger players, the source said. The company, which was started as a conforming wholesaler, entered the subprime business in the first quarter of 2004. Ironically, at the time it entered the business, company chief executive John Robbins said AmNet wanted to be a one-stop shop where its brokers could place all their products. AmNet will still be doing alternative-A mortgage originations as well as home equity loans. According to the company, alt-A loans made up 41% of its volume in November. Subprime, home equity, and second liens totaled 10%. In December, AmNet's parent, AmNet Mortgage Inc., was sold to Wachovia Corp., Charlotte, N.C., which has its own subprime unit, EquiBanc Mortgage Corp. The company can be found online at http://www.amnetmortgage.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
9h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
11h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11