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Senator asks lenders to renegotiate subprime loans

John Golden

Nov-04-07, 07:00 PM

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Topics: Banking

A state senator representing some of the most foreclosure-beset neighborhoods of metropolitan New York has compiled tandem Top 10 lists to which financial institutions would rather not be named, and a California bank and a Minnesota-based bank with no brick-and-mortar presence here rank at the top in Westchester.

Based in Bera, Calif., Fremont Investment and Loan was the leading originating lender of mortgages with the highest foreclosure rate in the metropolitan area, including the five New York City boroughs and Westchester and Nassau counties, Sen. Jeffrey D. Klein, D-34^th District, recently reported in his area survey of subprime mortgages.

Klein, the Senate deputy minority leader, based his rankings for his “Subprime Hall of Shame” on the top mortgage lenders and foreclosing creditors for the two ZIP code areas with the highest number of foreclosure filings in each borough and county.

In Westchester County, Fremont Bank originated 43 of the 344 mortgages for homes in Yonkers and Mount Vernon for which foreclosures were filed between July 1, 2006 and July 31, 2007. A total of 868 foreclosure filings were recorded for all of Westchester County in the same period. The Yonkers and Mount Vernon neighborhoods accounted for more than 35 percent of those filings in the county, Klein noted.

Following the California bank on Klein’s list of mortgage lenders in Westchester were Dynamic Dwellings L.L.C., White Plains, and Washington Mutual Bank.

For originating lenders of foreclosed mortgages in the metropolitan area, Fremont Bank was followed by WMC Mortgage, General Electric Co.’s subprime mortgage unit that is now for sale; New Century Financial Corp., which declared bankruptcy in April, and Argent Mortgage Co., a company that has vacated its White Plains offices and has been bought by Citigroup.

In Westchester, the leading foreclosing lender for the 13-month span that ended July 31 was U.S. Bank, the sixth-largest bank in the nation whose parent company, U.S. Bancorp, is headquartered in Minneapolis. U.S. Bank accounted for 35 of the 344 foreclosure filings on homes in Yonkers and Mount Vernon.

Following U.S. Bank on the Westchester list were Wells Fargo, with 31 foreclosure filings, and Deutsche Bank, with 28 filings.

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