Nonconforming lender Aegis Mortgage Corp., Houston -- which is controlled by hedge fund giant Cerberus Capital -- ceased funding loans on Monday.A spokeswoman for Aegis said, "We are looking at all our options right now," adding that no office closures or layoffs have occurred. Cerberus is in the process of buying Option One Mortgage Corp., Irvine, Calif., which is owned by H&R Block. In mid-July, National Mortgage News reported that Aegis had placed its servicing platform on the auction block. An internal memo provided to NMN says Aegis is plagued by $100 million in early payment defaults, or EPDs.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
3h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
5h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
5h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
7h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
8h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18