Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

March 16, 2007

Foreclosing Lenders

by @ 10:15 am. Filed under Real Estate

Recent news stories report that two big lenders in the subprime market - Option One and New Century Financial - have been ordered by government regulators to cease operations because of their precarious financial state. This led me to run a quick report to determine which lenders are filing the most foreclosures in this district. From January 1, 2006 up until today (a period of slightly less than 15 months) a total of 843 foreclosures have been commenced at this registry. The following list shows the names of all lenders who have filed at least 20, with the actual number of foreclosures per lender shown in parenthesis:

Deutsche Bank (122)
Wells Fargo (111)
Countrywide Home Loans (42)
Bank of New York (39)
US Bank NA (35)
Washington Mutual Bank (30)
Option One Mortgage Corp (25)
GMAC Mortgage Corp (23)

Because many mortgages were assigned immediately after they were recorded, these statistics might even underestimate the impact on certain lenders. For example, most of the foreclosures commenced by Bank of New York were assigned by Countrywide Home Loans which already has enough of its own foreclosures. But this would mean that Countrywide was responsible for a much higher number of bad loans.

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