Mortgage news

News, trends and analysis of the mortgage and credit market

Thursday, May 17, 2007

Mortgage companies news



Mixed data in the mortgage sector


Wholesale subprime giant Option One Mortgage Corp. plans to close 12 mortgage processing offices and trim 600 workers by early September.

New York Mortgage Trust Inc., a New York-based real estate investment trust, has reported a consolidated net loss of $4.7 million ($0.26 per share) for the first quarter, including a $3.8 million loss from its discontinued mortgage lending operations.

Wells Fargo housing market index dropped three points to 30 in May.

The meltdown within the subprime mortgage industry pushes mortgage lenders to tighten lending standards.It’s tougher for subprime borrowers to get a mortgage. Tighter mortgage standards could prolong housing slump.

Wall Street: Report of a decline in housing makes stocks retreat. But signs of stabilizing inflation are raising the prospect of lower interest rates.

The Department of Housing and Urban Development wants to ban all downpayment "gift" assistance provided to homebuyers by sellers.

As home foreclosures mount, mortgage companies are knocking on doors, sending letters and making phone calls with a simple message for struggling homeowners: They'd rather modify your loan than foreclose.

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