Aurora Loan Services’ parent company, Lehman Brothers, announced today that it will substantially reduce its resources and capacity in the U.S. residential mortgage origination space in light of the dislocation in the mortgage markets.
As a result, Lehman Brothers is suspending all Wholesale and Correspondent mortgage originations at Aurora.
Aurora will continue to originate loans through its direct lending channel, and will maintain its servicing business.
WASHINGTON, Dec 17 (Reuters) - A program unveiled by U.S. President George W. Bush in August that is trying to save tens of thousands of homeowners from foreclosure has aided just 266 borrowers so far, according to government data released on Monday.
The initiative, which helps high-risk or low-income borrowers win better loan terms by insuring mortgage payments, targets recent homeowners whose loans have a built-in interest-rate spike that made them miss a payment.
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SAN FRANCISCO (MarketWatch) — Securitization, hailed as the greatest financial innovation of the 20th century, isn’t getting such rave reviews anymore after this summer’s subprime mortgage crisis exposed some weaknesses. With global credit markets still in crisis, experts have already begun debating the benefits and the drawbacks of the process.
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Nov. 28 (Bloomberg) — The number of mortgage applications in the U.S. dropped last week, led by the biggest decline in refinancing this year.
The Mortgage Bankers Association’s index of applications to buy a home or refinance a loan decreased 4.3 percent to 652.5 from 681.7 the prior week. The group’s refinancing gauge slumped 15 percent, the most since December, while purchases rose.
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