How Should Rev. Jesse Jackson View Foreclosures

I’ve read some articles, in which the mortgage counselors were the same ethnicity as the applicant. That makes an interesting slant. Minorities targeting minorities with white products to generate more green. Outside the New York Stock Exchange Dec. 10, holiday music competed with the chants of “Save our homes!” The rally, which demanded “Restructure loans, …

Delta Financial Files for Bankruptcy

In August Delta Financial announced layoffs. On December 6th it was said that Delta Financial may soon file for bankruptcy. That day is now. Delta Financial Corp., the Woodbury-based subprime mortgage lender, filed for bankruptcy Monday, almost two weeks after announcing it would stop originating loans and file for court protection. “Due to an unexpectedly …

Is MERS the Weak Link in Mortgage Recording

Alarms are being raised in the mortgage investment industry as courts dismiss foreclosure cases because of the bank’s inability to prove ownership. Cases in point: The recent federal judge’s decision to dismiss fourteen foreclosure actions by the Deutsche Bank. Deutsche Bank was seeking to collect on securitized subprime mortgages it had acquired. The judge decided …

Internet programmers say little interest shown for Bush’s bailout

There appears to be little interest in Bush’s bailout plan from an Internet search standpoint. No surge in keywords and no major search data was seen. Is it that few people care? Or has the holiday season taken the focus off of the issue while people are busy? Many are saying the mortgage industry should …

UBS shows $10 billion subprime writedown

This time it’s an investment bank with problems. Swiss-based UBS announced a $10 billion writedown this week on subprime exposures. An injection of capital from investors in Singapore and the Middle East was also announced. UBS has also slammed on the brakes at its investment bank, where the problems originated. UBS has been the biggest …