Twice a year National Mortgage News publishes its exclusive research report on "20 (Mostly)Private Mortgage Firms to Keep an Eye On." The new report for 2006 -- featuring some firms that may benew to you -- will be released on Monday. To order a copy e-mail
Nonprime wholesaler MILA Inc. (one of 20 firms featured in the report mentioned above) of Washingtonstate has been quietly trimming its staff through attrition and layoffs. Since year-end, about 100 jobs have disappeared.It now employs about 500
If Ameriquest Mortgage didn't have enough to worry about it, now it has Michael Moore on its case.(Not the "documentary film maker Michael Moore who's skewered President Bush and General Motors,but the former Mississippi attorney general who stuck it to the tobacco industry.) Mr. Moore has been chosen asthe "monitor" of the subprime giant under its landmark legal settlement with 49 states. Ameriquest wasaccused of engaging in abusive lending practices. For the full story, see Monday's NMN. Don't subscribe?Call: (800) 221-1809
Foreign investors who buy U.S. mortgage banking firms tend to get their heads handed to them. They also tendto buy at the top of the market. Examples include National Bank of Australia which got hosed on HomeSide,and Royal Bank of Canada which made so many bad moves we don't have the time to list them here. So, perhapsMortgageBrokers.com of Toronto will have better luck. The company recently signed a letter of intent toacquire a privately held, New Jersey-based mortgage broker/banker. The terms of the proposed transaction were notdisclosed -- as was the name of acquiree...
According to Sandler O'Neill, there is "general disdain in the market place" right now formortgage banking companies. However, the investment banker continues to be bullish on Countrywide Financial,the nation's largest funder and servicer. According to the brand new Annual Data Report (the annualizedversion of the Quarterly Data Report), Countrywide maintained its No. 1 perch in 2005 by acquiring a stunning $233billion in already-funded loans from other mortgage bankers. Perhaps, they should call Countrywide CountryMae?...
The General Motors-owned DiTech is advertising its 125% LTV "Freedom Loan" on YahooFinance'swebsite. The ad shows a young woman holding a long list of purchases, including a plasma TV, a new computer andan MP3 player. What happened to the good old days when mortgages were used to fix up or add onto an existing abodes?...
MORE TIDBITS FROM THE RUDMAN REPORT: On Nov. 29, 2004 -- a few weeks before Fannie Mae's boardfound the courage to can then-chairman/CEO Franklin Raines and CFO Timothy Howard -- "presiding"Fannie director Ann Korologos sent a broadcast e-mail message to all GSE employees, asking them to comeforward in regard to "any unusual or atypical transactions" that had transpired over the past five years.In response to that e-mail, 10 employees and one seller/servicer came forward. One allegation became the "subject"of a "significant, standalone review." What was the allegation? The report doesn't say
According to Friedman Billings Ramsey, prepayments of subprime fixed- and adjustable-rate residentialmortgage-backed securities continued to decline in February. "We had expected prepayments to slow in Februarybased on increases in subprime mortgage rates and weaker seasonal factors," the company said in a new researchreport penned by Michael Youngblood...
Subprime mortgage REIT Saxon Capital intends to release its 2005 fourth-quarter and full-year resultson March 31. The company said it is in the process of restating prior years earnings because it did not "satisfythe hedge accounting requirements prescribed by SFAS 133." This past week its share price fell to a new 52-weeklow, a condition that is plaguing other mortgage lending REITS as well
Genworth Financial of Canada soon will begin insuring 30- and 35-year mortgages in that country
Late this past week Clayton Holdings, a mortgage analytics and consulting firm, went public, raising$127 million. Its shares will be listed on Nasdaq under the symbol CLAY
SUBPRIME MORTGAGE CONFERENCE: It's considered the best mortgage show in the business -- that would beSourceMedia's "4th Annual Subprime Symposium," being held May 18-19 in Las Vegas. For more information
WASHINGTON NEWS: NMN's Brian Collins reports that the National Community ReinvestmentCoalition and lenders on its mortgage finance advisory council have agreed on a compromise predatory-lendingbill. The coalition has dubbed the bill "North Carolina Plus" and it appears that some details are stillbeing worked out. NCRC president John Taylor declined to comment.
MORTGAGE PEOPLE: Mike Nizankiewicz has resigned as EVP of the National Association of MortgageBrokers. Mr. Nizankiewicz served in that role for six years. Also resigning this past week was Freddie Macchief financial officer Martin Baumann. Mr. Baumann, though, will stay on as a special advisor through theend of May. Company president and chief operating officer Eugene McQuade has already assumed the CFO responsibilities.CBA Commercial has promoted Scott Rielly to executive vice president of national sales. The commercialmortgage banker also hired Stephen Wojnar as vice president, Northeast region. GSC Partners, a $10billion asset management firm, has named Alexander Zabik senior managing director of high-yield real estate.Mr. Zabik will be a portfolio manager in a new fund focusing on U.S. commercial real estate-backed high-yield debtand mezzanine investments.
SURVEY NOTICE: Mortgage bankers and brokers -- NMN is still conducting its annual survey of lenders,servicers and brokers. If your firm wants to be ranked, send an e-mail to
