Bear Stearns -- a top Wall Street player in the nonprime mortgage market -- laid off 240 employees in its residential home loans group on Thursday, including 100 at Encore Credit, its California-based wholesale division.Shabi Asghar, president of Encore, remains with the company. (Bear bought Encore earlier this year.) Bear also closed two mortgage operations centers: one in Glen Allen, Va., and another in King of Prussia, Pa. Sources say Bear Stearns is continuing to fund nonprime loans, but at greatly reduced volumes. No changes have been made at its conduit, which buys closed loans.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24