Ameriquest closes, Citigroup buys mortgage assets
Fri Aug 31, 2007 7:33PM EDT
By Jonathan Stempel
NEW YORK (Reuters) - Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation's housing market slump.
Citigroup Inc (C.N: Quote, Profile, Research), the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest's parent, ACC Capital Holdings, for an undisclosed price....
reuters.com
S&P cuts H&R Block on mortgage unit sale concerns
Fri Aug 31, 2007 2:19PM EDT
NEW YORK, Aug 31 (Reuters) - Standard & Poor's on Friday cut its ratings on H&R Block Inc. (HRB.N: Quote, Profile, Research), citing concerns over the largest U.S. tax preparer's plans to sell its subprime lending unit and significant losses at its mortgage operations.
H&R Block said on Thursday the sale of its Option One Mortgage Corp. subprime lending unit to private equity firm Cerberus Capital Management may fall apart, as credit markets deteriorate and after its quarterly loss more than doubled....
reuters.com
Stocks in the News August 31, 2007, 3:44PM EST
Accredited: Lone Star Looks for a Markdown
The buyout firm has reduced its offer price for the mortgage outfit—and may still be looking for a way out of the deal
by David Bogoslaw
Considering the beating the subprime real estate market has taken this summer, can you fault Lone Star Fund V (U.S.) L.P. for being less than eager to snap up beleaguered mortgage company Accredited Home Lenders Holding Co. (LEND), even at a substantially lower price?...
businessweek.com
Bush subprime plan won't cure banks' credit woes
Fri Aug 31, 2007 3:26PM EDT
reuters.com
Poll: Worst is yet to come from mortgage industry
Los Angeles Business from bizjournals - 12:16 PM PDT Friday, August 31, 2007
Poll: Worst is yet to come from mortgage industry
The mortgage industry has been rocked recently with bankruptcies, such as Irvine's New Century Financial Corp., and bailouts, such as Bank of America's $2 billion infusion into Calabasas' Countrywide Financial Corp.
But is the worst of the mortgage crisis over? That was this week's poll question from Los Angeles Business.
An overwhelming majority, 71 percent said no, the worst is not over. Sixteen percent think that the worst has passed, with 13 percent saying "I don't know."
Here are some of the comments left by respondents:
"With $680 million in subprime loans adjusting in 2008 we are a long ways from the bottom. All those people who thought houses would never depreciate are in for a rude awakening."
"The Fed needs to lower rates prior to their meeting in September. The public need a push that the Government could provide. Otherwise we are in for continuing problems with the real estate market."
"The stone has only started the ripple effect. We'll know more by the end of October."
"It will get a lot worse before it gets better."
"B of A (Bank of America) will probably end up owning Countrywide. Right now it's a credit panic that will take months to calm down."
This week's question stays in the troubled mortgage industry and the "credit crunch." Has the sub-prime meltdown made it harder for your business to borrow money?
bizjournals.com |
