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Mortgage Bank Profits Rise Over $300 Per Loan

Profits of independent mortgage banks and mortgage subsidiaries of chartered banks rose by more than $300 per loan in the third quarter of 2012 the Mortgage Bankers Association ( MBA ) said today. Increased volumes of applications for both purchasing and refinancing and secondary market gains resulted in an average profit of headline,465 on each loan originated in the quarter compared to headline,152 in the second quarter. In basis points, the average production profit (net production income) was 120 basis points...

Mozilo Speaks up for Countrywide in MBIA Lawsuit: "We were a world-class company..."

Even after paying a $67 million settlement to the SEC and being banned from the mortgage industry Angelo Mozilo , founder and former president of Countrywide Financial Corp still says his company never made a loan "that we knew the borrower could not pay." Mozilo defended Countrywide in a deposition made last year in connection with a law suit by MBIA, Inc against Bank of America (BoA) which bought Countrywide in 2008. The deposition was filed in the New York Supreme Court earlier this week. The...

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