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ECC, Others Heading for the Exit?(ECC Capital Corp.)
WASHINGTON -- The exit ramp from the mortgage business is getting a bit crowded these days with two more nonconforming servicers headed for the auction block.
Industry sources say the money-losing ECC Capital Corp., Irvine, Calif., has hired Friedman Billings Ramsey to help it find a buyer, and KeyCorp, Cleveland, recently said it is considering offers for its subprime division, Champion Mortgage.
ECC is the parent of Encore Credit Corp., which ranks 32nd among subprime servicers with $4.6 billion in receivables, according to MSN and the Quarterly Data Report.
It is unclear whether Champion owns any servicing rights because the company does not disclose that information. Key affiliate, Key Consumer Real Estate, services $13.4 billion in home equity and nonprime loans. Both Champion and KCRE are based in Parsippany, N.J.
A handful of other nonconforming lenders are considering offers, investment banking sources told MSN.
ECC Capital did not return telephone calls about the matter.
Even though subprime production volumes remain decent, profit margins in the sector have been slipping for well over a year.
- Morning Alert for ECC Capital Corp.
- Press release article from: M2 Presswire February 7, 2007 700+ words
...Cap News: Morning Alert for ECC Capital Corp(C)1994-2007 M2 COMMUNICATIONS...07022007 Morning Alert for ECC Capital Corp (NYSE:ECR) ECC Capital refuses...most up to date information on ECC Capital Corp are invited to sign up for a...
- Current Research on ECC Capital Corp.
- Press release article from: M2 Presswire February 26, 2007 700+ words
...Cap News: Current Research on ECC Capital Corp.(C)1994-2007 M2 COMMUNICATIONS...most up to date information on ECC Capital Corp. are invited to sign up for...it completed the purchase of ECC Capital Corp.'s subprime wholesale mortgage...
- Bear Buys ECC's Wholesale Unit.(ECC Capital Corp.)(Bear, Stearns & Company Inc.)
- Magazine article from: Origination News November 1, 2006 700+ words
...wholesale production arm of ECC Capital Corp., Irvine, Calif...Stearns Residential Capital Corp. The deal is structured...statement released by ECC Capital, the parent company...Corp. is owned by ECC Capital Corp., which will remain...
- ECC Securitizes $1 Billion of Subprime Mortgages.(ECC Capital Corp)
- Magazine article from: Origination News October 1, 2005 700+ words
IRVINE, CA -- ECC Capital Corp. has completed a securitization...and financial reporting purposes by ECC Capital, will represent obligations of Encore...economics of the transaction." ECC Capital Corp. originates and invests in residential...
- ECC Capital Corp. Sale Closure Slated for 1Q '07.(Financial report)(Brief...
- Magazine article from: Origination News Finkelstein, Brad January 1, 2007 700+ words
IRVINE, CA -- The sale of ECC Capital Corp. here to Bear Stearns Residential Mortgage Corp. is not slated...said Shabi Asghar, president and co-chief executive of ECC Capital, "but we are continuing to work toward an expedient close...
- ECC Capital Corp. Sale Closure Slated for 1Q '07.
- News wire article from: Mortgage Line Finkelstein, Brad January 11, 2007 700+ words
IRVINE, CA -- The sale of ECC Capital Corp. here to Bear Stearns Residential Mortgage Corp. is not slated...said Shabi Asghar, president and co-chief executive of ECC Capital, "but we are continuing to work toward an expedient close...
- At A Glance.(ECC Capital Corp. to sue Bear Stearns Companies Inc .)(OMX AB in...
- Magazine article from: Investment Dealers' Digest Bizouati, Yal April 16, 2007 700+ words
*ECC Capital Corp. said last week one of its units is suing a subsidiary of Bear Stearns...to "the complexities of the recent transaction involving the sale of ECC Capital's mortgage banking business." ECC, which was delisted by the NYSE...
- Facing a 4Q Loss.(ECC Capital Corp's earnings and profits)(Brief article)
- Magazine article from: Origination News May 1, 2006 700+ words
...Nonconforming mortgage real estate investment trust ECC Capital Corp. took a loss of $49.8 million in the fourth quarter...Asghar, president and co-chief executive officer of ECC Capital. "In response to market conditions, our liquidity...
Source: HighBeam Research, ECC, Others Heading for the Exit?(ECC Capital Corp.)