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Amstar Mortgage - News

Crednology Holding Corp Announces Further Expansion of the Company's ...
"We believe that with team leaders like Romel Carlton, Bob Klesath, and former Amstar Mortgage CEO Howard Wayland at the wheel, this group is poised to do great things," stated Troy Fields, Sr. Executive VP. "We are very pleased to have them as dealer 

AmStar Mortgage - Market Update 2-2-12.mp4

Market Update for Realtors - Job Market, Consumer Spending & Home Sales Create a Picture of What's to Come

Subprime Lender Quality Home Loans Files for Bankruptcy

The company listed between $1,000,001 and $100 million of assets, more than $100 million of liabilities, and between 1,000 and 5,000 creditors.

Subprime lenders make home loans to people with weaker credit histories. Quality Home Loans catered to customers including those with no minimum credit scores, no mortgage or credit histories, no documentation of income or assets, and in or just out of bankruptcy, according to its Web site.

Houston-based Amstar said on Wednesday its decision to quit mortgage lending resulted mainly from market conditions, the cost to operate branches and defend lawsuits, and "seemingly stable lenders unable or unwilling to honor contract commitments."

As part of the shutdown, Amstar said it plans to cease public reporting of its financial statements.

Spokesman Michael Wayland said Amstar made about $1.5 billion of mortgage loans in the year ended Sept. 30, 2006, with about two-thirds eligible for purchase and guarantee by mortgage companies Fannie Mae and Freddie Mac.

Lehman Closes Subprime Unit and Lays Off 1200

In recent weeks, several mortgage companies that specialized in risky home loans have stopped making loans, shut down or encountered other distress. Accredited Home Lenders, a subprime lender based in San Diego, stopped making loans through brokers and laid off 1,600 people, more than half of its staff.

The mortgage unit of HSBC Holdings announced yesterday that it would close an office in Carmel, Ind., and lay off about 600 workers; Delta Financial in Woodbury, N.Y., and Impac Mortgage Holdings, based in Irvine, Calif., both announced layoffs.

Amstar Financial Holdings said yesterday that its lending unit, Amstar Mortgage, had agreed to give up control of its branches to the Money Store.

In a deal reached earlier this year, Cerberus, which controls GMAC Financing, agreed to buy Option One, the mortgage subsidiary of H&R Block, the tax preparer. The widening problems in the mortgage market could jeopardize that acquisition.

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