Leading Subprime Originators - 2Q 2007

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Leading Subprime Originators - 2Q 2007

Leading Subprime OriginatorsOn June 30, 2007. Dollars in millions.
Published October 12, 2007

June 30 Year earlier Change Market share
1 Countrywide Financial Corp. (1) Calabasas, Calif. $13,602 $20,411 -33.4% 9.2%
2 HSBC Finance (2) Prospect Heights, Ill. 12,279 22,940 -46.5 8.3
3 First Franklin Financial San Jose 11,259 12,250 -8.1 7.6
4 Option One Mortgage Corp. (E) (3) Irvine, Calif. 10,700 15,963 -33.0 7.3
5 Wells Fargo Home Mortgage San Francisco 9,758 12,440 -21.6 6.6
6 Washington Mutual (E) Seattle 7,380 13,702 -46.1 5.0
7 CitiFinancial (E) Baltimore 7,000 12,400 -43.5 4.7
8 EMC Mortgage (4) Irving, Tex. 6,407 3,771 69.9 4.3
9 Chase Home Finance Woodcliff Lake, N.J. 6,320 5,601 12.8 4.3
10 WMC Mortgage Corp. (5) Burbank, Calif. 4,901 15,116 -67.6 3.3
11 Argent/Ameriquest Mortgage Corp. (6) Orange, Calif. 3,500 15,578 -77.5 2.4
12 BNC Mortgage Inc. (E) (7) Irvine, Calif. 3,000 7,025 -57.3 2.0
13 Delta Funding Corp. Woodbury, N.Y. 2,561 1,867 37.2 1.7
14 NovaStar Mortgage Inc. (8) Kansas City, Mo. 2,188 5,554 -60.6 1.5
15 Morgan Stanley/Saxon Mortgage Glen Allen, Va. 1,863 1,495 24.6 1.3
16 Nationstar Mortgage/Centex Dallas 1,851 2,417 -23.4 1.3
17 IndyMac Bancorp Inc. (9) Pasadena, Calif. 1,835 1,059 73.3 1.2
18 Accredited Home Lenders (E) (10) San Diego 1,500 7,666 -80.4 1.0
19 EquiFirst Corp. (E) (11) Charlotte 1,500 4,715 -68.2 1.0
20 Encore Credit Corp. (E) (12) Irvine, Calif. 1,400 3,248 -56.9 0.9
  Top 20 totals: $110,804 $185,217 -19.0% 70.1%
  Total submitted: $118,294 $206,870 -42.8% 74.3%


Notes: Results based on information submitted by the companies. First-half market share based on estimated subprime production of $148 billion in the first-half of 2007. (1) Countrywide is no longer funding subprime unless the loans can be sold to Fannie Mae or Freddie Mac. (2) First Franklin is owned by Merrill Lynch. (3) Option One is now funding very little in the way of subprime. It is slated for sale to Cerberus. (4) EMC is owned by Bear Stearns. (5) WMC is owned by GE and is for sale. (6) Most of Argent/Ameriquest’s assets were sold to Citigroup in September 2007. (7) BNC is owned by Lehman and was shutdown this summer. (8) NovaStar has cut back its production staff severely and is funding very little in the way of subprime. (9) IndyMac has cut back its subprime production. (10) Accredited is slated for sale to a hedge fund. (11) EquiFirst is owned by Barclays PLC. (12) Encore is owned by Bear Stearns and does not disclose its production. The figure you see here is an estimate. (BK) Company filed for bankruptcy protection. (E) Estimate.
Source: NMN/Mid year Data Report.

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