More Foreclosures Due To Mortgage Securitization
Daily Pundit: On June 20th, DP post Mortgage Chickens Roost At Bear Stearns included this passage:
Housing and Urban Development Secretary Alphonso Jackson has a message to sub-prime lenders: We need to reach out to African-American, Hispanic and other first-time buyers with better loan concepts, more flexible ...more
JustQuotes: Forget Subprime In San Francisco, But How About Alt-A?
SocketSite: American Home Mortgage Investment Corp. shares sank on Monday after the home loan provider announced "major" writedowns, delayed a dividend and said lenders were demanding it put up more cash. The announcement late Friday evening reflects how liquidity and credit...more
Underwriting Re-discovered
Daily Pundit: IndyMac Bancorp Inc. is joining rival lenders in making “very major changes'’ to loan standards and raising interest rates because of a slump in mortgage securities, an e-mail to the company’s employees said. The market for mortgage bonds has become “very panicked and illiquid,'’ ...more
More Foreclosures Due To Mortgage Securitization
ParaPundit: Read this article by Gretchen Morgenson in the New York Times before you enter into another loan. Renegotiation of mortgage loan terms has gotten harder because loans are sold through and serviced through so many layers that terms can't get modified. And the very innovation that made mortgages so ...more
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