So, what does Countrywide's Angelo Mozilo really think of the Merrill Lynch analyst (KenBruce) who recently put a “sell” rating on his company, invoking the “bankruptcy” word and setting off (moreor less) a financial panic in the world credit markets? My guess is that Mr. Bruce will not be attending the next“Investors Day” analysts meeting at Countrywide's HQ in Calabasas. For Mr. Mozilo's views on Mr. Bruce and othermatters see the Monday edition of National Mortgage News. Don't subscribe? Call: (800) 221-1809
Let's forget the subprime crisis for a moment. Here's an interesting news flash: Bank of America is nowthe nation's No. 1 ranked retail mortgage originator, according to the soon-to-be released Quarterly Data Report(a National Mortgage News product.) In the second quarter, BoA's mortgage group originated $42.9billion through the retail channel, edging out Wells Fargo ($42 billion). Countrywide was a close third with $41.9billion. To order the QDR e-mail
Just how crazy is the secondary market right now? Try this on for size: jumbo lender Thornburg Mortgage-- which has suffered some turbulence because of the liquidity crisis -- has the fourth lowest mortgage delinquencyrate in the U.S. Those figures, too, are courtesy of the new QDR
On Wednesday, NationalMortgageNews Online (MortgageWire) broke the news that thenation's largest hard-money lender, Quality Home Loans, had suspended production. That morning a QHL spokeswomanassured us it would be only a matter of time before it started funding again. "We're staffed up," sheassured us. Later that afternoon it filed for bankruptcy protection. One of its largest unsecured creditors isFirst California Bank, which is owed $352,468
When it comes to subprime carnage, August is the cruelest month. To see an accurate and up-to-date list of failedshops (August only) and closed platforms visit
And now for some good news: the Commerce Department reported Friday that new-home sales rose 2.8% inJuly, after falling 4% in June. The increase in July lifted sales to a seasonally adjusted annual rate of 870,000units
More good news: IndyMac Bancorp this past week re-entered the jumbo loan market
One loan broker who has been funding small balance commercial loans through Impac Mortgage said the lenderis having a hard time getting his deals through. He said his loan "rep" at the company "doesn'tknow what's going on and can't tell me when the deals will fund." Impac, which announced layoffs on Thursday,did not return a telephone call from National Mortgage News
Federal Financial Analytics, a consulting firm, is predicting that Fannie and Freddie's regulator willincrease the loan limit cap on the size of mortgages the two can buy. The current cap is $417,000
Remember Landesbank Sachsen, the German bank that got burned by its investment in U.S. subprime assets?A few days ago its chief executive, Stefan Leusder, resigned
WASHINGTON NEWS: Senate Banking Committee chairman Chris Dodd, D-Conn., sent a letter toTreasury secretary Henry Paulson and Department of Housing and Urban Development secretaryAlphonso Jackson urging them to take the "necessary administrative steps" to enable the FederalHousing Administration to provide more affordable loans to American homeowners in danger of foreclosure dueto bad lending practices. Sen. Dodd wants to move legislation that will modernize the FHA.
MORTGAGE PEOPLE: Advantus Capital Management has named Jon Thompson vice presidentof structured finance.
DATA NOTICE: If you're trying to figure out where the mortgage market is headed and what the businesswill look like for the rest of the year, you're in luck. NMN has just published the brand-new MortgageIndustry Directory, which ranks the nation's top 400 lenders, 300 servicers, top 85 subprime and much,much more. The book also provides a special analysis on America's subprime crisis. To order, e-mail
