 | |
| Format | Online and Print |
|---|---|
| Owner(s) | Arizent |
| Editor-in-chief | Heidi Patalano |
| Language | English |
| Headquarters | One State Street Plaza, 27th Floor, New York NY 10004 US |
| ISSN | 1050-3331 |
| Website | https://www.nationalmortgagenews.com/ |
National Mortgage News is a digital media website covering the mortgage sector in the United States. Its editor-in-chief is Heidi Patalano. National Mortgage News is owned by Arizent.
National Mortgage News's predecessor, National Thrift News, was founded in 1976 by Stan Strachan, Wesley Lindow, and John R. Glynn. In 1988 National Thrift News won the Polk Award in Financial Reporting [1] for its coverage of the savings and loan crisis; in September 1987 it had been the first media outlet to break the Keating Five story. [2] In 1989, it was the first to report on political considerations having delayed the closing of the Neil Bush-directed Silverado Savings and Loan in Denver. [3]
Subsequently, as thrift institutions began failing, it changed its name to National Thrift and Mortgage News, [3] and then in 1992 to National Mortgage News. In 1995 Faulkner and Gray, which itself was part of the Thomson Corporation, acquired National Mortgage News. Stan Strachan remained publisher until his death in early 1997, at which point Tim Murphy took over as publisher of the paper.
After a reorganization in 2000, the paper became part of Thomson Media, which in turn was sold by its parent company to Investcorp and renamed SourceMedia. Observer Capital acquired the company from Investcorp in August 2014.
SourceMedia is now named Arizent.
The paper's target audience is the US mortgage sector. [4] About three quarters of subscribers are C-level executives. [5]
Washington Mutual was the United States' largest savings and loan association until its collapse in 2008.
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" and "thrift" are mainly used in the United States; similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. They are often mutually held, meaning that the depositors and borrowers are members with voting rights, and have the ability to direct the financial and managerial goals of the organization like the members of a credit union or the policyholders of a mutual insurance company. While it is possible for an S&L to be a joint-stock company, and even publicly traded, in such instances it is no longer truly a mutual association, and depositors and borrowers no longer have membership rights and managerial control. By law, thrifts can have no more than 20 percent of their lending in commercial loans—their focus on mortgage and consumer loans makes them particularly vulnerable to housing downturns such as the deep one the U.S. experienced in 2007.
The savings and loan crisis of the 1980s and 1990s was the failure of 32% of savings and loan associations (S&Ls) in the United States from 1986 to 1995. An S&L or "thrift" is a financial institution that accepts savings deposits and makes mortgage, car and other personal loans to individual members.
Investcorp is a global manager of alternative investment products, for private and institutional clients. Founded in Bahrain in 1982, the firm has offices in United States, United Kingdom, Saudi Arabia, Qatar, United Arab Emirates, India, China, Japan and Singapore. Investcorp’s principal client base is in the six countries of the Gulf Cooperation Council, but it also has a growing base of institutional clients in North America, Europe, and Asia.
The Federal Home Loan Banks are 11 U.S. government-sponsored banks that provide liquidity to the members of financial institutions to support housing finance and community investment.
Bank of America Home Loans is the mortgage unit of Bank of America. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of the United States GDP, a proportion greater than any other single mortgage lender.
The Resolution Trust Corporation (RTC) was a U.S. government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets of savings and loan associations (S&Ls) declared insolvent by the Office of Thrift Supervision (OTS) as a consequence of the savings and loan crisis of the 1980s. It also took over the insurance functions of the former Federal Home Loan Bank Board (FHLBB).
Arizent, formerly known as SourceMedia, is a mid-sized diversified business-to-business digital media company owned by Observer Capital, which acquired the company from Investcorp in August 2014. Formerly the Thomson Media division of The Thomson Corporation, SourceMedia was spun off and sold by Thomson to Investcorp in 2004 for $350 million.
H.F. Ahmanson & Co. was a California holding company named after Howard F. Ahmanson Sr. It was best known as the parent of Home Savings of America, once one of the largest savings and loan associations in the United States.
American Banker is a Manhattan-based trade publication covering the financial services industry. Originally a daily newspaper, the print edition ceased publication in 2016, but continues to be published as a print magazine 9 times per year. The first issue of American Banker was published in 1885, though it has been considered a continuation of the earlier Thompson's Bank Note Reporter, a bank note reporter which began publication in 1842.
Chevy Chase Bank, F.S.B. was the largest locally based banking company in the Washington Metropolitan Area. It was acquired by Capital One in February 2009, and rebranded as Capital One Bank in September 2010. Despite its name, Chevy Chase Bank was a federally chartered thrift regulated by the Office of Thrift Supervision, rather than a bank.
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s.
Kent Reliance is a banking services provider and trading name of OneSavings Bank plc, based in Kent, England. It was founded in 1898 as the Chatham & District Reliance Building Society, changing its name to the Kent Reliance Building Society in 1986 following the merger with the Herne Bay Building Society.
Trustco Bank is a commercial bank within the United States. Trustco was founded in Schenectady, New York in 1902 and is headquartered in Glenville, New York. Trustco has 145 branches spread among New York, Florida, Massachusetts, New Jersey, and Vermont. Trustco Bank is an Equal Housing Lender and an Insured member of the Federal Deposit Insurance Corporation. The company operates under the slogan, "Your Home Town Bank."
IndyMac, a contraction of Independent National Mortgage Corporation, was an American bank based in California that failed in 2008 and was seized by the United States Federal Deposit Insurance Corporation (FDIC).
The government interventions during the subprime mortgage crisis were a response to the 2007–2009 subprime mortgage crisis and resulted in a variety of government bailouts that were implemented to stabilize the financial system during late 2007 and early 2008.
Benj. Franklin Savings and Loan was a thrift based in Portland, in the U.S. state of Oregon. Founded in 1925, the company was seized by the United States Government in 1990. In 1996 the United States Supreme Court found that this and similar seizures were based on an unconstitutional provision of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). Shareholders of the thrift sued the federal government for damages caused by the seizure, with the shareholders winning several rounds in the courts. In 2013, $9.5 million was allocated for disbursement to shareholders.
Golden West Financial was the second-largest savings and loan association in the United States, operating branches under the name of World Savings Bank.
IBERIABANK Corporation, stylized as IBERIABANK, was an American financial holding company headquartered in Lafayette, Louisiana, and the largest bank based in the state. Founded in 1887, it had 325 combined locations, including 190 bank branches and three loan production offices in 12 states primarily throughout the South. The company had 16 wealth management locations in five states, and one Iberia Capital Partners office in New Orleans.
American Savings and Loan Association was an American savings and loan based in Stockton, California. It was the largest thrift failure and the federal government's costliest resolution during the savings and loan crisis at an estimated cost of $5.4 billion.