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subprime: Thousands Lose Their Jobs With Subprime Setbacks - 03/12/07 08:16 PM
Graph: In Thousands, Mortgage Employment since Jan. 2002
Mortgage employment statistics began to reflect the growing number of closings and scale-backs in the subprime industry.
The Bureau of Labor Statistics (BLS) reported 489,200 full-time mortgage positions in the month of January.
Employment reporting at the Bureau generally lags one month for the mortgage industry.
Employment levels were reported at 495,100 in December.
In January 2006, there were 498,100 mortgage jobs reported.
The mortgage industry has lost 15,500 jobs since October began the steady decline.
The BLS breaks down mortgage employment into two categories.
Under "real estate credit," the BLS reported 349,100 jobs, compared to 352,000 in December 2005.
For … (0 comments)
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subprime: Fremont Sends Employees Packing With Subprime Exit - 03/08/07 01:17 PM
Fremont General Corp. has put a number of their employees on paid leave "pending further information" after the company was issued a cease-and-desist which prompted an exit from the subprime business.The cease-and-desist issued by the Federal Deposit Insurance Corp. (FDIC) demanded the end to 14 violations including ``unsatisfactory lending practices'' and ``operating with a large volume of poor-quality loans.'' Santa Monica, California-based Fremont recently announced that it would delay reporting earnings for the fourth quarter, as well as annual results, a move that sent company shares to their lowest level since 2003.Following the announcement, Fitch Ratings put Fremont on "Rating Watch … (0 comments)
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subprime: Mortgage Applications Climb With Surge in Refinancing - 03/08/07 01:11 PM
Graph: MBA Applications Index over 52 WeeksFor Week Ending: March 2, 2007Seasonally AdjustedTotal Mortgage Activity: Up 7.3%MBA Market Index Now: 671.6Index One Week Earlier: 626.1Unadjusted BasisTotal Mortgage Activity: Up 19.9%One Year Ago: Up 15.6%Seasonally AdjustedRefinance Activity: Up 15.0%Index Now: 2234.2One Week Earlier: 1943.5Purchase Activity: Up 1.0%Index Now: 405.3One Week Earlier: 401.3Percentage of Total ActivityRefinance Share: 46.1%One Week Earlier: 43.2%Adjustable-Rate Mortgage (ARM) Share: 21.4%One Week Earlier: 21.1%Source: Mortgage Bankers Association
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subprime: More Problems for Mortgage Lenders Network - 01/25/07 05:26 PM
State banking regulators in eight states - including Michigan, New York, Pennsylvania, and the entire New England region - have issued cease and desist orders to Mortgage Lenders Network USA, Inc. after the subprime lender left more than 1,500 customers without funds for mortgages that had been approved or even closed.Cease and desist orders represent the strongest regulatory tools available to state governments to control or stop mortgage companies and other lenders from operating their business."The issuance of the notices and orders is part of an overall process in which the company and its regulators continue to work together to resolve … (0 comments)
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Kevin Rhodes
Bridgeport,
CT
More about me…
Address: Bridgeport, CT, 06608
Office Phone: (203) 572-0597
Cell Phone: 203690
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