THIS JUST IN: Deutsche Bank is reportedly talking to a New Jersey-based mortgage banker abouta possible acquisition. At press time the bank would not comment. For more details see the Monday edition of NationalMortgage News. Don't subscribe to NMN? Call: (800) 221-1809...
On Wednesday of last week when Aames Financial reported a $6 million loss for the first quarter it alsorevealed that it is in "discussions with several parties regarding a potential merger or sale" of thecompany. It noted that while "there can be no assurance" that a deal will come off, "there is asignificant probability" that a definitive agreement will be struck by the end of the second quarter. Accordingto the Quarterly Data Report, Aames ranks 23rd nationwide among subprime funders. To subscriber to the QDRe-mail
In a recent SEC filing, subprime lender Accredited Home Loans noted, "While we continue togenerate the majority of our earnings and cash flows from whole loan sales, securitizations will continue to contributesignificantly to earnings and cash flows. Our securitization transactions will continue to be legally structuredas sales, but for accounting purposes will be structured as a financing." Accredited's share price has heldup nicely the past few months...
Last week, NMN reported that Impac Mortgage Holdings was considering offers. The alt-A lenderwould not comment. In releasing its earnings, company CEO Joseph Tomkinson said, "As competition hasintensified, many of our competitors have relaxed their underwriting guidelines and created what we believe tobe more layered risk in the market. Essentially, we are not comfortable investing in certain higher-risk mortgageproducts, and as a result have revised our underwriting guidelines and adjusted pricing." A few months backImpac rolled up its subprime unit, Novelle, into IMH...
Interactive Mortgage Advisors is selling a $698 million portfolio of private MBS servicing rights. IMAis Tom Piercy's shop. The bid deadline is next week...
So, is the Federal Reserve ready to pause on its rate hikes? The market seems to think not, which isn'tgood news for housing and mortgages. But there is silver lining here. Home sales are slowing and prices are comingback down to more reasonable levels, which will bring sanity and stability to the market. Meanwhile, gold lastweek soared to $725 an ounce, a new 25-year high...
Last year, 23,000 "suspicious activity reports" were filed with the authorities. Two years ago just10,000 were filed...
ALMOST FIVE YEARS AGO: In the spring of 2001, National Mortgage News reported that BerkshireHathaway (as in uber investor Warren Buffet) had sold most of its holdings in Fannie Mae andFreddie Mac. The sales were disclosed in Mr. Buffet's annual letter to Berkshire's shareholders.
WASHINGTON NEWS: The clock is ticking on legislation to create a new regulator for Fannie Mae and FreddieMac, the Mortgage Bankers Association said last week. Worried that only a few months are left before lawmakersreturn to their home districts for the November elections, MBA's chief lobbyist, Kurt Pfotenhauer, saidthe now-or-never point is rapidly approaching in the effort to create a new, more powerful regulator for the government-sponsoredenterprises. "If GSE reform is going to go forward, action has to be taken soon," Mr. Pfotenhauer toldreporters.
MORTGAGE PEOPLE: Marshall & Ilsley Corp., has named Gregory A. Smith senior vice presidentand chief financial officer. Mr. Smith is a former managing director for Credit Suisse, specializing inMidwest financial institutions. HomeView Lending named Serene Rosenberg chief operating officer.She is a former SVP at New Century.
MORTGAGE MEETINGS: It's the best subprime lending conference in the business. That would be SourceMedia's"Fourth Annual Subprime Lending Symposium" May 18 and 19 in Las Vegas. To register, call (800)221-1809.
MORTGAGE DATA & RESEARCH: Check out our Alternative Products QDR (AP-QDR), which offers rankingson the top alt-A, IO, payment-option ARM and jumbo lenders (and more). For pricing information contact
SURVEY NOTE: If you manage a mortgage banking firm, a brokerage firm, or happen to be a loan officer,NMN is still conducting annual surveys for these areas. For more information contact
