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Top lenders report weaker results on production-related income in 2Q08
Several top mortgage bankers reported slumping profits on their loan origination activities during the second quarter of 2008, while results on the servicing side of the business soured and overall profitability deteriorated. A group of nine top mortgage lenders compiled a combined $1.508 billion in net production income during the second... [Includes one chart and one graph]
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OTS sees adequate capital reserves despite huge 2Q loss, points to subtle upswing
The office of Thrift Supervision announced that the thrift industry posted a $5.4 billion loss in the second quarter, the second largest loss ever after the $8.8 billion drop in 4Q07. But OTS Director John Reich reported that thrifts set aside a whopping $14.0 billion in loan loss provisions – the highest total on record - to increasingly prepare for the faltering mortgage industry-driven downturn...
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With $50 billion in 2Q08 losses, what’s up next for the nation’s commercial banks?
It was, in FDIC Chairman Sheila Blair’s words, “another rough quarter for bank earnings,” but the losses should not have come as a surprise to anyone. With 117 banks now on the Federal Deposit Insurance Corporation’s so-called problem list – up from 90 at the beginning of the second quarter – it is clear how deeply the housing slump and overall economic...
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Lydian offers FHA/VA outsourcing expertise
Lydian Data Services, a subsidiary of a privately-held bank, is trying to capitalize on huge increases in demand for FHA loans – and more lending capacity – that has suddenly swamped the US mortgage market. A new subsidiary, Lydian Data Government Services, offers processing, closing, post-closing and quality-control services for FHA and VA loans on an outsourced basis. FHA business has...
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A bad California dream for Downey
After suffering four consecutive quarters of losses, the ouster of its two top executives, and the depletion of nearly its entire stock value, Downey Financial Corp. – the Newport Beach, CA-based thrift that made option ARMs its trademark – is barely hanging on. A few weeks after bank rival IndyMac was seized by federal regulators, speculations are abuzz over...
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Thornburg bailout yields results
After experiencing tremendous losses, one company’s dramatic turnaround proves that with the right plan, the storm caused by the downturn of the housing market can be weathered. But stay tuned: Thornburg Mortgage Inc. is not out of the woods just yet. The Santa Fe, NM-based prime-jumbo home loan lender was on the brink of bankruptcy earlier this year – only to announce earnings...
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IN OTHER BUSINESS
LendingTree and IMX settle: Charlotte, NC-based LendingTree and IMX of Houston, TX, have settled their longstanding patent-infringement case. On August 20, the companies...
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TECHNOLOGY UPDATE
Servicers save when borrowers can track workouts online: The phones keep ringing – and ringing – as anxious borrowers demand to know the status of... MDA’s Lending Solutions gets a boost: The mortgage industry could enjoy new efficiencies after MacDonald, Dettwiler and Associates Ltd. folded...
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