Article in CNN Money.com

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Mortgage and Lending

 

Read this article that I found this morning about New Century.

I also received an email this morning that Freemont is closing it's doors, has anybody else heard anything about this?

Looks like our Subprime industry is falling out completely.

Lets get some feed back on this and let me know what you all think.

http://money.cnn.com/news/newsfeeds/articles/djhighlights/200703050925DOWJONESDJONLINE000312.htm

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Rainer
4,389
Jose Luis Ramirez
5 Star Mortgage, Llc - Colorado Springs, CO
Yes, I read that Fremont has agreed to comply with a cease-and-desist from the FDIC here; I guess it is exiting subprime completely although the bank (deposit-taking) side and the commercial lending are going to continue on. Another one bites the dust.
Mar 05, 2007 06:15 AM #1
Rainer
3,759
Julia Rogers Segovia
Wells Fargo Home Mortgage - Capitola, CA
I know, it's awful. Our Fremont rep has been there for 10 years. I feel terrible for her. I'm actually working on a blog right now about the tightening standards on subprime deals.
Mar 05, 2007 08:24 AM #2
Rainer
45,559
Teri B. Clark
http://www.teribclark.com - Sanford, NC
I'm assuming that the tightening standards on subprime deals are specifically aimed at lending institutions and not private lenders? I've written about private mortgage investing and was wondering if this would affect that practice. Thanks
Mar 05, 2007 09:48 AM #3
Anonymous
Margaret F.
This is really sad news for the entire housing industry.  This is an example of wealth trying to get wealthier at the expense of the poor (those with the least resources).  History shows that this has never has worked for very long and when the abuse ends...it's a crashing end.
Mar 13, 2007 02:17 AM #4
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