Secondary Mortgage Market Flat

From what I’ve been hearing lately, the secondary mortgage market is completely dead.

The only loans that seem to be selling successfully on the secondary market are conforming, agency-backed mortgages that fit Fannie Mae and Freddie Mac guidelines.

Jumbo loans, limited documentation loans, second mortgages, and anything else that doesn’t fit agency guidelines cannot be sold on secondary, and must be kept on the books.

As a result, mortgage companies that originate loans that don’t meet Fannie and Freddie guidelines will disappear very quickly as non-marketable loans begin to stockpile and exhaust warehouse lines of credit.

The only mortgage lenders that can survive in this climate are portfolio lenders, those who both originate and service their own loans.

Companies that originate and service loans include giants like Countrywide, Wells Fargo, Indymac, Bank of America, Washington Mutual, and other similar brands.

These companies can effectively hold on to any type of loan they originate, as it doesn’t need to be sold on the secondary market, and the infrastructure is in place to collect mortgage payments and subsequent interest.

Portfolio lenders also have the final say as to what types of mortgage programs they can offer borrowers, without the worry of investor approval or the fear of selling securities at a loss.

Indymac just announced that it will return to originating jumbo loans, but that the loans will stay on their books and be serviced in-house until the secondary mortgage market becomes functional again.

Many other banks like Countrywide will be doing the same thing, which may force them to scale back certain elements of their business such as correspondent lending and wholesale.

One of the reasons why the Countrywide bankruptcy fears were unfounded.

So how do small lenders survive if their only product offerings are the same agency products that every other lender has?

And why would homeowners seek out smaller wholesale lenders or mortgage brokers if the same product is available with a larger lender at a better price?

Many mortgage brokers and specialty lenders were around to fill in the gaps and provide creative financing to borrowers who couldn’t place their loans with larger banks.

But without an alternative product mix or a niche product it will be very difficult for any small lender to survive.

Look for many more closed mortgage companies in the coming weeks and months as a result.

A List of Mortgage Closures, Mergers and Layoffs

So why are all these mortgage companies consolidating, laying off employees, sending out warnings, and going out of business?

Well, a recent statistic revealed that 2.33% of all US mortgages are currently delinquent, a number which is sure to rise. And repurchases have tripled between the first and second quarter of 2006.

Not to mention declining home values in almost every metropolitan area throughout the United States, sky-high home prices, rampant fraud, a deteriorating secondary market and unmanageable mortgage payments.

I recently began adding mortgage lenders from parts of the world other than the United States that have issued profit warnings, as well as companies that remain open but have been affected seriously by the mortgage crisis in one way or another.

According to a recent report, there were 86,126 mortgage job cuts in 2007, with another 30,000 to 40,000 expected by early 2008.

List last updated on April 26, 2011


Latest updates:

Residential Wholesale Mortgage, Inc. acquires Government Loan Center
Wells Fargo cuts 4,500 mortgage jobs
River City Mortgage to sell itself to Wintrust Financial Corp
Bartow County Bank shut by FDIC
New Horizons Bank shut by FDIC
Nexity Bank shut by FDIC
Superior Bank shut by FDIC
Rosemount National Bank shut by FDIC
Heritage Banking Group shut by FDIC
Nevada Commerce Bank shut by FDIC
Western Springs National Bank and Trust shut by FDIC
The Bank of Commerce shut by FDIC
Freedom Financial shutting down

Complete list:

1st American State Bank of Minnesota – shut by FDIC
1st Choice Mortgage – to close, layoffs
1st Pacific Bank of California – shut by FDIC
1st Reverse Financial – to close
Aames Investment Corp – acquired by Accredited Home Lenders
ABN Amro Mortgage – 1700 layoffs
ABN-Amro Hypotheken-Gruppe – stopped lending in Germany
Ace Mortgage Funding – shut down
Access Bank – shut by FDIC
Accredited Home Lenders – filed bankruptcy
Accredited Home Lenders – ceased wholesale lending for second time in Aug 2008
Accredited Home – shut down retail lending, ceased wholesale, Lone Star lawsuit
Accredited Home – agreed to Lone Star buyout
Accredited Home Lenders – shuts four operations centers, layoffs
Accredited Home Lenders – cuts 38 jobs in Cincinnati
ACC Capital Holdings – mass layoffs, closed Ameriquest, sold wholesale to Citigroup
Acoustic Home Loans – closed subprime wholesale lender
ACT Mortgage Capital – suspended all submissions/fundings until further notice
Advanta Bank Corp. – shut by FDIC
Advantage Home Loans – closed
Advent Mortgage – merged with New Equity Mortgage
AIG – to buy Equity One
Aegis Funding – closed, seeking bankruptcy protection
Aegis Mortgage Corp. – laying off 401 employees
Affinity Bank (CA) – shut by FDIC
Alpha Bank & Trust – shut down by FDIC
Allegiance Bank of North America – shut by FDIC
Alliance Bancorp – closed, filed for Ch. 7 bankruptcy
Alliance Bank (Culver City, CA) – shut down by FDIC
Alliance Title Co. – shut down, layoffs
All Fund Mortgage – rumored to be closed, acquired by Carlile Investments Inc.
Allstate Home Loans – shut down after buyout
Ally Financial – sold European mortgage assets/operations to Fortress Investment Group
ALT Funding – believed to have ceased operations
Alterna Mortgage – New Jersey wholesale lender closed
Alternative Financing Corp. – wholesale division closed
Altivus Financial – closed wholesale operations, now believed to be shut down
AMC Lending –ceases wholesale lending
AMC Mortgage – acquired by Transnational Financial Network Inc.
Amcore Bank, National Association – shut by FDIC
AmeriBanc Corp. – ceased operations
Ameribank Inc. – shut down by FDIC
America One Finance – winding down
America West Bank – shut by FDIC
AmericanFirst Bank – shut by FDIC
AmericasBank – shut mortgage unit
American Brokers Conduit – shut down all operations
American Business Financial Services – closed
American Equity Mortgage – closing 6 of 30 offices, laying off 40 employees
American Freedom Mortgage – filed bankruptcy
American Home Mortgage – closed
American Lending Group – merged with Premier Mortgage Group
American Marine Bank – shut by FDIC
American National Bank – shut by FDIC
American Mortgage Network – bought by Wachovia
American Sterling Bank – halted wholesale lending
American Sterling Bank – shut down by FDIC
American Southern Bank – shut down by FDIC
American Trust Bank – shut by FDIC
American United Bank – shut down
Ameriquest – closed, laid off 3,800, shut 229 retail branches after $325 million settlement
Ameritrust Mortgage Company – subprime wholesale division closed
AmPro Mortgage closed – (part of Alliance Bancorp)
Amstar Mortgage Corp. – most staff laid off, The Money Store to take over by Dec. 15
AmTrust Bank – shut by FDIC
ANB Financial – shut down by FDIC for lax lending standards
Anworth Mortgage Asset Corp. – its Belvedere subsidiary is in default and faces margin calls
Apex Financial Group/Aapex Mortgage – commission checks delayed, licenses suspended
Apex Mortgage/Aapex Mortgage – reportedly cease all opertions
Apex Lending, Inc. – shut down
Appalachian Community Bank – shut by FDIC
APS Mortgages Limited (UK) – independent brokerage shut down
Arcola Homestead Savings Bank – shut by FDIC
Argent – sold to Citigroup
Assured Lending Corp – to exit wholesale lending
Aurora – stopped wholesale and correspondent lending
Aurora Loan Services – 160 employees laid off
Aurora Loan Services – laid off 70 in Florida, 139 in NJ
Aurora Loan Services – cut 93 jobs in El Toro, CA
Axix Mortgage – closed
Banco Santander – to buy UK lender Alliance & Leicester PLC
BankAtlantic – laid off 115 employees
BankFirst – shut by FDIC
Bank of America – halts reverse mortgage lending
Bank of America – halts wholesale mortgage lending
Bank of America – to cut up to 35,000 jobs
Bank of America – to buy Countrywide
Bank of America – Countrywide merger possibility, continued layoffs
Badger State Bank – shut by FDIC
Bank of America – cutting 3,000 jobs in investment banking unit
Bank of America – to cease wholesale lending, 700 layoffs
Bank of America – to cut 650 jobs, sell its prime brokerage unit
Bank of America – cut 224 jobs in Tampa, 195 in Troy
Bank of America – to cut 7,500 jobs post merger
Bank of America – completes purchase of Countrywide
Bank of America – to buy Merrill Lynch
Bank of Granite and Granite Mortgage Inc. – to combine, layoffs
BankUnited – ceased wholesale lending, layoffs
Bank of Clark County – shut down by FDIC
Bank of Ellijay – shut by FDIC
Bank of Elmwood – shut down
Bank of Florida (Tampa, Southwest, Southeast) – shut by FDIC
Bank of Hiawassee – shut by FDIC
Bank of Illinois – shut by FDIC
Bank of Leeton – shut by FDIC
Bank of Lincolnwood – shut by FDIC
Bank of Wyoming – shut by FDIC
BankUnited – bank failure
BankUnited – to close four wholesale mortgage sales offices, 200 layoffs
BankUnited – cut another 160 jobs
BankUnited – cut 115 jobs in Miami Lakes, FL
Bank USA – shut down
Barclays Bank PLC – bought Equifirst
Barclays Bank PLC – sold HomEq Servicing to Ocwen Financial
Barnes Banking Company – shut by FDIC
Basis Yield – Australian hedge fund files for bankruptcy due to subprime lending woes
Bath Building Society (UK) – halt mortgage lending
Bay Capital Corp. – closed
Bay National Bank – shut by FDIC
BayRock Mortgage Corp. – ceased wholesale lending
Bayside Savings Bank – shut by FDIC
Bayview Financial – cut 60 jobs
BB&T – bought Collateral Real Estate Capital
BB&T – to shut subprime wholesale lending unit
BC Bancorp – shut down
BC National Banks – shut by FDIC
Beach First National Bank – shut by FDIC
Beacon Financial Mortgage Bankers Corp. – filed bankruptcy
Bear Stearns – layoffs
Bear Stearns – closed two hedge funds after huge subprime losses, 240 subprime layoffs
Bear Stearns – merging Encore Credit and Bear Stearns Residential Mortgage into one unit
Bear Stearns – more layoffs
Bear Stearns – cuts 150 jobs in Irvine, CA
Beazer Mortgage Corp. – halts loan origination
Beazer Homes – closed office, layoffs, subpoenaed for fraud
Beazer Homes – cut 25% of staff
Belvedere Trust Mortgage – two default notices, unlikely to pay back loans
Ben-Ezra & Katz – cut nearly half of staff
Benchmark Bank – shut by FDIC
Beneficial Finance – layoffs
BF Saul Wholesale Group – layoffs and closures, could be dissolved
BlackandWhite.co.uk – halts lending, layoffs
Blackstone Group – buying PHH Mortgage
BMC Capital – to acquire NMB Capital
BNC Mortgage – filed bankruptcy
BNC Mortgage LLC – shut down – consolidated with Aurora Loan Services layoffs
BNC Mortgage – cut 175 jobs in Nor. Cal, 400 in So. Cal
BNY Mortgage – changes name to EverBank Reverse Mortgage
Bradford & Bingley (UK) – nationalized, 370 layoffs
Bradford Bank (MD) – shut by FDIC
Bramble Savings Bank – shut by FDIC
Brickwell Community Bank – shut down by FDIC
Bridger Commercial Funding – closing
Broad Street Mortgage – sold to Wausau Mortgage Corp.
Broadway Bank – shut by FDIC
BrokerSource – ceased operations
BrooksAmerica Mortgage Corp. – temporarily suspended new loan originations
BSM Financial – closed wholesale unit BrokerSource
Budget Finance Co. – layoffs
Butler Bank – shut by FDIC
Butte Community Bank – shut by FDIC
c2 Financial (UK lender) – to lay off roughly 20 percent of workforce
C & G Financial – suspended funding/production
C-BASS – acquired Fieldstone Investment Group, struggling with margin calls
California National Bank – shut down
California TD Investments LLC – filed for bankruptcy
CalPERS – home loan program suspended
Calusa Investments – website down, thought to be closed
Cambridge Home Capital – loses FHA approval
Cameron Financial Group – bankrupt
Canyon National Bank – shut by FDIC
Cape Fear Bank –shut down by FDIC
CapitalSouth Bank – shut down by FDIC
Capital One – to buy Chevy Chase Bank
Capital One Home Loans – shutting Overland Park office, 300+ layoffs
Capital One Mortgage – 2,000 layoffs planned nationwide
Capital Six Funding – subprime and hard money lender suspended operations
CapitalSource Inc. – to acquire retail banking operations of Fremont General
Capmark Financial Group – files Chapter 11 bankruptcy
Carlile Investments Inc. – acquired All Fund Mortgage
Carson River Community Bank – shut by FDIC
Carteret Mortgage Corp. – to be closed down, hundreds of layoffs loom
Castle Point Mortgage – will no longer accept wholesale broker applications
CBA Commercial – said to have had sizable layoffs
CBRE Realty Finance – halted lending
Centennial Bank – shut by FDIC
Centennial Mortgage and Funding Inc. / Award Mortgage – shut down
Centex Home Equity – changed its name to Nationstar Mortgage
Central Federal Credit Union – placed in conservatorship
Central Pacific Mortgage – closed, TMSF cancels deal to acquire company
Central States Mortgage Co. – suspends operations
Century Bank FSB – to halt wholesale lending
Century Bank FSB – shut down by FDIC
Century Security Bank – shut by FDIC
CF Bancorp – shut by FDIC
CFIC Home Mortgage – closing down
Champion Bank – shut by FDIC
Champion Home Builders – 196 layoffs
Chapel Funding – bought by Deutsche Bank
Charcol Mortgages (UK) – cut up to 50 jobs
Charter Bank (Santa Fe, NM) –shut by FDIC
Charter Funding – believed to be closed by parent First Magnus Financial
Charter Mortgage – shut specialty lending unit
Charter Oak Bank – shut by FDIC
Charter One – exits wholesale lending
Chase – to buy Bear Stearns
Chase – closing subprime loan facility in Ontario, CA 91 layoffs
Chase – Washington Mutual merger
Chase – wholesale lending division shut down
Chase – shut home equity and subprime wholesale units, layoffs
Chase – shut warehouse lending unit, cutting another 2,800 WaMu jobs
Chase – closed operation centers in CA and NJ
Chase – shut home equity processing center in Rochester, 300 layoffs
Chase – cut roughly 100 home equity jobs in Indianapolis
Chase – cut 9,200 Washington Mutual jobs
Chase de Vere Mortgage Management (UK) – to close
Chase Home Finance – closed retail subprime operations center in Woodcliff, NJ
Chase Home Finance – shut 430-employee branch in Lexington, KY
Chase Home Lending – cut 55 jobs in San Diego
Chase Home Lending – cut 52 wholesale mortgage jobs in Orange, CA
Chase Home Lending – cut 132 jobs in Ohio
Chase Home Lending – unit closing in Charlotte, 92 layoffs
Chase Home Lending – cut 266 jobs in Pennsylvania
Chase Home Mortgage – halts construction lending
Chase Wholesale Lending – shut four loan centers, cut 175 jobs
Chestatee State Bank – shut by FDIC
Chevy Chase – layoffs, to stop lending in CA
Chevy Chase – cut correspondent channel, facing class-action lawsuit
Chevy Chase – halts construction-to-perm lending
Chevy Chase – seized wholesale lending
Chevy Chase – layoffs
Chicago and Dallas Federal Home Loan Banks – proposed merger off
CHL Mortgages (UK) – to cut 20% of staff
Choice Capital Funding – rumored to be closed
CIBC – layoffs
CIT Group Inc. – shut down mortgage division 500+ layoffs
CIT – files for bankruptcy
CIT Group – sold remaining mortgage assets to Lone Star Funds
Citadel – buying ResMAE
Citigroup – to cut 50,000+ jobs
Citigroup – layoffs as high as 45,000
Citigroup – bought ABN AMRO Mortgage Group, acquired assets of Argent Mortgage
Citigroup – mortgage layoffs reported
Citigroup – layoffs in collateralized debt obligation unit
Citigroup – to sell or shut down First Collateral Services
Citigroup – to layoff 2000 investment bankers/traders
Citi – to buy Wachovia
Citi – to cut 9,000 jobs
Citi – cut about 30 jobs in structured-credit group tied to mortgage losses
Citi – to close Future Mortgages (UK) and CitiFinancial (UK subprime), layoffs
Citi – cut 125 jobs in Texas
Citi – to cut up to 6,500 investment banking jobs
Citi correspondent – lending halted
CitiFinancial – to close 376 branches, 500+ layoffs
Citi Home Equity – layoffs
CitiMortgage wholesale – to cut jobs, drop brokers
CitiMortgage – layoffs and closures
CitiMortgage – halts wholesale home equity lending, 500 layoffs
CitiMortgage – halted jumbo wholesale lending
CitiMortgage – cut 190 wholesale mortgage jobs in Des Moines, IA
CitiMortgage Wholesale – layoffs, territories realigned
Citi Residential Lending – retail mortgage unit to be consolidated
Citizens Bank – mortgage layoffs
Citizens Bank and Trust Company of Chicago – shut by FDIC
Citizens Bank of Effingham – shut by FDIC
Citizens Community Bank – shut by FDIC
Citizens National Bank – shut down
Citizens Republic Bancorp – to cut 60 jobs, mainly from mortgage processing
Citizens State Bank – shut by FDIC
City Bank – shut by FDIC
Clear Choice Financial – in default, Bankruptcy possible
CMXL – acquired All Fund
Coast Bank – sold to First Banks of St. Louis
Coastal Community Bank – shut by FDIC
Cobalt Capital (UK) – shut down
Cohen Financial – cut 25% of staff
Coldstream Financial Services – closed
Collateral Real Estate Capital – acquired by BB&T
Colonial Bank – shut by FDIC
Colonial National Mortgage – closing operations center in Ohio
Colonial National Mortgage – to halt wholesale lending
Colony Mortgage Corp. – closed
Colorado National Bank – shut down by FDIC
Columbia Bancorp – shut mortgage unit, cut 39 jobs
Columbia Home Loans – subprime lender closed
Columbia River Bank –shut by FDIC
Columbian Bank and Trust Co. (Kansas) – shut down by FDIC
Commerce Bank of Southwest Florida – shut by FDIC
Commercial First (UK) – halted new lending
Commonwealth Bank of Australia – to acquire Wizard Home Loans
Community Bank and Trust (Cornelia, GA) – shut by FDIC
Community Bank of Arizona – shut by FDIC
Community Bank of Lemont – shut down
Community Bank of Nevada – shut by FDIC
Community Bank of West Georgia – shut by FDIC
Community First Bank – shut by FDIC
Community First Bank Chicago – shut by FDIC
Community National Bank – shut by FDIC
Community National Bank at Bartow – shut by FDIC
Community National Bank of Sarasota County – shut by FDIC
Community One Federal Credit Union – shut down
Community Resource Mortgage – closed its wholesale lending division, layoffs
Community Security Bank – shut by FDIC
Comunidades Federal Credit Union of Los Angeles – shut down
ComUnity Lending – halted operations, faces liquidation
Concord Mortgage Co. – believed to be out of business
Concorde Acceptance – rumored to be closed
Contact 4 (UK) – to cut 108 jobs
Cooperative Bank – shut by FDIC
Copper Star Bank – shut by FDIC
CoreStar Financial Group – closed
Corn Belt Bank and Trust Co. – shut down by FDIC
Corus Bank – shut down by FDIC
Countrywide – combines wholesale and correspondent units
Countrywide – closing wholesale fulfillment centers
Countrywide – shut 16 wholesale loan fulfillment centers
Countrywide – believed to have shut 46 Full Spectrum Lending branches
Countrywide Correspondent Lending Division – cut 293 jobs
Countrywide Specialty Lending Division – layoffs
Countrywide Capital Market Division – cut 65 jobs
Countrywide – laid off 73 employees in Canoga Park
Countrywide – layoffs in subprime , may be bought out by Bank of America
Countrywide cutting up to 12,000 jobs, more about the Countrywide layoffs
County Bank (Merced, CA) – shut down by FDIC
Credit Suisse – layoffs, bought LIME Financial
Credit Suisse – to cut 500 investment banking jobs
Credit Suisse – to cut 150 jobs in its investment bank unit in UK
Credit Suisse – cut 210 jobs in NYC
Crescent Bank and Trust Company – shut by FDIC
CTX Mortgage – reportedly for sale
CU National Mortgage – halts lending
Dana Capital – closed
Darby Bank & Trust Co. – shut by FDIC
DB Home Lending – consolidated with MortgageIT, layoffs, rumored to be closed
DeepGreen Financial – closed
Decision One – shut down, layoffs
Delta Financial – closed offices, 300 layoffs
Delta Financial – bankruptcy, suspends loan origination
Delta Financial Corp. – layoffs
Desert Hills Bank – shut by FDIC
Deutsche Bank Correspondent Lending Group – consolidating business to MortgageIT
Diablo Funding Group – shut down
Direct Finance Corp. – acquired First Call Mortgage Co.
Ditech – 181 layoffs
Ditech.com – cut 120 jobs at Costa Mesa, CA headquarters
Dollar Mortgage Corp. – being acquired by Shearson Financial Network
Domestic Bank – shutting down wholesale unit
Dover Mortgage Company – shutting wholesale mortgage division
Dover Mortgage Co. – cut 17 employees
Downeast Mortgage Corp. – to shut down
Downey Savings – shut down by the FDIC
Downey Savings – shut wholesale channel
Draper and Kramer Mortgage – merged with 1st Advantage Mortgage LLC
Dwelling House Savings and Loan Association – shut by FDIC
eBank – shut down by FDIC
E-Loan/Banco Popular Wholesale Mortgage – to cease lending
E-loan – closed sub-prime wholesale division, layoffs
E-Loan – layoffs
E-Trade exits wholesale mortgage business
E-Trade – to halt mortgage lending
Earl Shilton building society (UK) – halts mortgage lending
Earthstar Bank – shut by FDIC
Eastern Financial Florida Credit Union – put in conservatorship
Edgewater Lending Group – halts wholesale lending
Egg Mortgages (Citi-owned UK finance unit) – no longer accepting applications
Elizabeth State Bank – shut by FDIC
Empire Bancorp Mortgage Bankers – shut down
Encore Bank – laid off 300 employees
ECC Capital/Encore Credit – sold to Bear Stearns, 100 layoffs announced Aug. 17
Encore Credit – laid off 100 Account Executives at wholesale unit in Irvine, CA
Encore Credit – merging with Bear Stearns Residential Mortgage
Entrust Mortgage – closed
Equibanc – closed by Wachovia
Equifirst – shutting down
Equifirst – layoffs, bought out by Barclays Bank PLC
EquiFirst – cut 64 jobs in Arizona
Equipoint – halted wholesale lending, shut 70+ branches
Equitable Reverse Mortgage – closed doors
Equitable Trust Mortgage Corp. – suspended by FHA
Equity One (a unit of Popular Inc.) – cut 147 jobs in Marlton, NJ
Equity Title (owned by Coldwell Banker) – layoffs
Eurobank – shut by FDIC
Evergreen Bank –shut by FDIC
Evergreen State Bank – shut by FDIC
Exchange Financial – temporarily discontinuing its Wholesale/Correspondent business
Expanded Mortgage Credit – closed wholesale
Express Capital Lending – not accepting new submissions until further notice
Family First Mortgage Corp. – ceases operations, layoffs
Fannie Mae – layoffs
Fannie Mae – 200 layoffs
Fannie Mae and Freddie Mac – bailed out
FBR Capital Markets – cut 75 jobs
FBR – selling subprime unit
Fidelity National Financial – to buy LandAmerica (large title companies)
Fidelity National Financial – terminated LandAmerica merger
Fidelity National Information Services – cut 35 jobs in Jacksonville
Fidelity Trust Bank – selling residential mortgage company Fidelity Trust Mortgage Inc.
Fieldstone Mortgage – bankruptcy
Fieldstone Mortgage Co. – halted new business, closed Las Vegas branch, layoffs
Fifth Third Bancorp – 700 layoffs
Fifth Third – to discontinue Alt-A lending
Finance America – closed
Financial Title Company – closing, layoffs
First Advantage – acquired CredStar
First American Bank – to cease wholesale lending
First American Corp. (title insurer) – layoffs at 1,900
First Arizona Savings – shut by FDIC
FirstBank – to shut down wholesale mortgage division Oct. 31
FirstBank Financial Services – shut down by FDIC
FirstCity – Bank shut down by FDIC
First BankAmericano – shut by FDIC
First Bank of Beverly Hills – shut down by FDIC
First Bank of Idaho – shut down by FDIC
First Bank of Jacksonville – shut by FDIC
First Bank of Kansas City – shut down by FDIC
First Banking Center – shut by FDIC
First Banks of St. Louis – bought Coast Bank
First Centennial Bank – shut down by FDIC
First Collateral Services (Citi) – 126 layoffs
First Collateral Services (Citi) – cut 150 jobs
First Commerce Community Bank – shut by FDIC
First Commercial Bank of Florida – shut by FDIC
First Community Bancorp – layoffs
First Community Bank – shut by FDIC
FirsTier Bank – shut by FDIC
First Consolidated Mortgage Co. – subprime wholesaler shutting down, in dispute
First Coweta Bank – shut down by FDIC
First DuPage Bank – shut down
First Federal Bank of California – halted wholesale lending
First Federal Bank of California – shut by FDIC
First Federal Bank of North Florida – shut by FDIC
First Fidelity Financial – closed its doors
First Franklin to be shut down, 650 layoffs
First Franklin Financial – layoffs, sold to Merrill Lynch
First Franklin – firings/layoffs rumored
First Georgia Community Bank – shut down by FDIC
First Horizon – shut down mortgage operations
First Horizon – cutting 1,500 jobs, closing 50 offices
First Horizon National Corp. – divested its subprime mortgage loan portfolio
First Horizon – discontinued national construction and commercial lending, 160 layoffs
First Horizon – to sell or shut down mortgage unit
First Indiana Wholesale – closed wholesale consumer lending operations
First Integrity Bank – shut down by FDIC
First Lowndes Bank – shut by FDIC
First National Bank (Rosedale, MS) – shut by FDIC
First Madison Mortgage – shut down
First Magnus – no longer funding or originating any mortgage loans
First National Bank – shut by FDIC
First National Bank of Arizona – halts retail mortgage lending, 35 layoffs
First National Bank of Danville – shut by FDIC
First National Bank of Davis – shut down by FDIC
First National Bank of Georgia – shut by FDIC
First National Bank of the South – halts wholesale lending
First National Bank of the South – shut by FDIC
First National Mortgage Sources – shut down
First NLC bankrupt, halts lending
First NLC Financial Services LLC – 645 layoffs
First NLC – layoffs and closures
First Mariner Bancorp – closed its wholesale mortgage lending unit
First National Bank of Anthony – shut by FDIC
First National Bank of Arizona – shut down by FDIC
First Piedmont Bank – shut by FDIC
First Priority Bank – closed by FDIC
First Regional Bank – shut by FDIC
First Security Loan Corp. – to shut down
First Security National Bank – shut by FDIC
First Source Funding Group – closed
First Southern Bank – shut by FDIC
First State Bank (AZ) – shut down by FDIC
First State Bank (Sarasota) – shut by FDIC
First State Bank of Altus – shut by FDIC
First State Bank of Winchester – shut by FDIC
First Street Financial – closed
First Suburban National Bank – shut by FDIC
First Vietnamese American Bank – shut by FDIC
Fitch Ratings – to cut 150 jobs
Flagship National Bank – shut down
Flagstar Bancorp – mortgage layoffs, restructuring
Flagstar Bancorp – layoffs
Flexpoint Funding – reportedly closed wholesale division, now completely shut down
Flick Mortgage – closed
FMF Capital LLC – closed
Florida Community Bank – shut by FDIC
FNBA – wholesale division and correspondent line shut down, 541 layoffs
Fortes Financial – halted lending
Fortes Financial – acquired five former National City regional wholesale offices
Franklin American – suspends jumbo wholesale lending
Franklin Bank – shut down by FDIC
Franklin Bank Corp. – closing warehouse line, layoffs
Franklin Credit Management Corp. – suspends loan acquisition and origination
Freddie Mac – cut 100+ jobs
Freedom Bank – shut down by FDIC
Freedom Bank of Georgia – shut down by FDIC
Freestand Financial – closed
Fremont General – exited secondary sub-prime market, layoffs
Fremont General – filed Ch. 11 bankruptcy
Fremont Investment & Loan – laid off 243 employees in Ontario, CA
Fremont Investment & Loan – cut 243 jobs in CA
Frontier Bank – shut by FDIC
Frost Mortgage – partnered with First Houston
Founders Bank – shut by FDIC
Foxtons, Inc. – filed Chapter 11 bankruptcy
FundingAmerica – not accepting any new business
Gateway Bank – suspends wholesale lending
Gateway Bank of St. Louis – shut by FDIC
GB – Mortgage shutting down
GE – mulling sale of Australian mortgage unit Wizard Home Loans
General Electric – buying PHH Corporation
GE Money (Ireland) – halted mortgage lending, cut 80 jobs
GE Money (AU & NZ) – cut 335 jobs
GE Money Canada – to halt mortgage lending
Genworth Financial – cutting roughly 1,000 jobs
Genworth Financial – acquired Liberty Reverse Mortgage
George Washington Savings Bank – shut by FDIC
Georgian Bank – shut down by FDIC
Global Mortgage Inc. – to be shut down
GMAC Mortgage – cutting 84 jobs in West Hartford, 45 in Charlotte
GMAC Mortgage – to shut all 200 retail offices
GMAC Mortgage – cut 68 jobs in Cherry Hill, New Jersey
GMAC Residential Funding (Canada) – suspended subprime mortgage origination
GMAC – in talks to sell Mexican mortgage units to Ixe Bank (Mexico)
GMAC-RFC (UK) – closed subprime subsidiary High Street Home Loans, 200 layoffs
GMAC-RFC (UK) – to halt loan origination, 130 layoffs
Golden Empire Mortgage – closed wholesale division GEM Capital Funding
Golden State TD Investments LLC – filed for bankruptcy
Goldman Sachs – purchased Litton Loan Servicing
Goldman Sachs – to cut 1,500 jobs
Granite Community Bank – shut by FDIC
Great Basin Bank of Nevada – shut down by FDIC
Greater Buffalo Savings Bank – halted residential mortgage lending, closed unit
Great Southwest Mortgage – believed to be closed by parent First Magnus Financial
Greater Atlantic Bank – shut by FDIC
Greenpoint Mortgage – closed, 1900 employees laid off, 31 branches closed
Greenpoint Mortgage – shut servicing center in Columbus, GA, 220 layoffs
Group One Lending shut down
Guaranty Bank – shut down by FDIC
Guaranty Bank – to exit warehouse lending
Guaranty Bank – to shut correspondent lending unit
Guaranty Financial – cut 10 percent of workforce
Guaranty Residential – layoffs
Guardian Loan Co. – shut down
Guild Mortgage Co. – acquired Liberty Financial Group
Gulf State Community Bank – shut by FDIC
H&R Block Mortgage Corp. – 353 layoffs
H&R Block – to cut 505 jobs related to closure of Option One
Habersham Bank – shut by FDIC
Harbourton Mortgage Investment Corporation (HMIC) – closed
Haven Trust Bank – shut down by FDIC
Haven Trust Bank Florida – shut by FDIC
HBOS – shut Mortgage Business (UK), 325 possible layoffs
Heartland Mortgage Co. – bought Merrlin Mortgage Corp.
Heartland Wholesale Funding – ceased wholesale lending
Heartwell Mortgage – closed
Heritage Bank – shut down by FDIC
Heritage Community Bank – shut down by FDIC
Heritage Plaza Mortgage – closed
HFF Inc. – cut 57 jobs
High Desert State Bank – shut by FDIC
Hillcrest Bank – shut by FDIC
Hillcrest Bank Florida – shut down
HMIC – closed
Home 123 Mortgage – closed
HomeBanc Mortgage Corp. – layoffs, filed bankruptcy, sold branches to Countrywide
Home Capital Inc. – closes
Homecomings Financial – to cease lending
Homecomings Financial – laid off 284, including 207 AEs
Homecomings Financial – cut 60 jobs in Bellevue, WA
Home Equity Mortgage Co. – placed in temporary receivership
Home Equity of America – layoffs
Home Federal Savings Bank – shut by FDIC
Homefield Financial – closed
Homeland Capital Group – subprime wholesaler closed
Home Loan Center Inc. / Lending Tree – hundreds of layoffs nationwide
Home Loan Center Inc. / Lending Tree – cut 119 jobs in Irvine
Home Loan Consultants – closes
Home Loan Corp. – closed Expanded Mortgage Credit subsidiary
Home Loan Investment Bank – laid off roughly 30 employees
Home Loan Services (Merrill servicing arm) – for sale
Home Loan Specialists Inc. (HLS) – closed its doors
Home National Bank – shut by FDIC
Home Valley Bank – shut by FDIC
Homestead Mortgage – will close its wholesale division
Homeview Lending Inc. – layoffs, now appears to be closed
Homewide Lending Corp. – closed
Honor State Bank – closed wholesale lending department
Horizon Bank – shut by FDIC
Housevalues Inc. – laid off 160 workers, closed Yakima call center, shut mortgage lead biz
HSBC – stopped wholesale, correspondent lending
HSBC – to cut 1100 jobs
HSBC Holdings PLC – closing mortgage office, 600 layoffs
HSBC Mortgage – cut 80 jobs in NY
HSBC Mortgage Services (Correspondent division) – closed, layoffs
HSBC Financial Corp. Ltd. (Canada) closing 30 branches, 300 potential layoffs
HSBC – to shut down HFC, Beneficial
HSBC – shuts down Decision One
HSBC Financial Corp. Ltd. (Canada) – closing 30 branches, 300 potential layoffs
HSBC – halts trading of mortgage-backed securities in U.S., 120 layoffs
HSBC – closing 260 consumer lending branches
HSBC Mortgage – laid off 302 employees in Jacksonville
HSBC Mortgage Services – cut 48 jobs in Virginia
Huntington Financial – to be acquired by Oxford Funding
Hypo Real Estate (Germany) – nationalized
Ideal Federal Savings Bank – shut by FDIC
Ideal Mortgage Bankers – to exit wholesale lending, layoffs
Igate Global Solutions (India) – redeploying roughly 150 employees into other services
IKB Industriebank (Germany) – losses near $1bn as a result of subprime exposure in US
Impac – stops Alt-A lending, 144 laid off
Impac Mortgage Holdings – 350 recent layoffs, halted Alt-A loan production
Imperial Capital Bank – shut by FDIC
Imperial Savings and Loan Association – shut by FDIC
InBank (IL) – shut down by FDIC
Independent Bankers’ Bank – shut FDIC
Independent National Bank – shut by FDIC
Indymac – sold to private investor group
Indymac Federal – now OneWest Bank Group
Indymac – filed bankruptcy
Indymac – shut down
Indymac – halts most lending, thousands of layoffs
IndyMac – layoffs, branch closures
Indymac – bought retail arm of New York Mortgage Trust, Indymac layoffs
IndyMac – stopped construction-to-perm lending
IndyMac – closed Ontario, CA-based operations center
IndyMac Commercial Lending Corp. – halted lending operations
ING – to cut 7,000 jobs
ING – to buy Interhyp AG (largest German residential mortgage broker)
ING Netherlands – cut 10 percent of jobs at mortgage unit
Innovative Bank – shut by FDIC
Innovative Mortgage Capital – closed
Integrity Bank – shut by FDIC
Integrity Bank of Alpharetta, Georgia – shut down by FDIC
InterBay Funding – laid off 75 workers
Investaid Corp. – suspended operations indefinitely
Irwin Home Equity – layoffs
Irwin Union Bank –shut down by FDIC
Irwin Union Bank and Trust Co. – shut down by FDIC
Irwin Union Bank & Trust Co. – stopped wholesale lending
ISN Bank – shut by FDIC
Ivanhoe Mortgage – closed
Jennings State bank – shut down by FDIC
John Warner Bank – shut by FDIC
JP Morgan – layoffs reported in loan structuring group, CMBS group , and UW group
K Bank – shut by FDIC
KBC Bank NV (Belgium) – bought Vertical Lend
Kensington Mortgages (UK) – temporarily withdrawing from the mortgage market
Kensington Mortgages (UK) – cut 20 percent of staff
Kensington Mortgages (UK) – cut 75 jobs
KeyBank Real Estate Capital – halted lending
KeyBank Real Estate Capital – cut 100+ jobs
Keycorp – exited subprime mortgage business, layoffs
Key West Bank – shut by FDIC
Keys Federal Credit Union – shut down
KH Funding – filed for Chapter 11 bankruptcy
Kirkwood Financial Corp. – suspended wholesale originations
KKR Financial Holdings –no longer intends to invest in residential real estate
Kondaur Capital Corp. – cut 155 jobs
La Jolla Bank – shut by FDIC
Lakeside Community Bank – shut by FDIC
Lancaster Mortgage Bankers – closed
LandAmerica Financial Group Inc. – will cut 1,100 jobs (title company)
Landesbank Sachsen Girozentrale (Germany) – sold to Landesbank Baden-Württemberg
Law Offices of David J. Stern – to shut down, layoffs
Legacy Bank – shut down by FDIC
Lehman Brothers – filed Chapter 11 bankruptcy
Lehman Brothers – cut 140 mortgage-securities trading jobs
Lehman Brothers cut 850 jobs
Lehman Brothers – to cut 1425 jobs globally + another 1,500
Lehman Brothers – cut 200 jobs from its UK mortgage firms
Lehman Brothers – to close UK subprime lending units SPML and Preferred Mortgages
Lehman Brothers Bank – cut 126 jobs in Lake Forest, CA
Lehman Brothers Bank – cut 85 jobs in Lake Forest, CA
Lehman Bros. Small Business Finance – no longer accepting loan applications
Lehman Bros Dutch mortgage unit “Elq Hypotheken” – ceased lending
Lend America – closed
Lender’s Direct Capital Corporation – closed wholesale lending operations
Lending group Inc. – suspended operations
Lending Tree – 20% of workforce laid off (fresh ones on Aug. 17)
LendingTree – layoffs, mainly in Irvine, CA
Lennar Corp. – over 4,000 layoffs at big Miami home builder
Lenox Financial Mortgage – receives cease and desist from Georgia Department of Banking and Finance
Lexington Lending halts wholesale operations
Levitt and Sons LLC (homebuilder) – laid off a third of staff
Levitt and Sons LLC (homebuilder) – filed for Ch. 11 bankruptcy
Liberty American Mortgage – halted wholesale lending
LibertyBank – shut by FDIC
Liberty Home Lending – ceased wholesale lending
Liberty Mortgage Corp. – ceased wholesale lending
Liberty Mortgage Funding Co. – filed for Ch. 7 bankruptcy
Liberty One Lending – ceased operations
LIME Financial Services (Credit Suisse wholesale) – ceased lending
LIME Financial Services, Ltd – sold to Credit Suisse, downsized from 450 to 225
Lincoln Park Savings Bank – shut by FDIC
Lloyds TSB – to buy Halifax Bank of Scotland for $22 billion
Loancity – closed 7 branches, shut down
Loans 123 – no longer taking anymore business
London & Scottish Mortgages (LSM:UK) – stopped accepting new applications
Lone Star – facing lawsuit over purchase of Accredited Home Lenders
Lone Star – to buy Bear Stearns Residential Mortgage Corp.
Long Beach Mortgage Co. (WAMU) – winding down operations
Long Mortgage – lost financing, parent First Magnus trying to dissolve unit
Los Padres Bank – shut by FDIC
LowerMyPayment.com – closed, mortgage lead company
Lownhome Financial – closed
Luminent– layoffs, two default notices, selling equity stake to Arco Capital Corp.
Luminent Mortgage – filed Chapter 11 bankruptcy
Lydian Mortgage – shut wholesale, layoffs
M&T Bank – cut wholesale mortgage jobs
MacQuarie Mortgages USA – halts loan origination
MacQuarie Mortgages USA – laid off 69 employees
McIntosh Commercial Bank – shut by FDIC
Madisonville State Bank – shut down
MagnetBank – shut down by FDIC
Main Street Bank – shut down by FDIC
Mainstreet Bank (MN) – shut by FDIC
Mainstreet Savings Bank – shut by FDIC
Mandalay Mortgage – closed
Marco Community Bank – shut by FDIC
Maribella Mortgage – closed
Maritime Savings Bank – shut by FDIC
Market Street Mortgage – layoffs
Market Street Mortgage – to be broken up and sold in pieces, 53 layoffs
Marlin Mortgage Company, LLC – shut it doors
Marshall Bank – shut by FDIC
Master Financial – layoffs, ceased wholesale production
Maverick Residential Mortgage – reportedly closed
MEM Financial Solutions – filed for bankruptcy
Mercantile Mortgage – ceased operations
Meridian Bank – shut down by FDIC
Meridias Capital – layoffs, rumors of employees not being paid
Meritage Mortgage – closed, staff employed by LIME Financial
Merrill Lynch – bought First Franklin
Merrill Lynch – to cut 4,000 jobs
Merrill Lynch – halted all lending at UK subsidiary Wave, layoffs
Merrlin Mortgage Corp. – acquired by Heartland Mortgage Co.
MetLife – to acquire EverBank Reverse Mortgage LLC
MetLife – to buy First Horizon mortgage unit
Metro Bank of Dade County – shut by FDIC
Metrocities Mortgage – now Prospect Mortgage
Metrocities Mortgage – stopped wholesale lending
Metrocities Mortgage – dissolved No Red Tape Mortgage, layoffs
Metrocities Mortgage – acquired Mortgage Services Unlimited
Metro Pacific Bank – shut by FDIC
MCAP Financial (Canada) – suspended subprime lending through its Eclipse division
MGIC – bought rival mortgage insurance provider Radian Group (pending)
Miami Valley Bank – shut down by the FDIC
Midwest Bank and Trust Company – shut by FDIC
Millennium State Bank of Texas – shut by FDIC
Mirae Bank –shut by FDIC
Morgan Stanley – to lay off 300 employees in securities division
Morgan Stanley – to sell City Mortgage Bank (Russian mortgage unit)
Mortgage Bankers Association – layoffs
Mortgage Capital Resource Corp. – closed
MortgageIT – layoffs and branch closure
Mortgage Investors Group (MIG) – closed wholesale division
Mortgage Investment Lending Associates (MILA) – subprime wholesale closed
Mortgage Network Inc. – halted wholesale and correspondent lending
Millenium Bankshares – closed mortgage division
Millenium Funding Group – closed
Millennium Mortgage Corp. – halted wholesale lending
MLSG – halted lending operation
Monarch Bank – buying mortgage-related assets from Resource Bank
Morgan Stanley – bought Saxon Mortgage
Morgan Stanley – cut over 1,000 jobs
Morgan Stanley – to cut 1,500 jobs
Morgan Stanley cuts 600 mortgage jobs
Mortgage Investment Lending Associates – closed
MortgageIT – halted wholesale lending
MortgageIT – consolidated with DB Home Lending, rumored to be offering agency loans only
Mortgage Network Inc. – acquired Partners Group Unlimited
Mortgage Next (UK) – layoffs
Mortgage Lenders Network – stopped residential loan production
MortgageTree Lending – closed, website down
Mortgages Ltd. – filed for Ch. 11 bankruptcy
Mutual Bank – shut by FDIC
Mylor Financial – closed
National Bank of Commerce – shut down by FDIC
National City – ceases wholesale lending
National City – exits correspondent lending business
National City – laid off 1,300, National City branch closures and layoffs
National City – cut 50 jobs in San Diego
National City – to exit warehouse lending
National Home Equity – consolidated by National City Corp., suspended originations, layoffs
National Wholesale Funding – halted operations
NationPoint – halts loan origination, layoffs
Nationpoint – subsidiary of Merill Lynch laid off 60 people in August, 70 more in Nov.
Nation One Mortgage Co. Inc. – wholesale lender stopped origination and funding of mortgages
Nationstar – acquired Champion Mortgage, closed multiple offices, incl. Denver office Sept. 10
Nationstar – halts wholesale lending
Neighborhood Community Bank – shut by FDIC
NetBank – shut down by FDIC due to excessive mortgage defaults
Netbank Funding – closed
NetMore America Inc. – layoffs
Nevada Security Bank – shut by FDIC
New Century – filed bankruptcy
New Century Bank – shut by FDIC
New England Merchants Corp. – received cease and desist order
New Equity Mortgage – merged with Advent Mortgage
New Frontier Bank – shut by FDIC
New Horizons Reverse Mortgage Inc. – filed for Chapter 7 bankruptcy
New Liberty Bank – shut by FDIC
New South Federal Savings Bank – halts all mortgage lending
New South Federal Savings Bank – shut by FDIC
New State Mortgage Company – ceased wholesale lending operations
New Vision Residential Lending – to close at end of month
Nikko Citigroup – to cut 10% of staff
Nomura Securities – closed its nonconforming mortgage conduit and laid off staff
Nomura Holdings – to shut mortgage-backed securities business, 1300 job cuts
Norddeutsche Landesbank – made offer for Deutsche Hypothekenbank AG
No Red Tape Mortgage – dissolved by Metrocities
Northern Georgia Bank – shut by FDIC
Northern Rock (UK) – seeks Bank of England bailout, issued profit warning
Northern Rock – sold $4.3 billion mortgage portfolio to JP Morgan Chase
Northern Rock – to cut 2000 jobs
North County Bank – shut by FDIC
North Houston Bank – shut down
Northwest Bank & Trust – shut by FDIC
NovaStar layoffs
Novastar – closed wholesale unit, facing potentially huge lawsuit, laying off 37% of workforce
Novastar – cutting 275 jobs, closing 12 retail origination offices
Novastar – job cuts expected from sale of servicing unit
Novelle Financial – said to have ceased operations
NVR Mortgage Finance (builder) – restricted from offering Alt-A, subprime and piggyback loans
Oakmont Mortgage – closed
Oak Street Mortgage – closed, files bankruptcy
Ocala National Bank – shut down by FDIC
Ocwen Financial – to buy Kent County State Bank
Oglethorpe Bank – shut by FDIC
Old Southern Bank – shut by FDIC
Olde Cypress Community Bank – shut by FDIC
OneCap Mortgage Corp. – license revoked
OneWest Bank – to halt reverse mortgage lending
OMG Wholesale – suspended operations
Omni National Bank – shut down by FDIC
Opteum – closed conduit and wholesale operations
Optima Funding – reported to have ceased operations
Option One – shut down
Option One – buyout in jeopardy
Option One – layoffs, pending sale to Cerberus Capital Management LP
Option One – cut 50 jobs in Bay Area
Opus Mortgages (UK) – put into liquidation
Own It Mortgage – closed
Origen Correspondent Mortgage Group – to be shut down
Origen Financial – ceased Texas ops, cut 96 jobs
Orion Bank – shut by FDIC
Oxford Funding – acquiring Huntington Financial
Pacific American Mortgage (PAMCO) – no new submissions, halted operations
Pacific Coast National Bank – shut by FDIC
Pacific National Bank – shut down
Pacific State Bank – shut by FDIC
Palos Bank and Trust Company – shut by FDIC
Pan American Mortgage – cut 443 jobs
Paragon Home Lending – said to be shut down
Paragon Mortgages (UK) – laid off 62 Mortgage Trust staff
Paramount Bank – shut by FDIC
Park National Bank – shut down
Partners Bank – 100th bank failure of 2009
Partners Group Unlimited – bought out by Mortgage Network Inc.
Paul Financial – suspends loan origination
Paul Financial LLC – cut 57 jobs
Peninsula Bank – shut by FDIC
People’s Choice Financial Corp. – bankrupt
Peoples Community Bank – shut by FDIC
Peoples First Community Bank – shut by FDIC
People’s Mortgage – closed
Peoples State Bank – shut by FDIC
Peotone Bank and Trust Company – shut by FDIC
PFF Bank and Trust – shut down by the FDIC
PHH – merger terminated
PHH Mortgage – laid off 140 in Providence, 300 more from NJ and FL offices
Pierce Commercial Bank – shut by FDIC
Pinehurst Bank – shut by FDIC
Pinnacle Bank of Oregon – shut down by FDIC
Pinnacle Direct Funding Corp – merged with Tri-Star Lending
Pinnacle Financial Corp. – acquired by Impac Mortgage Holdings, closed
Platinum Community Bank (IL) – shut down by FDIC
PNC – to close Capstone Realty Advisors (commercial mortgage unit)
PNC Bank – discontinued wholesale home equity lending
PNC Bank – to cut 5,800 jobs
PNC Banl – to cut 30 workers at loan servicing center in Dayton
Popular Financial Holdings – exited the wholesale sub-prime mortgage market
Popular Inc. – cut 167 loan servicing jobs in New Jersey
Popular Mortgage Corp. – shut down
Popular Warehouse Lending – no longer accepting applications
Portellus, Inc. (software) – winding down mortgage division, selling mortgage assets
Precision Financial Inc. – closed
Westsound Bank shut down by FDIC
Preferred Home Mortgage Co. – cut 75 jobs
Premier American Bank – shut by FDIC
Premier Bank – shut by FDIC
Premier Mortgage Funding, Inc – filed for bankruptcy
Premium Funding Corp. – closed
Principal Mortgage Fund, Inc. – to buy Fair Home Lending Financial, Inc.
Priority Funding Mortgage Bankers – believed to have ceased operations
Progress Bank of Florida – shut by FDIC
Prosperan Bank – shut by FDIC
Provincial Bank – acquired United Residential Mortgage
Property Finance Group (New Zealand) – halted trading amid liquidity concerns
Prospect Mortgage – to acquire 80 Indymac branches, 750 employees
Prospect Mortgage – buying Fidelity Trust Mortgage Inc.
Prospect Mortgage – acquired Indymac branches
Pulte Homes – 2,000 layoffs
Pulte Mortgage – layoffs
Pulte Mortgage – shutting Charlotte processing center, nearly 90 layoffs
Quality Home Loans – filed for bankruptcy, sold to hedge fund manager Michael Klein
Quick Loan Funding – layoffs, now reported closed
Quicken Loans Inc. – suspended new hiring
Quicken Loans – layoffs
Quicken and RockBridge – acquired One Reverse Mortgage
QuoteMeARate.com Inc. – closed
QHL Holdings Fund Ten LLC – filed for bankruptcy
R-G Premier Bank of Puerto Rico – shut by FDIC
Rainier Pacific Bank – shut by FDIC
RAMS Home Loans (Australia) – warned of profit losses after only two weeks on stock market
Ravenswood Bank – shut by FDIC
Realty Mortgage – shut down, 300+ layoffs
Regions Financial Corp. – closed warehouse lending unit
Regions Financial Corp. – shut Little Rock mortgage servicing facility
Republic Federal Bank – shut by FDIC
ResCap – layoffs
ResCap – halts Dutch mortgage lending
ResCap – bankruptcy fears
ResCap – layoffs
ResCap – closed offices, cut 470 jobs
Residential Capital LLC – cutting roughly 1,000 jobs (GMAC company)
ResMae Mortgage Corp. – cut 182 jobs in Brea
ResMae Mortgage Corp. – layoffs, bankrupt/for sale, closing Dallas facility
ResMae Mortgage Corp. – halted loan submission, cut over 150 jobs
Residential Mortgage Capital – suspends operations
Resource Bank – selling mortgage-related assets to Monarch Bank
Resource Mortgage – shuttered wholesale division
Reunion Mortgage – shut wholesale office in Florida
RFC – layoffs
Right Away Mortgage – closed
Riverside Bank of the Gulf Coast –shut down by FDIC
Riverside National Bank of Florida – shut by FDIC
Riverview Community bank – shut down
RockBridge Commercial Bank – shut by FDIC
Rock River Bank – shut by FDIC
Rooftop Mortgages (Bear Stearns UK mortgage unit) – to close
Rose Mortgage Corp. – closed
Royal Bank of Scotland – to cut 9,000 jobs
San Diego National Bank – shut down
San Joaquin Bank – shut down
San Luis Trust, FSB – shut by FDIC
Sanderson State Bank – shut down by FDIC
Santa Cruz Mortgage – suspended operations indefinitely
Satilla Community Bank – shut by FDIC
Saxon Mortgage – wholesale closed, 1000 layoffs
Saxon – layoffs, closed correspondent unit
Saxon Mortgage Services – cut 50 jobs in Texas
SCME – ceases wholesale operations
SCME Mortgage Bankers Inc. – layoffs, branch closures
Scottish RE – large subprime exposure drops stock into dangerzone
Sea Breeze Financial Services, Inc. – Irvine, CA lender apparently closed
Sebring Capital Partners – closed
Secured Bankers Mortgage Company – halted operations
Secured Funding – closed
Security Bank Corp. – has six Georgia banks shut down by FDIC
Security National Servicing Corp. – to cut 31 jobs
Security Pacific Bank – shut down by FDIC
Security One Lending – acquired OMNI Reverse
Security Savings Bank – shut down by FDIC
Security Savings Bank, F.S.B. – shut by FDIC
Senior Lending Network – no longer taking applications
Shearson Financial Network – to acquire Dollar Mortgage Corp. (fell through)
Shearson Financial Network – to file bankruptcy
Sherman County Bank – shut down by FDIC
ShoreBank – shut by FDIC
Shoreline Bank – shut by FDIC
Silver Hill Financial – cut 45 jobs
Sierra Pacific Mortgage – closed several branches
Silver Falls Bank – shut down by FDIC
Silver State Bank – shut down by FDIC
Silver State Mortgage – closed
Silverton Bank – shut by FDIC
Solent Mortgage Services (UK) – closing its door
Solent Mortgage Services (UK) – layoffs
Solstice Capital (HSBC retail) – halted lending, 130 layoffs
Sonoma Valley Bank – shut by FDIC
SolutionsBank – shut by FDIC
Solutions Funding – closed
Southern Community Bank – shut by FDIC
Southern Star Mortgage – cut wholesale lending
Southern Star Mortgage – halts loan origination
Southstar Funding – closed
Southwest Bank – acquired BMC Mortgage Services Inc.
Southwest Community Bank – shut by FDIC
SouthwestUSA Bank – shut by FDIC
Sovereign Bancorp – to cut 1,000 jobs
Spectrum Financial Group – files bankruptcy
St. Stephen State Bank – shut by FDIC
Starpointe Mortgage – closed
State Bank & Trust of Fargo – purchased Bell Mortgage
State Bank of Aurora – shut by FDIC
Statewide Bank – shut by FDIC
Sterling Bank – shut by FDIC
Steward Financial – closed
Stone Creek Funding – closed
Stonewater Mortgage Corp. – halts new originations, sold to Caliber Funding LLC
Strategic Capital Bank – shut down by FDIC
Southern Colorado National Bank – shut down by FDIC
SouthStar Funding – closed
Southwest Business Corp. – purchased 15 Home Loan Corp. branches
Suburban Federal Savings Bank – shut down by FDIC
Summit Financial Group Inc. – closed residential mortgage unit
Summit Mortgage Co. – to close
Sun American Bank – shut by FDIC
Sun West Bank – shut by FDIC
Sunset Direct Lending – closed
Sunshine Mortgage Corp. – shut down
Sunshine State Community Bank – shut by FDIC
SunTrust – cut 170 jobs
SunTrust Bank – cut 86 jobs
SunTrust Bank – closing wholesale lending offices
Tamalpais Bank – shut by FDIC
TBW – to file for bankruptcy protection, around 1000 layoffs
TeamBank – shut down by FDIC
Temecula Valley Bank – shut by FDIC
The Bank of Bonifay – shut by FDIC
The Bank of Miami – shut by FDIC
The Buckhead Community Bank – shut by FDIC
The Community Bank – shut down by the FDIC
The Cowlitz Bank – shut by FDIC
The First National Bank of Barnesville – shut by FDIC
The First State Bank – shut by FDIC
The Gordon Bank – shut by FDIC
The La Coste National Bank – shut by FDIC
The Lending Connection – believed to have laid off staff and ceased operations
The Members’ Own Federal Credit Union – shut down
The Money Store – will take over Amstar Mortgage branches
The Mortgage Lender (UK) – cut hundreds of jobs, may cease lending
The Mortgage Store Financial Inc. – rumored to have ceased lending, laid off most of staff
The Mortgage Warehouse – closed
The Park Avenue Bank – shut by FDIC
The Peoples Bank – shut by FDIC
The Tattnall Bank – shut by FDIC
Thornburg Mortgage – filed bankruptcy
Thornburg Mortgage – bankrupt, 100+ layoffs
Thornburg – bankruptcy fears, suspends fundings
Thornburg Mortgage – 5 downgrades, selling assets, denied BK, facing Wachovia lawsuit
Thornburg Mortgage –cut 29 jobs
Thunder Bank – shut by FDIC
TierOne – closed all nine loan production offices
TierOne Bank – shut by FDIC
Tifton Banking Company – shut by FDIC
Town Community Bank & Trust – shut by FDIC
Towne Bank of Arizona – shut by FDIC
TransLand Financial Services – facing involuntary Ch. 11 bankruptcy petition, layoffs
Transnational Financial Network – suspended wholesale lending operations
Triad Guaranty – halts new business, layoffs
Tri-Star Lending Group – acquired by Impac Mortgage Holdings
Trojan Lending – ceased wholesale production
Trump Mortgage – closed
Turnberry Bank – shut by FDIC
UBS – to cut 8,700 jobs
UBS – to cut 5,500 jobs
UBS – to cut another 2,000 jobs
UBS Home Finance – stops wholesale lending
Ulster Bank (RBS-UK) – cut 750 jobs, close First Active mortgage unit
Union Bank, National Association – shut by FDIC
Unique Mortgage Solutions – closed, layoffs
United Americas Bank – shut by FDIC
United Commercial Bank – shut by FDIC
United Equity LLC (Baltimore) – shut down
United Guaranty – layoffs
United Residential Lending – halts wholesale lending
United Security Bank – shut by FDIC
Unity National Bank – shut by FDIC
Universal American Mortgage Co. – shut down its processing center, 57 layoffs
Universal Mortgage Corp. – to close, 100 layoffs
Unlimited Loan Resources – closed
Upland Mortgage – filed Chapter 11 bankruptcy
U.S. Mortgage Corp. – stops retail lending
USA Bank – shut by FDIC
USA Federal Credit Union – layoffs
Valley Capital Bank – shut by FDIC
Valley Community Bank – shut by FDIC
Valley Vista Mortgage – shut down all operations
Vantus Bank (IA) – shut down by FDIC
Velocity Commercial Capital, LLC – layoffs reported
Venture Bank – shut down by FDIC
Vertex – to cut 55 jobs related to DB Mortgages account (Deutsche Bank UK)
Vertical Lend – changes name to World Alliance Financial
Vertice – shut down (Wachovia wholesale lending channel)
Vertice (Wachovia unit) – undisclosed number of job cuts in third quarter of 2007
Vertice (wholesale mortgage unit of Wachovia) – cutting 40 more jobs
Victoria Mortgage Funding – closed (UK subprime lender)
ViewPoint Bankers Mortgage – acquired 45 former CTX Mortgage employees
Vineyard Bank – shut by FDIC
Virgin Money U.S. – closed
Virtual Bank Mortgage – now Lydian Mortgage
Vision Development Group of Broward County LLC (condo developer) – Ch. 11 bankruptcy
W.J. Bradley Mortgage Capital Corp. – merges with State Mortgage
Wachovia – halted wholesale lending, 11,000 layoffs
Wachovia – closed Equibanc, 115 layoffs in bay area
Wachovia – shut Waterbury, CT retail mortgage office, 65 layoffs
Wachovia – cut 50 mortgage processing jobs in Boynton Beach, FL
Wachovia – cut 240 mortgage and banking jobs in San Antonio
Wachovia – cut 200 positions in corporate and investment banking unit
Wachovia – reportedly closed four offices in Germany due to crisis
Wachovia – stopped offering mortgages at many branches, 600 layoffs
Wachovia – shut mortgage center in Tampa, 57 layoffs
Wakulla Bank – shut by FDIC
Walter Mortgage Co. – to wind down mortgage lending
Warehouse USA – closed
Warren Bank – shut down by FDIC
Washington First International Bank – shut by FDIC
Washington Mutual – shut down
WaMu – stopped wholesale lending, 3,000 layoffs
Washington Mutual – layoffs, halting subprime lending
Washington Mutual – laying off 50 in Capital Markets
Washington Mutual – to cut 1,200 jobs
Washington Mutual – cuts Commercial Correspondent/Wholesale Lending
Washington Mutual – layoffs, exited warehouse/correspondent market
Washington Mutual – layoffs as high as 1,000, closing 3 fulfillment centers
Washington Savings Bank – stopped wholesale lending
Washtenaw Mortgage Company – closed
Waterfield Bank – shut by FDIC
Waterford Village Bank – shut by FDIC
WCI Communities – cut 575 jobs
Wealthbridge Mortgage – shut down, layoffs
Webster Bank – to cease wholesale and correspondent lending
Webster Financial – to cut 240 jobs
Weichert Financial – laid off 70+ operations staff
Wells Fargo – halts wholesale reverse mortgage lending
Wells Fargo – cutting jobs as HARP demand falls
Wells Fargo – cutting 145 wholesale mortgage jobs in Orange County
Wells Fargo – to buy Wachovia
Wells Fargo Financial – to close 638 stores, halt origination of non-prime portfolio mortgages
Wells Fargo Home Mortgage – halts wholesale non-conforming lending
Wells Fargo Alternative Lending Wholesale – closed, layoffs nationwide
Wells Fargo Home And Consumer Finance Group – layoffs
Wells Fargo – stops mortgage lending in Canada
Wells Fargo – layoffs in home equity division
Wells Fargo – layoffs in Billings, MT
Wells Fargo – shutting wholesale division in Concord, CA, 137 layoffs
Wells Fargo Home Mortgage – acquired Pride Mortgage
Wells Fargo Home Mortgage – cut jobs in Fort Mill, SC
Wescom Credit Union – exited wholesale lending
WestBridge Bank and Trust Company – shut by FDIC
Westernbank Puerto Rico – shut by FDIC
Western Commercial Bank – shut by FDIC
Western Corporate (WesCorp) Federal Credit Union – placed in conservatorship
West Texas Credit Union – shut down
WestWorks Mortgage – closed
Wheatland Bank – shut by FDIC
Williamsburg First National Bank – shut by FDIC
Wilmington Finance – stopped wholesale lending, hundreds of layoffs
Windsor Capital Mortgage Corp. – closed down
Winstar Mortgage – ceased operations
Wintrust Mortgage Corp. shut wholesale mortgage division
WMC – GE’s subprime unit cut 460 jobs, reported closed and for sale
WMC Mortgage – layoffs
WNS (India outsourcing) – redeploying employees due to mortgage shakeup
Woodlands Bank – shut by FDIC
World Savings – sold to Wachovia
WSB Financial Group Inc. – cutting 33 mortgage jobs
XBancorp – closed wholesale
Xceed Mortgage (Canada) – to stop originating loans via brokers
Xceed Mortgage Corp. (CA) – cut two-thirds of staff (74 jobs)
Xceed Mortgage Corp. (CA) – issued profit warning, halted dividend
Xceed Mortgage Corp. (CA) – cut 26 jobs, about 18 percent of staff

Mortgage Brokers: Friends or Foes?

Mortgage Brokers: Friends or Foes?

The political debate over how to deal with a surge in defaults on home loans is raising a question that consumers ought to consider: Is my mortgage broker really working for me?

Borrowers often see mortgage brokers as their allies, searching far and wide for just the right home loan at an attractively low price. But many brokers are making it clear they don't see things that way. They are fighting efforts by federal and state politicians to impose a fiduciary duty on them to put their customers' interests first, as lawyers, real-estate agents and financial planners generally are required to do with their clients.

"The mortgage broker does not represent the borrower," says Chris Holbert, president of the Colorado Mortgage Lenders Association. "We sell access to money." The industry group recently opposed language in Colorado legislation that would have required mortgage brokers to act "primarily for the benefit of the borrower." That provision was later deleted.

Brokers, most of whom are lightly regulated by state agencies, are involved in originating around 60% of all home loans, according to Wholesale Access, a research firm in Columbia, Md. The industry is under scrutiny in Washington and state capitols because rogue brokers have been accused of contributing to the spike in mortgage defaults and foreclosures by encouraging borrowers to take risky loans and by charging excessive fees.

That doesn't mean consumers should shun all brokers. Many provide good service and can help people sort through the complexities of choosing a loan. Consumers don't necessarily get a better deal by going directly to lenders, which also can charge excessive rates and fees.

To protect yourself, one strategy is to shop for a home loan directly at a few lenders and then see whether a broker can find a better deal. When choosing a broker, borrowers should ask tough questions first. Among them: In searching for loans, do you feel obliged to put my interests ahead of yours? Exactly how much will you earn on this loan? And how many lenders do you check regularly for rates and terms?

Some brokers offer to fix their fees in advance so they won't have any incentive to recommend a loan that would be more lucrative for them. Trade group Upfront Mortgage Brokers Association (www.upfrontmortgagebrokers.org) maintains a list of brokers who set their fees in advance.

Camilo Ramos, a house painter and remodeler in Minneapolis, wishes he had asked a few more questions of his broker before refinancing a home loan last year. Mr. Ramos says he wasn't warned how much his monthly payment on the $300,000 adjustable-rate mortgage could jump after an initial low-payment period. The brokerage firm, Source Lending Corp., Brooklyn Park, Minn., received total compensation of $13,517 from the transaction, says Jeff Skrenes, a member of the Minnesota branch of the Association of Community Organizations for Reform Now, a nonprofit advocacy group, which is trying to help Mr. Ramos refinance into a more suitable loan.

Chris Hacker, owner of Source Lending, says his firm did nothing wrong in this transaction and adds, "We have thousands of satisfied clients."


he National Association of Mortgage Brokers, the main nationwide trade group for brokers, argues that brokers work neither for consumers nor for lenders. Imposing a fiduciary duty would increase the risk of litigation over whether brokers are to blame for loans that go bad, says Joseph Falk, legislative chairman of the association. He adds that the group favors clear disclosures to consumers and no hiding of important details.

For now, most states lack any legal provision spelling out whether brokers have a fiduciary duty. Many brokers sell a relatively small range of products without being obliged to make sure the consumer gets the best terms known to the broker on a suitable loan.

They receive fees -- often totaling between about 1% and 3% of the loan, but occasionally even more -- for finding customers and guiding them through the loan process. These fees come either from borrowers or through payments from lenders known as yield-spread premiums, or YSP, or through a combination of the two.

Often the broker's incentives run counter to the borrower's interests. Lenders pay YSP to the broker when the borrower is paying a higher interest rate than the best he or she could qualify for, which makes the loan more profitable for the lender. The higher the rate, the higher the payment to the broker. (Some lenders put a ceiling on YSP.) Lenders may also pay brokers a bonus for loans with prepayment penalties, which make it expensive for borrowers to refinance within the first few years.

YSP amounts to "a payment for giving the homeowner a worse deal," says Prentiss Cox, an associate professor of law at the University of Minnesota who previously investigated lenders as an official in the state attorney general's office.

In some cases, paying a slightly higher rate and allowing the broker to receive YSP can make sense for cash-strapped borrowers who don't want to pay an immediate fee to the broker. With YSP, the cost of the broker's service is spread over the life of the loan in the form of higher interest.

But Howell Jackson, a professor at Harvard Law School who has analyzed thousands of home loans, says YSP is confusing for consumers and can allow brokers to "extract excessive payments" from unwary borrowers. In some cases, he found, brokers' total compensation, including YSP, came to more than 3.5% of the loan amount.

For consumers, even shopping around can be difficult. With different combinations of fees and terms, it's hard to compare one loan to another. And the exact level of fees may not be apparent until the borrower is at the closing table, when it may be too late to seek a better deal elsewhere.




Borrowers eyes "are glazed over with all the paperwork," says Jeff Lazerson, president of Mortgage Grader Inc., a mortgage broker in Laguna Niguel, Calif., that sets a fixed fee in advance for clients. Their confusion, he says, gives unscrupulous brokers "a license to lie."

In Washington, legislation was introduced this month by Sens. Charles Schumer (D., N.Y.), Sherrod Brown (D., Ohio) and Bob Casey (D., Pa.) that would impose on brokers a fiduciary duty to put their customers' interests first. The proposed legislation is considered a long shot for this year.

In Minnesota, legislation enacted last month specifies that brokers have "an agency relationship" with borrowers, meaning they must act in a borrower's best interest and can't put the broker's interests first.

Colorado legislators recently shied away from imposing such a standard. Instead, the state House and Senate passed bills stating that brokers have only "a duty of good faith and fair dealing."

California is an exception. A 1979 ruling by the state Supreme Court established that mortgage brokers there do have fiduciary duties. Pete Ogilvie, president-elect of the California Association of Mortgage Brokers says that hasn't caused him any problems and clarifies his role.

Stocks: Veksel - What is it?

The bill (from it. Wechsel) — strictly established form, certifying nothing the caused obligation the drawer (promissory note), or the offer to other payer specified in the bill (draft) to pay after approach of the term provided by the bill a certain sum of money in a concrete place. The bill can be order (to bearer) or nominal. In both cases cession of rights under the bill occurs by fulfillment of a special inscription — an endorsement though for drive of the order bill the endorsement isn't obligatory. It essentially distinguishes the bill from requirement cession of rights on cession. The endorsement can be blank (without instructions of the person to which the bill is transferred) or nominal (with instructions of the person to which execution should be made). The person who has transferred the bill by means of an endorsement, bears responsibility before the subsequent holders on a level with the drawer.

In the bill which is subject to payment after a presentation or during so much time from a presentation, it is possible to stipulate that for the bill sum percent will be charged. In any other bill charge of percent isn't supposed. The interest rate should be specified in the bill. Percent are charged from the date of drawing up of the bill or from the named date.

The inscription on the bill, certifying that the bill is subject to payment after a presentation or after certain term from the date of its presentation is called ависто. The inscription ависто can be made also on checks and transfers.

Bill:Obligatory requisites of the bill

Obligatory requisites of the bill are established by the Uniform law about переводно?м and the promissory note (ЕВЗ), being the appendix № 1 to the Geneva convention from June, 7th, 1930 № 358 «About the Uniform law about translation and promissory notes»:

* a bill label "bill" in the document text;
* the unconditional order or the obligation to pay the certain sum;
* the name of the payer and the first holder;
* the name of the payee;
* term and a payment place;
* date and a place of drawing up of the bill and the signature of the drawer.

At absence at least one of obligatory requisites the document can't be recognized by the bill. Though there is a number of exceptions:

at not specified term of payment it is considered that the bill is subject to payment after a presentation;
at payment places, it is considered that the specified address of the payer;
at not specified place of drawing up, it is considered that the address of the drawer;
if on the bill there are signatures of the persons, incapable to be obliged or false signatures of other persons nevertheless don't lose force.

Top rated online brokers

BEST OF THE BEST

To open the account to start to invest, is only half has put. The most important question – how to choose fund. What branch to buy? To be enclosed in American Mutual funds or to prefer Europe? The answer is simple: it is necessary to buy the best funds (and the best not only on profitableness, but also concerning corresponding indexes, see schedules).

Above already it was said that funds happen the most different and it allows the investor to create well balanced portfolio. You can find the information on funds on numerous financial sites. Here again, certainly, America has again appeared ahead of all. The information on the American funds is on www.smartmoney.com, in sections «finance» large searchers msn.com, yahoo.com, google.com. There you will find the actual statistics on funds, a place of everyone in authoritative ratings, schedules of dynamics of a course of shares, profitableness for the different periods and etc. And here on the European funds the fullest information publishes agency Morningstar – his data uses all investment companies of the world for work (there are sites Morningstar on the separate countries, for example www.morningstar.co.uk (Great Britain), www.morningstar.de (Germany) and etc.

On the specified portals you will choose that is necessary for you. We will tell, attractive the funds investing in securities on which the emitter pays high dividends today seem to me. Fund BlackRock High Yield Bond Inv A concerns their number, for example. Dividendnaja profitableness on him has made 11,85 % annual.

Fund Vanguard REIT Index ETF takes shares of the companies putting in real estate. Investors receive from him and to him similar dividends in 10–25 % annual.

Also it is necessary to pay attention to the funds investing in the action of developing countries. Among these funds the most known and popular are funds BRIC – the funds taking shares of the companies of Brazil, Russia, India, China. If you are excited with rouble devaluation (and she excites me), to get such fund as currency of the given fund is the dollar or euro is better.


Certainly, as well as the Russian PIFS, foreign mutual funds have lost a considerable part of the cost against proceeding crisis. Many funds have fallen to 40–50 % in 2008 (though and not all – some have shown good growth last year). Flight of investors from the share market in highly reliable tools – bonds of the developed countries became the reason. For this reason and also for the reason that in 2008 almost all developed countries have lowered refinancing rates, the state bonds have considerably grown in the price. For example, Rydex Govt Long Bond 1.2x Strategy Inv has grown in 2008 on 37 %. This fund invests only in the state bonds of the USA. Thus for purchase of bonds he sometimes borrows means banks.

It, of course, extremely high profitableness for fund of bonds. This year he «has left in a minus» on 11 %, and the potential of growth at him practically is absent, because the refinancing rate is at a minimum level.

Other fund, Templeton Global Bond A Acc €, has grown for the last half a year on 17 % that also it is a lot of for fund of bonds. This fund less, than previous, and more attractive to investors.

About Stocks, Actually

The Stock (finance) — the issue security giving to its owner the right to participation in steering by joint-stock company and the right to reception of a part of profit in the form of dividends.

Categories of Stocks

Distinguish ordinary and preference shares


1. Ordinary actions grant the right to participation in steering of a society (1 action corresponds to one voice at meeting of shareholders, except for carrying out of cumulative voting) and participate in distribution of profit of joint-stock company. A source of payment of dividends under ordinary actions is the society net profit. The size of dividends is defined by board of directors of the enterprise and it is recommended to general meeting of shareholders which can reduce only the size of dividends concerning recommended by board of directors.
2. Preference shares can bring restrictions on participation in steering, and also can grant the additional rights in steering (not necessarily), but bring constant dividends (often — fixed in the form of a certain share from accounting net profit or in absolute term of money). As a rule, in Russia there are considerable restrictions on participation in steering of the companies that is caused by that mass privatization of the enterprises according to 2 and 3 type provided drive of Preference shares to labor collective, thus disfranchising it at meetings of shareholders..
Dividends under preference shares can be paid both from profit, and from other sources — according to the society charter.

Analog of preference shares:

The action promotional (founders share) — the Action extended among founders of the joint-stock companies and giving to them some rights of priority. Holders of such actions can: to have additional quantity of voices at meeting of shareholders; to use the prime right to reception of actions in case of their subsequent emissions; to star in the decision of all questions connected with activity of the joint-stock companies.
To the Admission to the auctions

For the admission to the auctions at an action stock exchange should undergo procedure of listing or to be admitted to the auctions without passage of procedure of listing.

Participation of the action in the auctions allows the emitter to involve the cheapest and most long-term capital, to raise company cost, to lower cost of loans, to hoist the prestige, to carry out additional advertizing through exchange ports and successfully to place the subsequent releases.

Preference shares On:

* Exclusive have a number of privileges in exchange for a vote. At their proprietor the size of the income at the moment of release and seating of securities is defined. The size of liquidating cost is defined. A priority at charge of these payments in relation to the ordinary.
* Cumulative (accumulating). Privileges — the same. The obligation on payment of dividends remains and collects. The fixed term of accumulation of dividends. At nonpayment of dividends of a vote don't receive.

Option of the emitter

Option of the emitter

Option of the emitter — the issue security fixing the paid right of its owner on purchase in term provided in it and-or at approach of circumstances specified in it of certain quantity of actions of the emitter of such option at the price, defined in an option of the emitter. The option of the emitter is a nominal security.


Decision-making on seating of options of the emitter and their seating are carried out according to the established federal laws rules of seating of the securities converted in the action. Thus the price of seating of actions to execute requirements on options of the emitter is defined according to the price defined in such option.



Now the option of the emitter exists in Russia only in regulatory legal acts. Any release of options of the emitter it was not carried out.

The emitter hasn't the right to place an option of the emitter if the quantity of the declared actions of the emitter is less than quantity of actions, the right to which acquisition is represented by such options. Seating of an option of the emitter probably only after full payment of an authorized capital stock of joint-stock company.
The savings certificate — a security certifying the sum of the contribution, brought in bank the physical person, and the rights of the investor (the holder of the certificate) to reception after a target date of the sum of the contribution and the percent caused in the certificate in the bank which has given out the certificate, or in any branch of bank.

Mutual funds - all about it.

Our Team will be very glad if you approach under one their four levels of cooperation:

Mutual funds:

Mutual funds familiar for a long time to the western investor. Hardly balanced portfolio of the private investor respecting will do without them. Today in the world exist ten thousand funds of most various "specialization". You want to invest in the action of the Chinese companies? Here to you fund. You prefer gold ingots? Here to you another. You want still something? Please, and on it there will be a fund.

Not to complicate definition of mutual funds, we will formulate so: Mutual fund is a portfolio of securities (for example, actions) which the group of shareholders of fund owns, and the management company operates these papers.

Basically, it is possible to put an equal-sign between mutual fund and the PIF: the essence of their work is identical. But some differences nevertheless are.

FEEL THE DIFFERENCE

The first difference of mutual funds from pifs – payment of dividends to shareholders. The companies, whose actions enter into fund (the PIF or mutual), pay dividends which arrive in management companies (УК). УК should distribute them between shareholders or rein. in shares of the same fund. In the conditions of activity of all Russian PIFS it is initially specified that dividends reinv. That is the investor doesn't have choice – he can't receive dividends in the form of money for the account. The same concerns the coupon income under bonds, if fund, say, bonded or mixed.

Mutual funds offer different variants of use of dividends – them rein. or transfer to the investor. It means that the client has possibility to choose fund which approaches him by the given criterion more. There is no necessity that cash regularly dripped? Then it is better to get shares of mutual fund, dividends in shares of the given fund. If you want to receive the passive income of the investments, it is necessary to choose fund which pays dividends to shareholders. By the way, by working out of pension portfolios (portfolios on which clients want to receive the passive income) such funds often join.

To the fund name the explanatory is usually added: income fund (Inс) if he pays dividends, and accumulation fund (Acc) – . An example: fund Threadneedle European High Yield Bond Retail Gross EUR Acc reverse money of clients, and fund Allianz RCM BRIC Stars - A - EUR Inc translates dividends into accounts of the shareholders.
Other essential difference – possibility to get shares of funds through Internet brokers. Contracts with the basic management companies on sale of their funds have the majority of brokers existing abroad. That is I as the investor, wishing to buy shares of any fund, is not obliged to go to office UK, to conclude there the contract and then to transmit into her account money for purchase of shares. I can simply give to buy the commission to the broker for me shares of this or that fund from means which are on my account at the broker.

And one more difference: in Russia there is no uniform bank-depozitarija.

As it was already mentioned, the investor can пробрести mutual funds through the Internet broker. Other kind of the intermediary is a bank-depositary. In the developed countries managing directors don't contact to clients. Function client management is carried out by the large banks-depozitarii having contracts with considerable quantity УК. The investor can get funds of the different companies, having addressed in uniform bank-depositary. In Russia it while is impossible – to buy shares "Uralsiba", it is necessary to go in "Uralsib" and to buy "Alpha capital" shares – поезжайте in "Alpha" (the financial supermarkets selling shares of the different companies, while in Russia a rarity

That's all the basic differences. They exist only because the foreign market of funds has considerably the big history of development, than very young Russian market. Most likely, these differences will be erased the next years.

KIND AND SORT

Them is now such large quantity, what even it is difficult to assume, what area of human activity isn't captured by them yet. Nevertheless I will try to classify funds, having divided them so:

1. As tools in which they put up money. Tools are known:

Bonds, Actions, Bank deposits (certificates).

Accordingly, you can define, what it is funds:

FUNDS of BONDS – invest money of shareholders in the bond.

FUNDS of ACTIONS – invest money of shareholders in the action.

The MIXED FUNDS – invest money of shareholders in the action (as a rule, 45–60 %), in the bond and in banks.

2. On branch in which invests fund.

These are so-called branch funds. They put means in securities of the companies from one branch. It can be, for example, funds:
Oil and gas branch,
Metallurgy,
The Internet companies,
Biotechnologies,
The gold mining companies,
The companies-kladoiskatelej.
Sounds ridiculously, but such funds can quite exist. No less than funds of others more or less exotic branches.

If you know still any branch in which would like to put up money, be assured that there will be a fund taking shares of the companies of this branch.

Here, say, fund Cowen Climate Change INST A Acc. It is literally translated as fund of climatic changes. Where, you think, he puts up money? In action of the companies which receive the basic gain from realization of the goods or the services connected with climate control and ecological projects. So, the fund structure includes company Vestas Wind Systems which is engaged in manufacture and realization of the equipment for use of wind power, including – wind turbines.

The mention of this fund doesn't mean at all that I recommend him for purchase. Only an example of that among funds it is possible to find it anything you like.


Sounds ridiculously, but such funds can quite exist. No less than funds of others more or less exotic branches.

If you know still any branch in which would like to put up money, be assured that there will be a fund taking shares of the companies of this branch.

Here, say, fund Cowen Climate Change INST A Acc. It is literally translated as fund of climatic changes. Where, you think, he puts up money? In action of the companies which receive the basic gain from realization of the goods or the services connected with climate control and ecological projects. So, the fund structure includes company Vestas Wind Systems which is engaged in manufacture and realization of the equipment for use of wind power, including – wind turbines.

The mention of this fund doesn't mean at all that I recommend him for purchase. Only an example of that among funds it is possible to find it anything you like.

3. On the countries. These are so-called city-funds.

From definition it is possible to guess that the given funds invest means of clients in securities which are emitted by the companies of any country. For example, fund Templeton China A Acc puts in the action of the companies of China, DWS Russia – in the Russian actions (this fund, by the way, well copies a Moscow Interbank Stock Exchange index), fund Morgan Stanley – Emerging Europe, Middle East and North Africa – in the action of the companies of developing countries of Europe, the Near East and the North Africa.

These funds are good for realization coun*diversifications.
Though more often the global funds investing in papers of emitters of the different countries of the world are applied to this purpose (Templeton Global Bond Fund A Acc).

Once again I will repeat that you can find any funds what only to you will like. It is much more difficult to understand that you want to find and how in them it is possible to invest the money.

FOREIGN INTERMEDIARIES

The foreign commercial bank, bank-depositary, the Internet broker, the insurance company can be such broker.

In the most convenient way I consider use as the broker of the insurance company. It is so-called «an English way» investments. But he we will apply to the sums from $75 000. In this case the investor doesn't have restrictions for choice mutual and hedges-funds, actions and bonds – he can invest in various tools. Here the insurer acts in unusual quality for us. We will tell, at other kind of investment – memory insurance – we receive a guarantee of preservation of the capital plus (sometimes) the small income, but investment strategy of the insurer remains for us opaque. And at "the English" approach the insurance acts as the investment intermediary, and the client bears all market risks. But thus he has an option of funds.

The bank-depositary gives the limited list of mutual funds, but also this list long enough. For example, German Fonds Service Bank, which abbreviation to a pain it is familiar to all of us – FSB, offers the clients the list approximately from 2 000 funds.

Commercial banks and brokers are good that they also offer an extensive set of mutual funds. Besides it through them it is possible to buy and other investment tools (actions, bonds, ETFs **).

** Exchange Traded Funds – actually it is the closed index funds which actions are quoted in a mode of real time, as usual actions. We will tell about this rather attractive tool of investment separately in the nearest numbers «ЛБ»).

Mortgages services list

Mortgages

In the developed countries credit brokers are high-grade components of the financial market. Traditionally, banks and other credit institutions realize the products independently. However, as the real estate market becomes more competitive, the role of the credit broker becomes more and more popular. For today in the most developed financial markets (especially in the USA, Great Britain, Australia, New Zealand, Spain and Canada) credit brokers are the greatest distributors of bank products for borrowers.

In the post-Soviet territory countries the given kind of activity has appeared more recently. Now, besides traditional credits, there is a considerable quantity of derivative credit products — letters of credit, demand lines of credit, , bills, credit cards — about which majority of borrowers have not full idea, and, hence, need the help of advisers.
The credit broker — the participant of the financial market who mediates between banks and borrowers in the course of realization of operations of crediting physical and legal bodies.

In the course of work credit brokers cooperate with many financial structures and the companies: banks, the insurance, estimated companies, real estate agencies, showrooms, etc.

Into a complex of the services given by credit brokers enters: selection of the optimum scheme of the crediting, full support of projects of clients, negotiations with creditors.

On the basis of individual arrangements with banks and financial structures, brokers can offer the clients the most favourable conditions on rates below the bank. The profit of brokers is formed at the expense of percent from business deals.

The list of services by the credit broker:

* the analysis of documents;
* an estimation of solvency of the borrower;
* selection of the optimum credit program according to inquiries of the borrower;
* detailed calculation of all accompanying expenses;
* the comparative analysis of schemes of repayment of the credit;
* an explanation of features of crediting in banks;
* recommendations about increase of the status of the borrower;
* formation of a full package of documents for giving in bank;
* the preliminary coordination about possibility of crediting of the borrower;
* application in bank;
* support of consideration of documents of the borrower in bank;
* reduction of term of consideration of the demand;
* drop of risk of refusal on credit reception.

Unfair Brokers

There is big enough category of the persons, wishing to obtain in bank the consumer or automobile credit, without possessing thus ought payment - and credit status. Credit falsification occurs when one or more physical persons deceive financial institution, purposely representing false information . Some credit brokers, bankers, etc. can be involved in illegal crediting.

Most often meeting types of a deceit of the broker are more low listed:


* falsification of the inquiry on incomes, certificates on the property right to actives and other documents;
* an incomplete explanation to the borrower of credit conditions and a policy of bank;
* belief of the borrower refinance* the credit without obvious benefit;
* concealment of percentage compensation or other payments, before signing of the agreement with the borrower;
* influence on the appraiser for the purpose of increase of an estimation of property;
* use in the purposes of absence of experience of the borrower in crediting questions.

Ladder creation

"ladder creation" — an investment mode at which the investor buys some financial tools with various term of repayment. See also лэддеринг in marketing.

The maintenance

* 1 Benefit
* 2 Other use
* 3 Notes
* 4 See also

To Benefit

it is not subject to risk to the most part of actives at an adverse financial environment. For example, the person has the depositary bonds which term of repayment comes in 2015 and 2018 If the interest rate is strongly enough depressed under bonds of 2015 half of income is closed till 2018

If necessary laddering can liberate the capital. The person can get more short-term bonds if means in the near future are necessary for financing for it, for example, training of children or to buy more long-term bonds, term which repayments, will come much later and urgent expenses, in a situation when the economy favors to reception of incomes won't be necessary.

Other use

also describes process where for share acquisition at determined price, investors should also agree to buy additional shares at higher price. It is artificial inflates the price of a share capital and allows the devoted persons to buy at lower price with a guarantee of that they can sell at higher price. Such practice is illegal.

Fund traded at a stock exchange

Fund traded at a stock exchange (English Exchange Traded Fund, ETF) — the index fund, which shares address at a stock exchange. Structure ETF repeats structure of the chosen base index. Unlike an index PIF, with actions ETF it is possible to make all same operations which are accessible to ordinary actions in exchange trade.

In it advantage ETF before the PIF — operations under actions ETF can be made within all trading day and their price changes depending on activity of dealers. Actually ETF is the new kind of securities which are carrying out a role of the certificate on a portfolio of actions.

This fund is very similar to usual Share investment fund (PIF) and bears in itself all advantages which the PIF has:

* Professional steering:
* Low initial investments:
* High liquidity:
* the Wide diversification:

Difference ETF from PIFS:

* the Price of the share of the PIF is formed not at a stock exchange, and pays off in the end of day on the basis of cost of a net wealth of fund. The price акциий ETF changes during the day.:
* Shares of PIFS can't be borrowed or bought on the means borrowed. With actions ETF trade that allows to use a credit shoulder and "speculation for the fall" is admissible маржинальная, but does such operations by more risky.:
* Usually shares of PIFS address in the country of its establishment. Actions ETF can bargain at foreign stock exchanges.:

Funds traded at a stock exchange as the exchange tool, were widely adopted in the West. In Russia the corresponding legislation while isn't present