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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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25