RECENT BLOG POSTS
Fremont General Corp. has put a number of their employees on paid leave "pending further information" after the company was issued a cease-and-desist which prompted an exit from the subprime business.The cease-and-desist issued by the Federal Deposit Insurance Corp. (FDIC) demanded the end to 14 ...
03/08/2007
 Graph: MBA Applications Index over 52 WeeksFor Week Ending: March 2, 2007Seasonally AdjustedTotal Mortgage Activity: Up 7.3%MBA Market Index Now: 671.6Index One Week Earlier: 626.1Unadjusted BasisTotal Mortgage Activity: Up 19.9%One Year Ago: Up 15.6%Seasonally AdjustedRefinance Activity: Up 15....
03/08/2007
State banking regulators in eight states - including Michigan, New York, Pennsylvania, and the entire New England region - have issued cease and desist orders to Mortgage Lenders Network USA, Inc. after the subprime lender left more than 1,500 customers without funds for mortgages that had been a...
01/25/2007
  Mortgage Applications Decline for the Week  Graph: MBA Applications Index over 52 WeeksMortgage demand was on the decline for the week as applications both refinances and purchases dropped noticeably. For Week Ending: January 19, 2007Seasonally AdjustedTotal Mortgage Activity: Down 8.4%MBA Mark...
01/25/2007
The new year started with a large upsurge in mortgage demand as the holiday season drew to a close. For Week Ending: January 5, 2007Seasonally AdjustedTotal Mortgage Activity: Up 16.6%MBA Market Index Now: 671.1Index One Week Earlier: 575.6Unadjusted BasisTotal Mortgage Activity: Up 33.2%One Year...
01/11/2007
The Federal Housing Administration loan ceiling has gone into effect for 2007, but the director of the Single Family Ownership Center with the Department of Housing and Urban Development (HUD) is openly questioning the future viability of the program.HUD opted to leave the maximum single-family l...
01/11/2007
The average 30-year fixed-rate mortgage remained flat for the week, and not far from where rates were one year earlier.Week Ending January 4, 2007Average 30-year fixed-rate mortgage01/04: 6.18%12/28: 6.18%12/21: 6.13%12/14: 6.12%12/07: 6.11%11/30: 6.14%11/22: 6.18%11/16: 6.24%One Year Ago: 6.21%A...
01/05/2007
Subprime lender Ownit Mortgage Solutions Inc. filed for bankruptcy last week, reportedly as a response to lawsuits filed by two creditors.Last Thursday, Ownit Mortgage filed for Chapter 11 in the U.S. Bankruptcy Court of San Fernando Valley, California just weeks after announcing it would stop ma...
01/03/2007
Subprime lender Mortgage Lenders Network USA (MLN) has announced that it will no longer fund loans or accept applications for new loans as the company explores "strategic alternatives" for its wholesale business lines.Middletown, Connecticut-based MLN also has a servicing portfolio over $17 billi...
01/03/2007
Fannie Mae has indicated that as of January 30 borrowers must qualify at "a fully-indexed rate that assumes a fully-amortizing repayment schedule" in order to be considered for a loan to be purchased by the company, just one of several underwriting changes at the government-sponsored enterprise (...
01/02/2007
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