The Colorado attorney general is expected to subpoena at least 10 mortgage firms in the state -- mostly loanbrokers -- as part of an investigation into deceptive consumer advertising practices. Depending on what the AGfinds it is possible that fines could be levied against the companies. For the full story see the Monday editionof National Mortgage News. Don't subscribe? Call: (800) 221-1809...
Speaking before the National Association of Home Builders last week, Countrywide Home Loans chiefAngelo Mozilo voiced his concern that some states may dictate "suitability standards" that couldforce mortgage bankers to make loan choices for borrowers, a proposition he finds alarming. Mr. Mozilo, who alsoholds the chairman title at Countrywide, recently agreed to continue as CEO through the end of 2009...
Preliminary survey numbers are starting to roll in, and it's looking like the third quarter was a challengefor many lenders. In a few weeks, NMN will publish its 3Q edition of the Quarterly Data Report,which tracks the nation's top 100 lenders with breakouts on subprime and much more. For more information on theQDR e-mail
Meanwhile, according to exclusive research conducted by NMN, payment-option ARM and interest-only loanproduction now accounts for almost 30% of industrywide fundings. For those figures consult the Alternative ProductsQuarterly Data Report. For more information on the AP-QDR e-mail
Here comes the recession? Stocks fell Friday after the Commerce Department reported that the economygrew at the slowest pace in more than three years. The gross domestic product slowed to 1.6% in the third quarter.Economists had been expecting a 2.1% expansion. If GDP continues to slump the Fed may finally stir to cut rates,which will help the slowing mortgage business...
The big news from the MBA convention this past week? Answer: Fannie Mae and Freddie Macintend to win back some of the market share they have ceded to private-label conduits while laboring through theirrespective accounting scandals. Private-label conduits means Wall Street, the very same folks who make a marketin GSE stock and equities...
Late this past week Jefferies & Co. cut its rating on specialty servicer Ocwen Financial to"hold" from a "buy." Ocwen is trading near its 52-week high...
WASHINGTON NEWS: Robert Steel, the new Treasury undersecretary in charge of GSE policy,has pledged to work with all key participants to forge a compromise on long-stalled GSE legislation. Mr. Steel,like his boss, Henry Paulson, hails from the corporate suites of Goldman Sachs. Goldman, of course,runs a conduit that competes against, you guessed it, the GSEs.
MORTGAGE PEOPLE: Beanstalk Networks has named Steve Ribultan vice president of regionalsales. Mr. Ribultan will be responsible for selling the Web-based suite of OpenClose mortgage software to lenders.
DATA NEWS: Looking for a great contact directory on mortgage bankers, servicers, brokers and loan officers?That would be the Mortgage Industry Directory which is available online as well as in print. TheMID/eMID also has exclusive rankings on lenders and servicers that you cannot get elsewhere. The onlineversion also provides recent news articles on lenders and servicers ranked in the book. For more information e-mail
