Citigroup has signed a deal that gives it an "option" to buy subprime wholesale giant Argent Mortgage, Orange, Calif., and the $65 billion servicing platform of its sister company, Ameriquest Mortgage.Both units are owned by ACC Capital Holdings, a company controlled by mortgage industry veteran Roland Arnall, who is currently serving as U.S. ambassador to the Netherlands. In a statement issued after the market closed Wednesday, ACC revealed that Citigroup not only has an option to buy Argent and the receivables, but is providing "additional working capital" to ACC's subprime units, becoming their primary warehouse lender. The option to buy does not include the retail division of Ameriquest and is subject to "certain requirements, including achieving business milestones and satisfaction of regulatory filings and approvals." Among subprime lenders, Citigroup ranks 10th and Ameriquest/Argent 11th, according to the fourth-quarter edition of the Quarterly Data Report, a National Mortgage News publication.
-
Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
2h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
2h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
2h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
5h ago -
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