Harbourton Mortgage Investment Corp., Santa Rosa, Calif., closed its doors in late December, the apparent victim of loan buyback requests that it could not handle.According to one correspondent buyer, Harbourton was producing about $80 million a month. Harbourton's failure is just the latest in a wave of collapses that is reshaping the struggling subprime sector. In December, OwnIt Mortgage of Woodland Hills, Calif., went bust, as did Sebring Capital of Texas. As of MortgageWire's deadline, telephone calls to Harbourton's operations center in Virginia had not been returned. The company was founded in 2001 and is a subsidiary of Harbourton Capital Group of McLean, Va., according to its website. Kevin J. Ryan is listed as its chief executive officer. (For full details, see the Jan. 8 issue of National Mortgage News.)
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27