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Inside Mortgage Trends

December 14, 2007

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In a Tough Time for REITs, Most With Origination Strategy are Out of Business

The current hostile environment has devastated mortgage REITs, knocking most of the companies that had opted for a hybrid origination and investment strategy right out of the business while lowering profits for the survivors. Real... [Includes one chart] Read More

Outlook for Private Mortgage Insurers Seen Dim As Subprime Losses Wipe Out Increased Revenue

The profitability outlook for the private mortgage insurance industry is “dismal” even as the volume of business increases, according to an analyst at UBS, who blamed the insurers’ subprime exposure. Forced out of their core flow mortgage insurance... Read More

Top Commercial Banks Report Drop in Originations, Mortgage Income; Wells Profits in Third Quarter

Commercial banks reported a 23.13 percent decrease in new originations through their mortgage banking operations from the second quarter to the third quarter, and net income from these units fell another 16.94 percent... [Includes one chart and two graphs] Read More

Bank of America Opens New Fullfillment Center, Anticipating Further Growth in FHA and VA Loans

Reacting to changes in the mortgage market, Bank of America will create a second fulfillment center to handle an increased volume of government-insured loans. “The dislocation in the subprime market has sparked renewed enthusiasm for FHA and VA loan products across... Read More

Failed Securitization Drives Delta to Bankruptcy; Option One Shuts Down; WaMu Exits Subprime

Delta Financial last week said it will seek bankruptcy protection, a sobering demonstration by possibly the most conservative major subprime lender of how fast a company can crumble. Delta was known for sticking to fixed-rate mortgages, and had turned a... Read More

Losses on Mortgage Holdings Force Drastic Changes But E*Trade Sticks With Online Lending Business

E*Trade Financial may be best known as an online brokerage, but it was mortgage holdings that nearly torpedoed the company last month and cost CEO Mitch Caplan his job. The company announced in September that it would get out of the secondary mortgage market... Read More

Thrift Industry Earnings and ROA Hurt By Losses on Mortgage Sales, OTS Reports

Third-quarter earnings in the thrift industry were down 84 percent compared with the comparable quarter a year ago, primarily due to losses taken by banks that sell mortgages on the secondary market, according to the Office of Thrift Supervision. Net income for the... Read More

MBA Seeks Guidance on Accounting Rules for Impairment Analysis on Large Numbers of Loans

The Mortgage Bankers Association has identified a potential technical hindrance to modifying a great number of loans over the next two years, as is foreseen in a foreclosure prevention plan unveiled last week by the Bush administration and Wall Street... Read More

G8 Capital Formed to Purchase Bargain Portfolios, Work Out and Hold Nonperforming Loans

More new business ventures have formed to take advantage of the mortgage slump by purchasing loan portfolios at bargain prices.Evan Gentry, the former CEO of MoneyLine, has raised $50 million, including some of his own funds, to start G8 Capital, which... Read More

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