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default loan: more lender's in trouble - 08/15/07 12:56 AM
According to an article in the Wall Street Journal, Option One, Countrywide and First Franklin (Merrill Lynch) will no longer offer 2/28 loans. A spokesman for Countrywide said that investors' demand for such loans is "very, very limited." Alliance Bancorp. ceased operations on July 13th per a message placed on their homepage, and Heritage Plaza Mortgage, a California mortgage wholesaler and retailer best known for its Alt A products, has closed. General Electric Co. said that it plans to sell its three-year-old U.S. subprime WMC Mortgage unit following a surge in defaults by borrowers. According to Moody's, Washington Mutual's Long Beach … (2 comments)

default loan: another lender in a hole - 04/09/07 08:43 AM
   
    American Home Mortgage Investment Corp (NYSE: AHM) announced this weekend they will cut their dividend,
and first quarter profits will come in between 40 to 60 cents per share (estimates were around $1.06). The stock
is currently off $5.21 this morning in pre-trading hours, adding to the 26% slide its taken year-to-date. In their
corporate statement, executives citied a lack of demand on their pools of loans offered during the first quarter
of this year, also, the amount of loss reserves were not enough to offset the amount of Alt-A loans which had to
be repurchased due to early … (0 comments)

default loan: country wide was charging my client 10.5% for a 700 credit score: California mortgage crash - 03/22/07 11:50 PM
     I was astound to get a quote from the biggest A paper lender in the mortgage industry.  Is it a mortgage
spill over, added with the tightening credit, and not getting the right terms from the big investment backers has
shaken the whole mortgage credit spectrum.  In one county in California last week, 179 homes were put up for
auction at the courthouse, with a reserve price of the mortgage value set by the lender.  The catch is that these
were 100% lender-financed homes.  The lenders did not sell one home. They are still hoping that buyers will
come in … (3 comments)

default loan: sub prime stock's are up >? - 03/16/07 05:45 PM
  
     With the meltdown at an all time high, stock like Accredited, Fremont, and New Century has been up over
50% percent for the past two days.  Courtesy of Credit Suisse literrally bailing them out of debt, they have
bought their notes in a big discount, bringing their stocks 100% within the space of 2 days.  Added the rumour
Goldman Sachs might buy them.  Adding all the sub prime stocks boosting their stocks in the double digit.  The
FED's might help to bring the interest down, by the virtue of default rising.  The whole economy being affected
by the tight purchasing power of consumer.  … (0 comments)

 

raman kandola

San Jose, CA

More about me…

kandola mortgage services

Address: 2166 the alameda, san jose, ca, 95126

Office Phone: (408) 561-7295

Cell Phone: (408) 561-9967

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