THIS JUST IN: The Federal Deposit Insurance Corp. is holding an invitation-only summit on subprimeforeclosures on Monday, April 16. Invited speakers include former Salomon Brothers vice chairman LewisRanieri, Richard A. Uhlig, CEO of Morgan Stanley Bank and Larry Litton ofLitton Loan Servicing, among others. The media was not invited
A large mortgage brokerage operation in the Pacific Northwest has been tardy paying some of its branches we'retold. At press time, one branch manager said he had not been paid in 18 days. Typically, he gets paid in 48 hours,he told us. Watch National Mortgage News Online/MortgageWire for an update. Don't subscribe? Telephone:(800) 221-1809
In case you missed it: First Horizon of Texas has exited the subprime wholesale niche. An executive theretold us the company may re-enter the niche at some point but currently profit margins are much too thin. See thefull story in Monday's NMN
Remember Sy Naqvi, ex-PNC Mortgage chief who also did a stint at DeepGreen Financial? We'retold he's now working for the finance division of Harley Davidson. HD is in the credit card business. Couldmortgages be far behind?...
National Mortgage News is putting the finishing touches on its Annual Data Report, theannualized version for Quarterly Data Report. According to the ADR, the nation's three top wholesalers lastyear were Countrywide ($95 billion table funded), followed by Washington Mutual ($66 billion) andWells Fargo ($50 billion). To order the ADR e-mail
Wall Street look out! The Neighborhood Assistance Corp. of America is planning to conduct protestsand mock foreclosures at the homes of Wall Street and mortgage company executives -- demanding loan modificationsfor subprime borrowers who are facing foreclosure. Subprime adjustable-rate mortgages were "structured tofail" and "we are going to go into their neighborhoods" if they don't stop the foreclosures, NACAchief Bruce Marks said at a Washington news conference
Friedman Billings Ramsey on Countrywide Finding: "Subprime credit concerns have continuedto weigh on fundamentals and CFC valuation. We are somewhat surprised about the speed of credit deterioration,but we believe CFC will manage credit well throughout the cycle"
First Freddie Mac had problems with its operations, then Fannie Mae and now its HUD's turn.According to HUD's Office of Inspector General, the agency's "program offices and system owners are not performingtheir Federal Information Security Management Act roles and responsibilities related to the updating of securitydocumentation, obtaining role-based training and testing their applications' technical security controls."In other words: look out below
According to Standard & Poor's, commercial mortgage-backed securities issuance volume will remainstable this year, "barring a major increase in interest rates or an unforeseen shock to the capital markets"
IGGY AND THE MBA: According to a report in The Examiner, a daily that covers the Washingtonarea, Mortgage Bankers Association lobbyist Erick Gustafson was out partying late one night withrock/punk legend Iggy Pop and his band the Stooges. Mr. Pop and the Stooges -- with ex-Minutemengreat Mike Watt on bass -- recently played the 9:30 Club. However, The Examiner did not mentionMr. Watt. (If you looking for a great LP, check out the Minutemen's “Double Nickels on the Dime.” As for the Stooges,the eponymous debut will suffice.)
Hedge fund Cerberus Capital is one of a handful of bidders eyeing Option One Mortgage Corp.,the subprime division of H&R Block, sources have told National Mortgage News. Afew weeks ago Cerberus was hoping to buy part of New Century Financial Corp., through a "pre-packaged"bankruptcy deal
WASHINGTON NEWS: Democrats and Republicans on the House Financial Services Committee willget a chance to debate the merits of their respective Federal Housing Administration reform bills April 19 at ahousing subcommittee hearing. The competing bills are aimed at re-energizing the FHA single-family program so itcan serve more subprime borrowers by charging risk-based premiums.
MORTGAGE PEOPLE: PHH Mortgage, a private label mortgage funder/servicer, has named Robert H.Tort director, private label sales. Prior to joining PHH Mortgage, he was with CUNA Mutual Mortgagefor seven years.
ATTENTION LOAN BROKERS: NMN is conducting its annual survey of brokerage firms. To participate
LO SURVEY NOTICE: Loan officers take note -- NMN's annual survey of LOs also is now ready.
MORTGAGE MEETINGS: It's one of the best subprime shows in the business -- that would be SourceMedia's5th annual Nonprime Lending Symposium May 17-19 in Las Vegas. Speakers include EMC's John Vella.For more information call (800) 803-3424.
DATA NEWS: According to new 4Q edition of the Quarterly Data Report, mortgage bankers funded $795billion in loans during the quarter. Subprime production fell to $143 billion from $176 billion in 3Q. The QDRoffers complete rankings on the top 100 mortgage funders and servicers with breakouts on loan channels, subprimeand much more. For info on the product e-mail
