Mortgage crisis deepens at Impac, Accredited
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The mortgage lending crisis deepened on Tuesday, as Impac Mortgage Holdings Inc  said it will quit most lending activities, while Accredited Home Lenders Holding Co  posted a big quarterly loss and said its survival remained in doubt.
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Accredited Home Lenders Holding Co  shares rose 43 percent on Friday after Lone Star Funds said it was prepared to buy the subprime mortgage lender at a lower price than it previously agreed to pay.
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By Malcolm Moore, Economics Correspondent (Filed: 26/11/2004). Increasing numbers of homeowners are renegotiating their mortgages to take advantage of the slowing property market, the British Bankers Association said yesterday.
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A swathe of figures have provided further evidence of a slowdown in the UK property market. The Council of Mortgage Lenders (CML), British Bankers Association (BBA) and Building Societies Association (BSA) all said mortgage lending was slowing.
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Investor's Business Daily - Bill Gross, chief investment officer at Pacific Investment Management Co., or PIMCO, said the subprime mortgage crisis will hurt the economy and force the Fed to cut interest rates by year-end. &quot;The subprime crisis is not an isolated event and it won&#39;t be contained by a few days of headlines in the New York Times,&quot; said Gross, who manages the world&#39;s biggest bond fund. He said subprime woes will reduce consumption and new-home building over the next 12 to 18 months.
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Countrywide Financial Corp., under pressure to help stem growing home loan defaults, says it will expand programs to help borrowers manage their mortgage payments regardless of the type of subprime loan they have or whether they have already fallen behind on payments.
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The meltdown among U.S. subprime mortgage lenders including New Century Financial Corp. broadened on Tuesday, as Accredited Home Lenders Holding Co. shares fell more than 60 percent, and investors worried that more lenders might restructure or seek bankruptcy protection.
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The state&#39;s housing market continued to hit record levels last month as a dip in mortgage rates and improved inventories spurred many buyers to action, according to the Massachusetts Association of Realtors.
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The move puts more pressure on the company to close its subprime mortgage unit and shed other divisions not tied to the core tax business.
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U.S. financial markets were rattled by  news on Tuesday that late payments on U.S. mortgages had  reached their highest level in 3-1/2 years, while regulators  began a probe of subprime mortgage lending and called for  legislation.
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Merrill Lynch said today it has devalued its collection of mortgage-backed assets by $7.9 billion, far more than the company estimated only three weeks ago and a sign that the financial industry still may not have a full grip on problems related to risky, subprime loans.
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Disappointing data come as credit crisis looms.
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The crisis in the U.S. subprime mortgage market has heightened tension between mortgage lenders and brokers who both hope to shape any laws aimed at stamping out dangerous loans.
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Finance firm GMAC has to take out a $21.4bn loan to cover its exposure to the sub-prime mortgage crisis.
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Accredited Home Lenders, a top subprime mortgage loan company in 2007 whose risky practices forced it to stop lending and slash its staff, is again reaching out to borrowers with sketchy credit even as the housing downturn deepens.
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Freddie Mac, the No. 2 U.S. mortgage finance company, on Thursday reported an unexpected net loss of $211 million for the first quarter, citing a souring outlook for mortgage credit risk that widened credit spreads.
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Records raise new questions about the business practices of the giant mortgage lender at the center of the subprime mess.