Investigations into events surrounding the virtual collapse of the mortgage lending industry are expanding on a number of levels. Various investigative agencies have formed a task force to look into the granting of mortgages which may have been made with little proof of the borrowers' income or assets...
Countrywide issued its operational results for the month of August and it comes as no surprise that the numbers were down. Here is a recap of their results: Loan fundings for the month of August totaled $34 billion, a 17% decrease from August 2006. Average daily mortgage application activity was $2.3...
The nation's largest home lender Countrywide Financial Corporation said it plans to cut up to 12,000 jobs, 20 percent of it's workforce, over the next three months. Most of the job cuts will take place in areas most affected by lower origination volumes. Countrywide said that it expects its 2008 loan...
If it seems ever harder to keep track of the companies that have either stopped subprime lending or alt-a lending or all mortgage lending or have gone out of business altogether, well, that's because it is harder and harder. The numbers are dizzying; according to MSNBC - and this was on Monday, the number...