More On Aegis Mortgage - Early Payment Defaults

Published: August 7, 2007, 12:36 pm

Tags: mortgage news, subprime mortgage, mortgage bubble, subprime implosion, subprime mortgage industry, mortgage delinquencies, hedge funds, mortgage defaults, mortgage bubble, mortgage news, aegis, cerberus, block, defaults, closures, plagued, memo, corp

Nonconforming lender Aegis Mortgage Corp., Houston — which is controlled by hedge fund giant Cerberus Capital — ceased funding loans on Monday. A spokeswoman for Aegis said, “We are looking at all our options right now,” adding that no office closures or layoffs have occurred. Cerberus is in the process of buying Option One Mortgage Corp., Irvine, Calif., which is owned by H&R Block. In mid-July, it was reported that Aegis Mortgage had placed its servicing platform on the auction block. An internal memo says Aegis is plagued by $100 million in early payment defaults. Hedge Funds, mortgage bubble, Mortgage Defaults, Mortgage Delinquencies, mortgage news, Subprime Implosion, Subprime Mortgage, Subprime Mortgage Industry ---Related Articles at Consumer Mortgage Reports:Subprime Mortgage Market Fallout Costing Bondholders $250 BillionWhat Are The Subprime Mortgage Losses - Subprime Defaults May Affect 18-22% of LoansRecession Concerns -Subprime SlimeAegis

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