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Last week was an eye-opener for the mortgage industry. Brokers will be talking about it for years to come. In March 2007, we witnessed the Subprime Mortgage Meltdown where bad credit behemoth lenders the likes of Fremont and New Century fell with a thunderous bang - never to rise again. Oh, those bad credit lenders, what were they thinking? That subprime demise was no surprise, man - those people had bad credit, right? Wrong, it caught many off guard at the time. And now, five months later, it's Alt-A's turn. Just in case you're wondering, the Alt-A folks have a history of … (6 comments)
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