The General Electric-owned WMC Mortgage, the nation's fourth largest subprime lender, confirmed that it has trimmed staff by 20% -- about 460 workers -- as it moves to restructure amid a major shakeout in the subprime sector.The cuts were revealed late Friday, a few days after National Mortgage News reported that layoffs were in the works at the wholesaler. Sources also told NMN that WMC has been trying to sell delinquent second liens in the secondary market, but has not liked the bids. The Burbank, Calif.-based company has not returned several telephone calls made to it by NMN and MortgageWire.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
9m ago -
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.
2h ago -
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.
2h ago -
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
5h ago -
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24