another lender bites the dust

By
Mortgage and Lending with Academy Mortgage NMLS#329710

here is an email I recived today

Dear Client,

 

I am pleased to announce that, effective February 9, 2007, Bear Stearns has closed on the agreement to acquire ECC Capital Corporation's mortgage banking platform, Encore Credit.

 

We will continue to operate under the Encore brand name as a separate division of Bear Stearns Residential Mortgage Corporation, Bear Stearns' mortgage bank subsidiary. While our name may have changed slightly, you can be assured that Encore Credit will continue to provide the same superior level of service that you have enjoyed over the years. You can also count on competitive rates and a broader menu of innovative loan programs backed by America's largest underwriter of mortgage-backed securities.

 

Bear Stearns Residential Mortgage Corporation now originates over $600 million per month, primarily in Alt-A loans. Coupled with Encore Credit's strengths in subprime mortgage origination, we expect the combined platform to generate more than $1 billion in loans per month. The financial resources and capital markets expertise of Bear Stearns, combined with Encore's strong commitment to service, should prove to be an unbeatable combination for all of us.

 

In the coming months, you will be able to submit loans online, receive automated loan approvals and manage your pipeline more efficiently. In addition, we expect to offer other financial services through our relationship with Bear Stearns. The firm's vertically integrated platform also includes the purchase of residential and commercial mortgage loans, interest rate hedging programs and sophisticated mortgage portfolio analytics. Bear Stearns ranked number one for the third consecutive year in U.S. mortgage-backed securities underwriting, secured the top spot in the securitization of adjustable-rate mortgages and whole loans, and climbed to fourth in the global collateralized debt obligation market. For more information, please call us at 866-279-1096 and one of our representatives will be glad to assist you.

 

Thank you for your continued support. We look forward to serving your future mortgage financing needs.

 

Sincerely,

  

Shabi Asghar

President

Encore Credit, a division of Bear Stearns Residential Mortgage Corp.

 

 

It is only the start for this week. HSBC may be selling HFC & Decision One, Argent/Ameriquest will be sold before the week is up and problems with

New Century and First Franklin may see them being put on the block.

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