Canada's AIC Buys 13 Percent Stake in Mortgage Insurer Radian (Bloomberg.com) Sept. 4 (Bloomberg) -- AIC Ltd., a Canadian mutual fund manager, bought 13 percent of the shares of Philadelphia-based mortgage insurer Radian Group Inc.read more...
FBI: 25 indicted in mortgage-fraud scheme (Rockford Register Star) The FBI said 25 people have been charged in one of the biggest mortgage-fraud schemes ever prosecuted in the Chicago area. read more...
250 jobs to go at home loans firm A COMPANY which processes mortgages on behalf of leading lenders is to axe around 250 jobs at sites including Leeds under plans to restructure its operations.via
Xceed Mortgage posts drop in Q3 profit (Investment Executive) Xceed Mortgage Corp. today reported drop in third-quarter profit and said it expects the implementation of an asset-backed commercial paper restructuring plan to boosts future results.read more...
Lenders face challenges as mortgage rates reset this summer (Austin American-Statesman) The number of homeowners facing an increase in their subprime adjustable-rate mortgage payments will peak this summer, testing the efforts of lenders to keep those people out of foreclosure and
Mortgage lender First Magnus files Chapter 11 (Washington Post) NEW YORK (Reuters) - First Magnus Financial Corp, one of the largest independent U.S. mortgage lenders, filed for Chapter 11 bankruptcy protection on Tuesday, the latest home loan provider to
“We were quite surprised by the MCAP announcement”
(CP) – Mortgage brokers say they have been notified by two major Canadian mortgage bankers that they have temporarily suspended sub-prime – or higher risk – lending in Canada.
MCAP Financial, which provides mortgage financing through brokers, has sent out a memo saying it has temporarily stopped financing sub-prime loans through its Eclipse division.
Several Toronto-area brokers said in interviews Friday that MCAP, as well as GMAC Residential Funding of Canada Ltd., have stopped financing mortgages to higher risk applicants with weak or murky credit histories. Read more
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