Wachovia will lay off mortgage workers
By George Avalos
STAFF WRITER
Article Launched: 08/24/2007 07:52:00 AM PDT
mercurynews.com
San Diego mortgage co. closing Irving office
Dallas Business Journal - 4:01 PM CDT Friday, August 24, 2007
bizjournals.com
..."These difficult decisions were made out of necessity in light of the continued and widely publicized turbulence in the mortgage and financial markets, but with a heavy heart," said Accredited Chairman and CEO James Konrath in a statement issued earlier this week on the company's restructuring. "Many of the people who are affected by these decisions have been productive, dedicated and loyal colleagues for many years. We will miss them and the enthusiasm and creativity that they brought to their jobs every day at Accredited."
The company is closing substantially all of its retail lending business, which consists of 60 retail branches and five retail support locations, as well as five of its 10 wholesale divisions. About 480 jobs will be cut nationwide in the retail lending business, and another 490 in the wholesale business. ...
Congress is taking aim at mortgage practices
By Susan Milligan, Globe Staff | August 24, 2007
boston.com
...Marks brought about a dozen homeowners to Washington yesterday who said they were lured into risky and expensive loan agreements by Countrywide Financial Corp., which the homeowners said charged higher interest rates than promised, then imposed heavy fees when the buyers had trouble making payments.
"They bullied us," said Jamie Washington, a Boston woman who said Countrywide jacked up the interest rate on her and her husband's home loan to more than 11 percent just hours before closing. When the Washingtons failed to persuade the buyers of their previous home to use Countrywide as a mortgage lender, the company threatened to refuse to release the cash for their new house, she said....
City attorney, mortgage broker plead guilty to fraud
Pair helped secure loans for two suspected drug dealers
By a Sun reporter
4:21 PM EDT, August 24, 2007
baltimoresun.com
Mortgage fraud leader sentenced to jail
Atlanta Business Chronicle - 4:38 PM EDT Friday, August 24, 2007
The ringleader of $4 million mortgage fraud scheme in Atlanta is heading to prison for nine years and seven months, and must pay $2.5 million in restitution......
bizjournals.com
Associated Press
Dingell Mortgage Proposal Sparks Worry
By ALAN ZIBEL 08.24.07, 6:34 PM ET
WASHINGTON - Amid a severe housing market slump, Rep. John Dingell is raising eyebrows with a proposal to eliminate interest-tax deductions for owners of big houses....
forbes.com
Two major mortgage bankers suspend subprime lending
Laura Bobak
August 24, 2007 - 9:57 p.m.
TORONTO (CP) - Two major Canadian mortgage bankers say they have temporarily suspended subprime - or higher risk - lending in Canada, blaming the frozen market for asset-backed commercial paper, or short-term loans....
canadianbusiness.com
...MCAP Financial, which provides mortgage financing through brokers and is a partner of the Bank of Montreal (TSX:BMO) and insurance giant Clarica, says it has temporarily stopped financing subprime loans through its Eclipse division, formerly known as MCAP Sub-Prime, adding all current mortgages will be honoured....
...GMAC Residential Funding also confirmed it will no longer extend subprime mortgages.
"In response to a challenging mortgage market, GMAC ResCap continues to reduce its nonprime exposure and restrict originations of mortgage products with limited market liquidity," John Schipper, senior vice president of mortgage lending and sales, GMAC Residential Funding, said in a written statement.
"While ResCap's Canadian unit, GMAC Residential Funding of Canada, has historically had limited activity in the subprime market, the company is also reducing its exposure to mortgage products with limited market liquidity. Residential Funding of Canada continues to offer insured, A-type mortgage products."
A third, smaller company,N.B.rook, has made a similar announcement, mortgage brokers.... |
