Articles Filed Under: Industry Stuff

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JustQuotes: Washington Mutual Cuts On Continuing Credit Crunch

“This week Washington Mutual, the Bay Area’s fourth-largest bank, said it will slash 2,600 jobs nationwide and close mortgage offices as it goes to Wall Street, hat in hand, seeking a $2.9 billion capital infusion. Even some of WaMu’s top performing mortgage lenders were shown the door as the... Read More »

Tag Line Irony From Alliance Title: “Closing The California Dream”

Tag Line Irony From Alliance Title: “Closing The California Dream”

A reader notes that Alliance Title seems to have suddenly closed its doors in San Francisco and wonders what’s going on. And while we can’t confirm a why, we can confirm a what: it appears as though Alliance Title is shuttering their Escrow Services in San Francisco and San... Read More »

What A Difference A Year Makes For Countrywide Financial Corp

October 2007 versus October 2006 results for Countrywide Financial Corporation: ∙ Purchase loan fundings: down 47% ∙ ARM fundings: down 81% ∙ Subprime fundings: down 99% ∙ Daily loan application activity: down 34% ∙ Delinquencies: Up to 5.94% of unpaid principal balance (versus 3.97%) ∙ Pending foreclosures: Up to... Read More »

Request For Proposals For San Francisco’s Seawall Lot 337

Request For Proposals For San Francisco’s Seawall Lot 337

The Port of San Francisco is now calling on “experienced development teams” to respond to their official “Request for Developer Qualifications/Proposals” (RFQ/P) for the 16 acres that comprise San Francisco’s Seawall Lot 337. The stated goal: o bring forth cutting edge and integrated approaches in sustainable architectural, landscaping and... Read More »

Don’t Panic (Unless Perhaps You’re A Mortgage Broker)

Yes, Bank of America is exiting the wholesale mortgage business. No, that doesn’t mean they’re going to stop lending. The nation’s second-largest bank will stop offering home mortgages through brokers at the end of the year to focus on direct-to-consumer lending through its banking centers and loan officers. The... Read More »

The Latest Reminder That Your Neighbor Got A Deal: That Damn Vespa

The Latest Reminder That Your Neighbor Got A Deal: That Damn Vespa

While the free cars of 767 Bryant didn’t seem to get results (or even much reader respect), the sales team at 733 Front street is rolling out the Vespas. From a plugged-in tipster: “There is no better way to enjoy Jackson Square than on the back of a Vespa.... Read More »

RandomRumors And Readers Report: Countrywide Cuts Commence

From a plugged-in tipster: “I talked to my friend who was just let go . Seems they’re going to go into the direction right now of letting those people go who started after June 11th, 2007. He said company wide so we shall see how it unfolds. Weird... Read More »

1501 Greenwich: Twenty-Nine New Condominiums Coming Soon

1501 Greenwich: Twenty-Nine New Condominiums Coming Soon

The transformation of 2655 Van Ness from a 27,000 square foot class B office building (with private tennis court up top) into twenty-nine (29) new condominiums with a more upscale 1501 Greenwich address (no offense Marina Chateau) is about three months from completion. And in case it’s not readily... Read More »

Countrywide Secures Another $12 Billion As Application Volume Falls

Countrywide has secured an additional $12 billion in “borrowing capacity through new or existing credit facilities” (good news for those waiting to fund), but also reports that year-over-year application volume was off 12% – and down 19% in terms of dollar value – at the end of August (not... Read More »

From Rumor To Reality: Up To 12,000 Layoffs At Countrywide

It was two days ago that “ex SF-er” commented: “Rumor alert: Countrywide may be laying off 6,000 to 10,000 employees.” And it was but less than two hours ago that Countrywide announced possible workforce cuts of between 10,000 and 12,000 people over the next three months. The culprit, a... Read More »