raman kandola's (kandolamortgage) Blog

 Credit-Based Asset Servicing and Securitization LLC (C-BASS), a New York-based subprime loan company, said it's in talks with investors to ensure it has sufficient funds. Mortgage insurers MGIC Investment Corp. and Radian Group Inc. yesterday said their C-Bass joint venture may be worthless, req...

IMPORTANT NOTICE:FIRST MAGNUS IS NO LONGER FUNDING ANY MORTGAGE LOANS In light of the collapse of the secondary mortgage market, First Magnus will not fund any future mortgage loans, and is no longer accepting any mortgage loan applications or funding any mortgage loans previously originated and ...

 Credit (borrowing) has become scarcer, rather than simply more expensive, which could affect the real economy in at least three ways. It could make the already large overhang of unoccupied housing worse, curb consumer spending, and constrain capital spending and hiring by firms that depend on ex...

 One industry expert called the Alt-A market "wambly"*, and rumors are rampant about warehouse lenders putting restrictions on originators selling loans to companies like American Home and Indy Mac. Last week we had Wells Fargo shutting its nonprime wholesale lending business, laying off 144 work...

 Borrowers with subprime loans are now ending up in foreclosure twice as often as borrowers with FHA-insured loans, said Brian D. Montgomery, assistant secretary for housing and the federal housing commissioner for HUD. Of the 10 states with the highest percentage of FHA-insured loans, only three...

According to an article in the Wall Street Journal, Option One, Countrywide and First Franklin (Merrill Lynch) will no longer offer 2/28 loans. A spokesman for Countrywide said that investors' demand for such loans is "very, very limited." Alliance Bancorp. ceased operations on July 13th per a me...

 Impac Mortgage announced that it will not pay a dividend this quarter due to "higher than expected losses from the disposition of REO." Impac is selling their real-estate-owned through an auction process in order to mitigate losses, and the company is concerned that prices could deteriorate furt...

Wait till subprime cloud clears Global markets dictated trend on the US stock exchanges last week. Global bourses witnessed alternate bouts of buying and selling caused by risk aversion or risk appetite that, in turn, was driven by how concerned the market was about the US subprime mortgage woes....

Yesterday saw a significant sell off in equities, and while most people under the age of 25 started calling their brokers demanding to know how stocks can go down, money started flowing into the treasury markets later in the day. Disappointing earnings and worries about the prolonged housing slum...

According to RealtyTrac, more than a quarter of the top 500 leading foreclosure zip codes are in California. Among them, seven East Bay zip codes are represented. Antioch led the region with two zip codes for a total of 837 foreclosures during the three months that ended June 15. The other zip co...