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IndyMac Sells Retail Branches

Prospect Mortgage announced that it will acquire more than 60 branch offices from IndyMac Bancorp. Terms of the deal were not disclosed. The branches involved represent the majority of branches for IndyMac.

Subprime Still Needed

The secretary of the U.S. Treasury spoke before the Federal Deposit Insurance Corporation's Forum on Mortgage Lending, according to a transcript of his prepared statement. He explained that some subprime loans should never have been made. He said that high loan-to-value, low- and no-documentation other lax credit loans have become a thing of the past. But he also said that subprime programs enabled many borrowers to purchase homes.

Lawsuit Targets Credit Report Re-Aging

A lawsuit has been filed against Equifax Information Services LLC, TransUnion LLC, Experian Information Solutions Inc. and Irwin Home Equity, court records indicate. The suit was filed by a former California borrower who paid off a delinquent mortgage in 2002. The plaintiff alleges that as recently as last year "Irwin, Equifax and TransUnion allegedly began reporting the loan as 'in foreclosure, 120 days past due' as of July 2007," according to a statement from her attorney.
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