Are hedge funds the only bidders out there making serious offers for subprime firms? Is Wall Street still interestedin wholesale franchises or have they had it? For answers to these and other questions see the Monday edition ofNational Mortgage News. Don't subscribe? Call: (800) 221-1809...
It's alive! That would the Department of Housing and Urban Development's effort to revamp RESPA. SeeBrian Collins’ story in Monday's NMN as well...
Will the Federal Reserve cut short-term rates, which could help the mortgage market? National Associationof Home Builders economist Dave Seiders thinks the Fed will cut rates 25 basis points in August. Ata recent forecast conference Mr. Seiders noted that ARM production now accounts for just 11% of the market comparedto 40% a few years ago...
Indiana-based wholesaler Millennium Funding has cut some of its workforce and has temporarily suspendedtaking new applications...
Loan Center of California said it may take legal action against a blogger who made comments on his websitethat the company found (shall we say) not so helpful to its business. (I won't identify the blogger but most peoplewill figure it out.) The blogger has since removed the material. Meanwhile, Loan Center has laid off some of itsworkforce. How much? It won't say. Company vice president Brad Atterbury did not return telephone callsfrom NMN...
Roughly 7% of U.S. homeowners have negative home equity and the housing industry is currently in the throesof a "deep recession." That's the word from Global Insight economist Nariman Behravesh.Speaking at an NAHB meeting Mr. Behravesh also said the subprime mortgage crisis "is now off the front pages."I assume he means the front pages of large daily newspapers and not NMN and the American Banker...
So, which lender was the top subprime funder in 2006? That would be HSBC Finance with $52.5 billion originated.For the complete list order the Annual Data Report. For more information, e-mail
Credit card giant Capital One originated $6.8 billion in mortgages in the first quarter, down 27% fromthe prior quarter and 13% from the same period last year. The majority of the loans that Capital One originatesare nonconforming "prime" alt-A loans...
Former Fannie Mae president Larry Small is in the news again -- but not because of his tenureat the GSE. Mr. Small who recently departed as head of the Smithsonian received a $1.1 million housing allowancefrom that institution to renovate his mansion. The idea was for Mr. Small to use the mansion for entertaining inregard to Smithsonian events. But according to newly released records he used his mansion for such events fourtimes in four years or once a year...
SURVEY NOTICE FOR MORTGAGE BANKING FIRMS: NMN is still collecting annual production and servicingdata from all mortgage banking firms, regardless of charter. To participate (it's free) please visit
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. Visit
WASHINGTON NEWS: Democrats on the Senate Banking Committee are turning up the heat on the FederalReserve Board, demanding that it establish an ability-to-repay standard on subprime mortgages and designate thefailure to escrow homeowners insurance and property taxes as a deceptive lending practice.
MORTGAGE PEOPLE: American Home Bank of Mountville, Pa., has named Timothy Classen assistantvice president with a specialty in commercial lending.
DATA NOTICE: Need reliable research on top funders and servicers dating back to 1999? NMN hasavailable for purchase back issues of its popular Quarterly Data Report going back to the fourth quarterof 1999. (The QDR provides information on prime and subprime.) If you want details on the top funders of alt-A,payment-option ARMs, jumbos and more, check out the Alternative Products Quarterly Data Report. For moreinformation e-mail
