Originator Amstar Mortgage Corp., Houston, has laid off most of the staff at its corporate headquarters and its parent company said it will eventually divest the company to concentrate on more profitable ventures.In a statement, the company blamed large lenders that owe Amstar Mortgage substantial money but are now in or will need to seek bankruptcy protection. The statement also said Amstar is speaking with an unnamed company about managing its branches so service can be maintained. Amstar Mortgage has 116 branches, was licensed in 31 states and originated over $1 billion in loans a year.
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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.
6h 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.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
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