Category Archives: Risky Lending

“I won’t waste my time, because I know the deal won’t go through”

Posted on September 14, 2007 by grim

From the Philadelphia Daily News: In mortgage crisis, deals – and even lenders -are going under Lisa Meserole was two weeks away from closing on her new condo when she got a shock: Her lender, American Home Mortgage, was not … Continue reading →

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More misery?

Posted on September 13, 2007 by grim

From the Wall Street Journal: Home-Loan Report Portends More Pain By RICK BROOKS September 13, 2007; Page D3 An analysis of federal data on nearly 14 million U.S. home loans made last year portends more misery for subprime borrowers, lenders … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

“No place will be immune”

Posted on September 10, 2007 by grim

From Bloomberg: New York, California Metro Home Prices May Fall as Rates Climb Anna Morita, a neuropsychologist in the San Francisco Bay Area with near-perfect credit, was certain she could get the loan of her choice to buy an $880,000 … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 8 Comments

“That has all changed.”

Posted on September 10, 2007 by grim

From the Hartford Courant: Thousands To Feel Mortgage Pain Dawn Fuller-Ball bought her South End condo in March and she’s already in trouble. Despite holding down two jobs, Fuller-Ball is having a hard time paying her bills. Her mortgage broker … Continue reading →

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Cracking down on risky loans

Posted on September 6, 2007 by grim

From the Wall Street Journal: Congress Takes Up Mortgages One Proposal to Protect Homeowners May Chill Secondary Debt Market By JAMES R. HAGERTY, KARA SCANNELL and SARAH LUECK September 6, 2007; Page A7 Congress returned from vacation with a series … Continue reading →

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Credit crunch or risk aversion?

Posted on September 6, 2007 by grim

From the Wall Street Journal: Conventional Mortgage Has Lenders Competing By JILIAN MINCER September 6, 2007; Page D6 While subprime and jumbo mortgage loans are drying up, there is plenty of cash flowing to borrowers with stellar credit who want … Continue reading →

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“We are no longer originating loans”

Posted on September 3, 2007 by grim

From the Record: Is your lender a risk taker? Which New Jersey-based mortgage lender makes the riskiest loans? According to SMR Research Corp., it’s CIT Group Inc., which is in the process of exiting its Livingston-based home-loan business. The second- … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 1 Comment

Bush addresses subprime crisis

Posted on August 31, 2007 by grim

From the Wall Street Journal: Bush Moves to Aid Homeowners By DEBORAH SOLOMON August 31, 2007; Page A4 President Bush, looking for ways to respond to the subprime-mortgage crisis, will outline a series of policy changes and recommendations today to … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 46 Comments

Maryland examines regulation, legislation

Posted on August 30, 2007 by grim

From the Baltimore Sun: Lending reforms explored in Md. With the mortgage-sparked credit crisis expected to worsen over the next year, Maryland lawmakers are exploring legislation aimed at protecting consumers and forcing lenders to examine a borrower’s qualifications more carefully … Continue reading →

Posted in National Real Estate, Risky Lending | 2 Comments

Pennsylvania’s proposed regulation

Posted on August 30, 2007 by grim

From the Observer Reporter: New mortgage rules sought Pennsylvania’s acting secretary of banking told lawmakers Wednesday the state needs to toughen its regulation of mortgage companies. But during an informational meeting with members of the state House Commerce Committee chaired … Continue reading →

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Home equity loan standards tighten

Posted on August 28, 2007 by grim

From USA Today: Your Money: Home-equity loans tougher to get Back when the real estate market was flying at 30,000 feet, getting a home-equity line of credit was a pretty straightforward process. You called a toll-free number, asked for a … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

Hold on to those hats…

Posted on August 27, 2007 by grim

From Bloomberg: Tough Times Are Still Ahead for U.S. Home Market: John F. Wasik If you think the worst is over for the U.S. home market, hold on to your hats. The credit crunch is not only making mortgage financing … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 203 Comments

“Countrywide was the worst lender”

Posted on August 27, 2007 by grim

From the New York Times: Inside the Countrywide Lending Spree ON its way to becoming the nation’s largest mortgage lender, the Countrywide Financial Corporation encouraged its sales force to court customers over the telephone with a seductive pitch that seldom … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

“If the sale doesn’t go through, what do they do?”

Posted on August 26, 2007 by grim

From the Record: When mortgage cash dries up Lisa Meserole was two weeks away from closing on her new Hackensack condo when she got a shock: Her lender, American Home Mortgage, was not going to fund her loan — or … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate, Risky Lending | 7 Comments

“Don’t ask + don’t tell = sell.”

Posted on August 24, 2007 by grim

From Bloomberg: It’s Time to Meet Subprime Devil We Don’t Know: Caroline Baum Aug. 24 (Bloomberg) Ever since financial markets went into their summer swoon, economists, analysts and journalists have been trying to explain why a small number of defaults … Continue reading →

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