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Buybacks Sink Ownit Mortgage.
LOS ANGELES -- After closing its doors almost a month ago, subprime lender Ownit Mortgage Solutions filed for bankruptcy protection in late December, saying it did not have enough cash to buy back $166 million in delinquent loans.
In the filing, the Woodland Hills, Calif.-based lender listed secondary market investors that had buyback requests with the firm - Merrill Lynch leading the pack, by far, with $93 million.
Merrill Lynch - which now owns First Franklin Financial Corp., San Jose, Calif., one of the largest subprime lenders in the nation - was a major warehouse provider to Ownit. When it pulled its lines over unresolved buybacks, Ownit closed its doors.
A former account executive at Ownit told MSN's sister publication, National Mortgage News, "There needs to be a public accounting for the actions of both Merrill and the top brass at Ownit."
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- Press release article from: Business Wire April 8, 2005 700+ words
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...Mortgage News) Byline: Paul Muolo Merrill Lynch - which has been stung by three...including the now-defunct Ownit Mortgage Solutions and ResMAE of California...buy back the delinquent loan. Merrill Lynch analyst Kenneth Bruce said lenders...
Source: HighBeam Research, Buybacks Sink Ownit Mortgage.