Washington Mutual Shut Down by OTS
So much for the merger with Chase; instead the largest bank failure in U.S. history. Late Thursday evening, Washington Mutual was shut down by the… Read More »Washington Mutual Shut Down by OTS
Mortgage News
The latest real estate and mortgage industry news, digested. Look beyond the headlines to better understand what’s really happening.
I’ve been covering the mortgage industry since 2006, at a time when scores of banks and lenders were closing their doors after some very big boom years.
In fact, you can see my ongoing list of mortgage layoffs and closures if you’re curious just how many companies didn’t survive that period.
Fortunately, the climate has improved considerably since then, despite a big uptick in mortgage rates lately.
This too has led to companies merging or folding entirely, though this time around due to a lack of volume as opposed to an increase in loan defaults.
I strive to write compelling mortgage news stories, whether it’s the top lenders for a given year, a novel mortgage product, new loan limits, or a big policy change.
You can see all my latest mortgage news posts below.
Introducing Indymac Federal Bank
Tomorrow morning, Indymac Federal Bank will open its doors, largely to panicked and upset customers inquiring about their mostly-insured deposits. On Friday, the FDIC announced… Read More »Introducing Indymac Federal Bank
Service Launched to Help Pets Affected by Foreclosure
A new non-profit called “No Paws Left Behind” was launched today to help foreclosure victims find homes for their pets if they’re unable to take… Read More »Service Launched to Help Pets Affected by Foreclosure
Down Payment Assistance Loans Drive $4.6 Billion Loss at FHA
FHA Commissioner Brian D. Montgomery said today that his organization realized $4.6 billion in “unanticipated long-term losses,” largely due to an increased number of seller-funded… Read More »Down Payment Assistance Loans Drive $4.6 Billion Loss at FHA
Mortgage Bust Market Cap Impact
What a difference a mortgage crisis can make. Take a look at select mortgage stocks and their market cap declines from June 2007 to the… Read More »Mortgage Bust Market Cap Impact
Bank of America to Buy Countrywide
Rare Opportunity for BofA? As expected, Bank of America announced this morning that it would buy struggling mortgage lender Countrywide Financial for $4.1 billion in… Read More »Bank of America to Buy Countrywide
Greenpoint Mortgage Closed
Greenpoint Mortgage was shut down today by parent Capital One Financial Corp., who said weak demand for residential home loans forced the company to shut… Read More »Greenpoint Mortgage Closed