OceanFirst Financial Corp., Toms River, N.J., will revise earnings for 2006 because of early payment defaults at its subprime mortgage affiliate, Columbia Home Loans.On certain loans, Columbia was funding 100% of the purchase price to subprime borrowers. The Jersey shore, where OFFC funds mortgages, has experienced incredible home price appreciation the past few years. In a statement issued Monday, the federally chartered savings bank said it is evaluating how much in reserves it should set aside for EPDs. As MortgageWire went to press, no dollar amount had been mentioned. In trading, its stock fell 5% on Monday.
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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