Fortes Residential Mortgage Co. has been launched as a national mortgage banker, the company's parent announced. The unit was created when Fortes acquired a significant portion of National City Bank's wholesale mortgage unit and a retail mortgage banking platform earlier this year, the statement said. The integrated operation includes five regional wholesale operations centers, three retail banking offices and eight reverse mortgage branches.
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From January through June, the volume of U.S. MBS issued was $117 billion, according the Thomson Reuters Debt Capital Markets Review for the second quarter of 2008. MBS issuance fell from $622 billion during the same period last year. "US securitizations continued to spiral downward as the effects of the subprime mortgage crisis continued to linger," the authors wrote.
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Delinquency of at least 30 days on home-equity lines-of-credit was 1.10 percent during the first quarter, the American Bankers Association reported. HELOC late payments were up from the fourth quarter and higher than the first quarter 2007. Delinquency on home-equity loans, however, declined from the previous quarter to 2.34 percent.
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Sanjiv Das has been named chief executive office of CitiMortgage, according to a company memorandum. Das begins his new role on July 16, the statement said. He previously worked at Citigroup from 1991 to 1999.
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Countrywide Financial Corp. was acquired by Bank of America Corp. on Tuesday. The merger creates a bank with around $773 billion in deposits -- more than any other U.S. bank, according to recent data from the Federal Reserve Board. The combined entity will likely originate around $425 billion annually, making it the biggest residential lender in the country.
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Lone Star Funds has agreed to acquire $9.3 billion in home lending assets and related servicing operations from CIT Group Inc., CIT announced. Lone Star will reportedly pay $1.5 billion in cash and assume $4.4 billion in outstanding debt and other related liabilities. Lone Star is the parent of LSF5 Accredited Investments LLC, which in turn is the parent of Accredited Home Lenders Inc.
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The cost of funds index was 2.92% in May, the Federal Home Loan Bank of San Francisco reported. The index dropped from April and from May 2007, FHLBank reported. The last time the index was this low was in August 2005.
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First Place Financial Corp. announced that it acquired OC Financial Inc. Sterlent Credit Union has been ordered to liquidate by the California Department of Financial Institutions and the National Credit Union Administration, an announcement said. The Federal Deposit Insurance Corporation announced it issued cease-and-desist orders against Family Bank and Trust Co., Palos Hills, Ill.; Oxford Bank, Oxford, Mich.; Pinnacle Bank, Beaverton, Ore.; and Earthstar Bank, Southampton, Penn. The Federal
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Taylor, Bean & Whitaker Mortgage Corp. announced its subsidiary closed on a $1.75 billion facility. The lender and terms of the facility were not disclosed. The Florida-based company hopes the new line will help it expand its third-party originations.
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Lend America announced it has moved its headquarters to a substantially larger location. The lender attributes its success to a transformation from a subprime lender to an FHA lender 28 months ago. Lend America said is has hired over 100 new employees during 2008.
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Joseph Murin was confirmed as president of the Government National Mortgage Association by the U.S. Senate, according to an announcement. President Bush originally announced his intention to nominate Murin as Ginnie Mae's president in October 2007. Murin previously headed the Mortgage Settlement Network LLC.
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