Real estate blog entries tagged with alta by Larry Bettag

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Home : Blogs : Larry Bettag Illinois FHA Specialist : Lending and everything Midwest - Larry's blog : Tag "alta"

alta: Wow...Decimation Abounds....American Home is the tip of the iceberg - 08/06/07 08:14 PM

Wow....just when you think that it may be safe to go back in the water (never mind...I guess no one really feels that it is safe to go back in the water). There is a bloodbath out there. Realtors work with lenders that can vouch for the veracity of what they're offering you. Ultimately it's your business. If wall street doesn't want to buy loans...you may be hosed at the closing table.
Spoke to a broker owner of a mortgage company today. She had 3 clear to close loans that she found a place for. When she got to the table, … (2 comments)

alta: Death of Countrywide? I hope not..... - 08/05/07 11:00 PM

This week has been brutal to the mortgage industry. Not only have we seen jumbo rates climb 1.125%, but we've seen the death of American Home Mortgaege. American Home was a great and veritable competitor. I've been one who never wishes harm to my competitors. As long as we're all playing fair and by the rules, I have no issues with a good competitor. Fraud and crooks are intolerable. However, good companies need to be here. Not only for the competition, but the who concept of iron sharpening iron.....
Literally....as I sign on to look at my daily blogs.....I read this blog....The … (15 comments)

alta: Sub Prime & Alt - A Fallout....Worse before it gets better - REALTORS BEWARE!!!! - 08/01/07 09:26 PM

The subprime market continues to fall. Although there are a ton of mortgage companies that offer sub-prime and Alt-A products...they all pretty much roll up to the same 4-6 wall street firms. The problem is when Wall Street decides that it won't accept any more of these loans, then the lender who has that loan that needs to be sold has a major problem. The loan originator and the realtor have a big problem because their homebuyer has a horrendous problem.
The American Home Mortgage fiasco is just the latest of the problem companies. I'm concerned that even though mortgage lenders … (17 comments)

alta: The Saga Continues - American Home Mortgage is to lay off thousands - 08/01/07 09:02 PM

American Home Mortgage is laying off thousands of employees according to Originator Times. Originator Times continues....
by saying....With the demise of the mortgage giant American Home Mortgage looming, the company admitted yesterday that is was unable to fund approximately $800 million in loans promised to borrowers Monday and Tuesday. Loans that were not funded included retail loans and loans by their wholesale division American Brokers Conduit. The Originator Times first broke the news that American Home was not funding new loans on Monday. Late Tuesday, the company admitted that it was unable to fund loans on Monday and Tuesday of this week. … (4 comments)

alta: American Home Mortgage - Involutary exit of real estate lending?????? - 07/31/07 10:37 PM

MortgageDaily.com says that American Home Mortgage is facing liquidation. Newsday.com says that AHM admits insolvency.
Newsday.com says "In a move that sent shockwaves through the financial markets and left investors millions of dollars poorer, Melville-based American Home Mortgage Investment Corp. announced yesterday that it lacked the money to pay its lenders or the credit lines to pay its borrowers.It was the largest mortgage bank to face bankruptcy in a year of bad news for the mortgage industry, and the news that problems were not confined to high-risk lenders helped turn an early stock rally into a 147-point drop for the Dow … (12 comments)

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Larry Bettag Illinois FHA Specialist

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