151 Major U.S. Lender Implosions AND GROWING...

Mortgage and Lending with Southwest Funding

As of this morning the list of major U.S. lenders that have imploded since late 2006 has grown to 151, including Amstar, Mortgage Investors Group, BNC (Lehman) and Accredited.   The "imploded" status is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or a "fire sale" acquisition. The list of lay offs, cut backs and product changes is so long, no one can keep track anymore.  Every lender's specialties are changing in order to adapt to today's market.  I read a survey from July 2007 from the Federal Reserve that found 56% of Mortgage Banks have tightened standards. In just 60 days that number has likely grown into the high 90% range based on today's market.

DFW Loan Officer

Jeff Schraeder

Imperial  Mortgage

Comments (0)