September 22, 2007 |
Wilbur L. Ross Jr., who became a billionaire by investing in distressed steel companies, offered to pay at least $435 million for a unit of American Home Mortgage Investment Corp. and said he planned to "get into all aspects of the mortgage industry." Ross formed AH Mortgage Acquisition Co. to buy bankrupt American Home's servicing unit that collects payments and maintains escrow accounts for about $57 billion in home loans.
April 10, 2007 |
American Home Mortgage Investment Corp. shares fell 15% after the company's loans attracted few bids from investors, fueling concern that losses at sub-prime lenders are spreading to companies that sell less-risky loans. The Melville, N.Y.-based company reported few bids and lower-than-expected prices for its Alt-A mortgages, a category that is below prime loans for the low-risk customers but above sub-prime loans for people with credit problems. A week earlier, M&T Bank Corp.
January 8, 2008 |
U.S. mortgage lenders cut more than 86,000 jobs last year as the housing market deteriorated, data released Monday show. California was hit hardest by the cuts, with a net loss of 15,933 mortgage positions, or 19% of the nationwide job loss, MortgageDaily.com said. Calabasas-based Countrywide Financial Corp. made the most cuts, eliminating a net 11,665 jobs. Melville, N.Y.-based American Home Mortgage Investment Corp. cut 6,628 jobs. Tucson-based First Magnus Financial Corp. lost 5,948 positions.
March 18, 2008 |
H&R Block Inc. said Monday that it had signed an agreement to sell its troubled mortgage servicing business for $1.1 billion to billionaire investor Wilbur Ross. Option One Mortgage Corp., which has been rocked by the nationwide mortgage crisis, services about $53 billion of sub-prime mortgages, ranking it the fourth-largest in the nation.
August 20, 2009 |
More than two dozen members of the Assn. of Community Organizations for Reform Now, better known as ACORN, gathered outside the home of a Los Angeles truck driver and his family Wednesday afternoon in an effort to keep the home from being sold. The small rally was a part of the activist group's "Home Wreckers" campaign targeting mortgage lenders that aren't adjusting loans under the Obama administration's $75-billion Making Home Affordable program and other home-saving efforts from the federal government, said Anthony Panarese, an ACORN organizer.
August 1, 2007 |
It's not just sub-prime mortgage lenders that are struggling these days, as Pasadena's Indymac Bancorp showed Tuesday. Indymac, whose borrowers mainly fall between prime level -- the best credit risks -- and the troubled sub-prime sector, said second-quarter profit fell 57%. The value of loans on which payments had stopped more than tripled to $516 million. Indymac, a savings and loan that makes mortgages nationally, earned $44.6 million, or 60 cents a share, compared with $104.7 million, or $1.