August 2007 - Blown Mortgage

August 2007

Ameriquest, long the poster-child of successful (and suspect) subprime lending announced that the unit will close upon the finalization of their sale to parent company Citi. Citi will pick up their servicing portfolio, along with their wholesale arm Argent Mortgage in the deal. Thanks to commenter BB for pointing out the news story to us. [...]

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Peace, Love and Props (to our sponsors)

A weekly thing over here - a gracious thank you to the sponsors that support Blown Mortgage.  We have two new sponsors this week: The Truth About Mortgage - is a great blog providing all sorts of mortgage-related information; including the inside tips and secrets surrounding how mortgages work. A great reference for anyone wanting [...]

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Blowin’ Up Your Inbox

If you're not on the Blown Mortgage email list you could be missing out (depending on your opinion of this site, that is). Blown Mortgage publishes a weekly email that goes in to a bit more depth on the hot issues of the week. The last two issues are linked below. Note: Even if you [...]

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It's been a busy news day already as President Bush outlined his initial plans to for the government to aid in softening the mortgage and housing disaster.  You can read more about it here, here, and here. From Bush's speech this morning: On Friday, Bush said he planned to: Urge Congress to pass legislation that [...]

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Countrywide issued an official response to the scathing New York Times expose on the mortgage lender's alleged institutionalized practice of steering borrowers in to high cost loans.  The lengthy, 3 page statement can be found here. (PDF) In short, Countrywide categorically denies institutionalized steering and highlights everything the company does to ensure the highest percentage [...]

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