Tag Archives: Investors

Prosecutors slapped Allied Home Mortgage Capital Corp. with a lawsuit Tuesday, seeking to recoup $834 million in bad claims from two executives for their alleged roles in bilking the government over the course of a decade. The complaint accused president and CEO Jim Hodge and EVP Jeanne Stell of violating federal law by knowingly misrepresenting mortgages to authorities, failing to keep up with quality control guidelines, and originating federally insured loans at 600 unapproved branch offices.

BB&T looked southward to acquire Florida-based BankAtlantic Tuesday, assuming $3.3 billion in low-cost deposits and picking up 78 branches from the retail lender in the process, according to statements released by the companies. The move ranks BB&T ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô one of the largest U.S. banks by assets ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the sixth largest franchise in the Miami market. The North Carolina-based acquirer will pay $301 million above the premium price for the deposits and branches, plus $2.1 billion in performing loans. The acquisition is also another move up for the bank.

Chrysalis Holdings, LLC, has added a new member to its board of directors, with the announcement that Maylene Tan Khieu will join the company's leadership. Khieu is the chief credit officer and senior vice president of compliance for NewDay Financial, LLC, which is a key holding for Chrysalis.

Real estate website Zillow and housing heavyweight PulteGroup, Inc. are teaming up to give away a luxury home worth $350,000. The "I Want a New Home Sweepstakes" will change the life of one aspiring homeowner.

Modifications in line for the Home Affordable Refinance Program from the Obama administration will buoy homeowners with negative equity and origination markets, but field few other benefits for investors in mortgage-backed securities, according to a new outlook. Analytics provider CoreLogic released a statement Monday demarcating HARP├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós benefits and problem areas, skewering assertions that the program will alleviate a chronic lack of demand and showing that economic troubles may persist despite government assistance.

Multiple news reports faulted MF Global with fallout for stocks and shares among major lenders Monday as the New York Federal Reserve delisted the embattled securities firm. The Dow Jones industrial average spun into a 276-point tailspin to hit 11,955 points by end of day, taking with it the shares for several mortgage lenders that lifted last week when European leaders announced a bailout package for debt-ridden Greece. At least one news outlet said the downfall of MF Global lent credibility to the Volcker Rule.

In bad news for mortgage insurers, the big four U.S. companies saw their profit margins shrink year-over-year by more than a quarter in September, according to the Mortgage Insurance Companies of America. Insurers underwrote $4.9 billion in risk for mortgage lenders last month, substantially down from $6.9 billion in profit recorded by the trade group in September last year. The uptick in reported profit and underwritten policies reflects a series of ongoing problems for the industry at large.

Litigation fees, bold restructuring moves, and new regulation helped shape earnings figures over the third quarter for the nation's largest lenders and financial institutions in October. Along with numerous other banking holding companies and investment firms, Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo released their reports to the media and investors over the past two weeks. The results: more mortgage lenders continue to exit the business, while financial institutions stepped up the public debate against onerous regulations.

American Home Mortgage Servicing Inc. (AHSMI) is taking advantage of a new way to ensure compliant, efficient collaboration with its partners. The company recently announced that it would begin using Oracle's WebCenter solutions to manage business processes for all mortgage-related activities with participating third-party loan investors.

Weichert Financial Services is investing in technology, with the recent announcement that the company would begin utilizing a platform from InHouse Inc. to enhance its appraisal processing. Choosing InHouse to facilitate data delivery, Weichert is set to take advantage of fully integrated processing for management of its appraisal-related activities.