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Typically, if a mortgage lender is going broke, it will cease to underwrite loans. Of course, collapses can happen quickly. Of course, collapses can happen quickly.
The top 10 largest lenders by number of mortgages originated last year are: United Wholesale Mortgage: This lender originated 294,000 loans worth nearly $108.5 billion in 2023, according to HMDA data.
Mortgage lender [2] August 6, 2007: American Home Mortgage: Chapter 11 bankruptcy and liquidation Mortgage lender [3] August 31, 2007: Ameriquest Mortgage: Chapter 11 bankruptcy and liquidation Largest Subprime Mortgage lender September 28, 2007: NetBank: ING Direct: Savings and loan association $ 14,000,000 [4] [5] October 9, 2007: ABN AMRO
Fannie Mae's Reston, Virginia, facility. The GSE business model has outperformed any other real estate business throughout its existence. According to the Annual Report to Congress, [13] filed by the Federal Housing Finance Agency, over a span of 37 years, from 1971 through 2007, Fannie Mae's average annual loss rate on its mortgage book was about four basis points.
The increase was driven by increased expected losses in its US mortgage portfolio; this was the first major subprime related loss to be reported. [304] [305] By April 2007, over 50 mortgage companies had declared bankruptcy, many of which had specialized in subprime mortgages, the largest of which was New Century Financial. [306]