sub prime mess: trump is gone are you next
- 08/18/07 07:11 PM
Less than two years after its launch, Trump Mortgage is gone, due to the market and the disclosure that the firm's chief executive, E.J. Ridings, had inflated his credentials, the outfit never came close to reaching its financial goals. Donald Trump said that it was just a "licensing deal" and he didn't have an ownership stake. Trump is, however, licensing his name to First Meridian Mortgage, a lender that is being renamed "Trump Financial". … (0 comments)
sub prime mess: lender rumour/ subprime trouble
- 08/14/07 06:02 PM
One industry expert called the Alt-A market "wambly"*, and rumors are rampant about warehouse lenders putting restrictions on originators selling loans to companies like American Home and Indy Mac. Last week we had Wells Fargo shutting its nonprime wholesale lending business, laying off 144 workers and reassigning another 70, but will continue to originate subprime loans directly to consumers through its retail channel. Countrywide had their third straight quarterly decline in earnings. HSBC announced that it is bracing itself against $9 billion in adjustable-rate mortgages that are about to reset and earlier this year upped its loan-loss reserves by $1.7 billion to … (0 comments)
sub prime mess: damm .. i should shorted new century !!
- 05/24/07 09:22 PM
New Century Financial, the largest U.S. subprime lender in bankruptcy, said on Thursday it probably inflated 2005 earnings because of accounting errors, a disclosure that might add fuel to federal criminal and regulatory examinations into the company. The errors concerned losses on repurchased loans, and how New Century valued other mortgage-related assets, the company said in a U.S. Securities and Exchange Commission filing. This is sub prime mess ! … (2 comments)
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