Mortgage crunch pushes Liberty and Others Out of Business

May 15, 2006

The tightening mortgage environment has forced Liberty Mortgage out of business. The Tampa based lender has been in trouble for the last couple of years and the recent downturn put the final nail in the coffin.
After a 5 year period of low interest rates and prosperous times, the mortgage industry is looking at tough period. [...]

Read the full article →

Mortgage company brings 140 jobs to Tampa – Tampa Bay Business Journal:

May 15, 2006

IndyMac is opening a regional office in Tampa as the  company is taking a brave plan of expansion in the face of a slowing mortgage market. They are  adding 140 jobs in the Tampa area.  

The 12,187 square foot facility is located in the Centerpointe office building at 5100 W. Lemon St. When fully staffed, the new center [...]

Read the full article →

Merrill Lynch Looking to Buy Mortgage Company

May 11, 2006

With the rise in consolidation of the mortgage industry after a 5 year run of record profits, Merrill Lynch is looking to make a purchase in the industry. The company does not have any exposure in the mortgage world, but is looking to buy into the dip as independent mortgage companies retrench.

New York-based Merrill’s [...]

Read the full article →

H&R Block Says 2006 To Be Slower As Mortgage Business Slowing

May 10, 2006

H&R Block is expecting slower earnings for 2006 as it’s mortgage division has slowed down significantly. The company said its tax business was doing much better than expected, but that a slow down in its mortgage writing has hurt the companies earning.

The company said it now expected its earnings per share to come in [...]

Read the full article →

Rising LIBOR Rates Spur Mortgage Refinancing From ARMS to Fixed

May 9, 2006

The rising interest rates are causing an increase in mortgage refinancing as households are changing their mortgages from Adjustable Rate Mortgages (ARMs) to Fixed Rate Mortgages. Countrywide Financial Corp and Quicken Loans are both expecting an increase in volume as homeowners get out of ARMs to more stable fixed interest mortgages.

About $200 billion of [...]

Read the full article →

Golden West Financial Sells Out to Wachovia

May 9, 2006

Golden West Financial will sell out to Wachovia as the US Mortgage industry is poised to see a consolidation as the volume of mortgages slows down after 5 boom years. Golden West Financial is solely focused on mortgages and as such did well during the past few years, but as  Herbert Sandler, co-chairman of Golden [...]

Read the full article →

Freddie Mac to Offer Web Based Mortgages

May 9, 2006

Freddie Mac, the 2nd largest mortgage lending company, has just announced they will be offering new mortgage products through the world wide web this summer. The programs include Home Possible, a program that is designed for borrowers who need assistance, and over 20 other mortgage programs.

The company’s Loan Prospector automated underwriting service and its [...]

Read the full article →

Bank of America Raises Ratings For Fannie Mae and Freddie Mac

May 9, 2006

Bank of America analysts raised their ratings for Fannie Mae and Freddie Mac as the largest mortgage finance companies settled their investor class action lawsuit. The mortgage lenders have been under a cloud since irregularities showed up on the balance sheets of the two concerns.

The bank changed its rating of Freddie Mac to “buy” [...]

Read the full article →

New York Mortgage Trust First Quarter Disappointing on Lower Volume

May 9, 2006

New York Mortgage reported 1st quarter earnings and showed a loss of 14 cents a share. They attributed this to a difficult lending environment but they see a 30 percent increase in lending in the second quarter so far. This could be a very good indicator of the market as a whole as the marketplace [...]

Read the full article →

Cash Outs Refinancing of Mortgages Rise in 1st Quarter 2006 According to Freddie Mac

May 6, 2006

Cash out refinancing has risen in the  first quarter of 2006 as refinancing for improved interest rates slowed to a crawl. People are  now looking on extracting some of the appreciation out of their  homes instead of trying to get a lower rate. Freddie Mac has come out with the new report on the trend. [...]

Read the full article →

← Previous Entries

Next Entries →