Comparing performance of Bank of America vs. Wells Fargo is interesting study, and is much more than an $8.8 billion loss compared to a $3.95 billion gain. Bank of America “trimmed roughly 151,000 loans from its portfolio of delinquent and discontinued mortgages in the second quarter through foreclosure or short sales. However, there are still [...]

Lee Farkas, the former chairman of Taylor, Bean and Whitaker Mortgage Corp., was found guilty on all 14 charges stemming from a seven-year, multibillion-dollar fraud scheme that led to the collapse of his firm and Colonial Bank. Even the photo can make you cringe. At this point Mr. Farkas is probably not interested that Cantor [...]

Rates are generally even on today’s market news which includes bank earnings and some housing data, as follows: Wells Fargo’s earnings came out as expected at $3.2 billion (61 cents per share). Initial reads show that Wells’ loan growth was better than expected. Credit quality improved dramatically, allowing Wells to release some $850 million in [...]

Mortgage brokers have always been quick to point out that rumors of their death are greatly exaggerated, but the stats on mortgages done by direct lenders vs. brokers suggest otherwise. National Mortgage News reports that: The wholesale/broker loan channel accounted for 11.6% of originations in 3Q, compared to 10.5% in the second quarter, a period [...]

Wells Fargo Bad Loan Repurchases Fell In 3Q Yesterday we learned that Wells Fargo’s repurchase obligations fell in the third quarter. Wells Fargo, who has not stopped foreclosure processes, reduced its reserve for repurchases to $1.3 billion from $1.4 billion in the second quarter, and outstanding buyback requests fell to $3.8 billion of loans from [...]

Goldman, US Bank Earnings Goldman announced its 1st quarter earnings today. Earnings rose 91% in the quarter, to $3.46 billion, up from $1.81 billion in the same period last year, while revenues increased 36 percent to $12.78 billion, up from $9.42 billion in the quarter a year ago. The bank’s bond, commodities and currency trading [...]

Cashtration (n): The act of buying a house, which renders the subject financially impotent for an indefinite period of time. More On New Good Faith Estimate It seems that many companies are just resigned to putting aside money to write their borrowers a bunch of checks, or argue with investors, for the first several months [...]

Seven More Banks Fail, 2009 Tally At 140 Wanna buy a bank? Now is a good time to give that someone special a little something special – like a failed bank. Seven U.S. banks were taken over on Friday, and the FDIC could not find buyers for three of them. It brings the total to [...]

Employees at a pizzeria in Ireland were fired for watching porn on the job. Isn’t that disgusting? Irish people attempting to make pizza! Small to Mid Size Mortgage Companies Expanding What isn’t disgusting is the number of mortgage companies which are interested in expanding. For example, First Centennial Mortgage, out of Illinois, is sending out [...]

98% of Americans say, “OH S&!T* before going in the ditch on a slippery road. The other 2% are from Wisconsin and Minnesota, and they say, “Hold my beer and watch this!” That quip has nothing to do with mortgage banking or renting, but seemed right given the weather in many areas. Every renter has [...]