Ameriquest, long the poster-child of successful (and suspect) subprime lending announced that the unit will close upon the finalization of their sale to parent company Citi. Citi will pick up their servicing portfolio, along with their wholesale arm Argent Mortgage in the deal. Thanks to commenter BB for pointing out the news story [...]
A weekly thing over here – a gracious thank you to the sponsors that support Blown Mortgage. We have two new sponsors this week:
The Truth About Mortgage – is a great blog providing all sorts of mortgage-related information; including the inside tips and secrets surrounding how mortgages work. A great reference for anyone wanting to [...]
If you’re not on the Blown Mortgage email list you could be missing out (depending on your opinion of this site, that is). Blown Mortgage publishes a weekly email that goes in to a bit more depth on the hot issues of the week. The last two issues are linked below.
Note: Even if [...]
It’s been a busy news day already as President Bush outlined his initial plans to for the government to aid in softening the mortgage and housing disaster. You can read more about it here, here, and here.
From Bush’s speech this morning:
On Friday, Bush said he planned to:
Urge Congress to pass legislation that would give the [...]
Countrywide issued an official response to the scathing New York Times expose on the mortgage lender’s alleged institutionalized practice of steering borrowers in to high cost loans. The lengthy, 3 page statement can be found here. (PDF)
In short, Countrywide categorically denies institutionalized steering and highlights everything the company does to ensure the highest percentage of [...]
As I mentioned in my last post, Option One has switched their underwriting guidelines from subprime to Fannie-eligible only according to this email below. While its understandable, I can’t see how you make a profitable business model out of it right now. There are tons of players who have been servicing the A-paper [...]
Bloomberg is reporting today that the sale of Option One, H&R Block’s subprime mortgage unit, may be in jeopardy as the company is in default of many of the originally agreed-to deal points with buyer Cerberus Capital Management.
From Bloomberg:
H&R Block Inc., the biggest U.S. tax- preparation company, said it may shut a subprime-mortgage unit if [...]
What do you get when you combine a bought-at-the-top Hamptons denzien with an adjustable rate mortgage and Career Builder’s Monk-e-Mail? Mild amusement worth forwarding to a friend.
http://tinyurl.com/yw7yu7
Enjoy a little ha-ha courtesy of your friends at Blown Mortgage.
In this edition of the Blownmortgage.com interview series we speak with Meg Burns, the founder of OfferAngel.com. Offer Angel’s mission is to bring transparency to the loan origination process by providing loan officers with an independent platform to present their offers to consumers. It equips consumers with tools that make comparing competing mortgage [...]
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