N.J. Thrift Hurt by Subprime EPDs

Published March 13, 2007, 3:00 p.m. EDT

1 Min Read

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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