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 and cancel its dividend, while Accredited Home Lenders Holding Co  posted a big quarterly loss and said its survival remained in doubt.
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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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Mortgage applications rose last week to the highest level in four months, according to a private survey. The survey, the Mortgage Bankers Association&#39;s gauge of loan applications, increased 7.7 percent to
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As the mortgage mess grows, we are learning more and more about just how sloppy things were in the mortgage-issuing business.
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Accredited Home Lenders Holding Co.  , a California subprime mortgage lender, reported a  fourth-quarter loss on Wednesday, hurt by worsening conditions  in the market for loans to people with weaker credit histories.
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The company said its quarterly loss ballooned to $302.6 million as it struggled with its mortgage lending arm and said it is trying to renegotiate the sale of the unit.
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Mortgage company raises financing using mortgages as collateral.
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The U.S. mortgage meltdown broadened on Tuesday, led by Accredited Home Lenders Holding Co.  and New Century Financial Corp. , as investors feared that the subprime lenders, which make loans to people with poor credit histories, would run out of cash.
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Banks were reeling from a credit crunch. Mortgage firms were collapsing. A steep recession was looming. So the U.S. government set up a corporation to buy troubled home loans and distressed properties, stabilizing the financial system.
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Higher customer fees offset rising loan losses and pressure from interest rates and mortgage lending.
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Shares of subprime lender tumble after margin calls.
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MBIA Inc , the world's largest  bond insurer, said it has exposure to $30.6 billion in complex  mortgage securities that it insures, an amount that eclipses  its entire net worth.
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Mortgage losses and legal fees weigh down the institutional money manager.
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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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America&#39;s biggest mortgage lender was thrown into turmoil yesterday when the industry watchdog accused it of having major accounting problems and doubted the &quot;soundness&quot; of the company.
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U.S. mortgage applications surged last week, with demand hitting its highest in nearly four years as interest rates plunged, an industry group said on Wednesday.
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Lenders haven't locked their doors, but they are raising their standards.