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January 03, 2007
Lenders scrambling from subprime
Who thinks that the subprime market is a tinder box ready to blow? Apparently, some of the Wall Street lenders are starting to worry that that's the case. This article from Inman News (free, as long as you catch it within a day or so of posting)discusses how Wall Street investors are starting to turn off the spigot on subprime loans. In some instances, they're insisting they'll only keep the money flowing if the wholesaler buys back a big chunk of dud loans. The wholesalers, in some instances, are opting to file Chapter 11. Bad road ahead...
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Economic factors keep pointing to something bad happening and this is just one more.
Posted by: Nagel at January 4, 2007 07:21 AM
Drats...sounded like a good article, but Inman wants you to pay immediately to subscribe to their site....WTF?? very short-sighted of you Inman--There is too much content out there, gotta let people try it before they buy it.--Anything less is just obnoxious to the consumer.
Posted by: JanB at January 7, 2007 05:00 PM
Then why do they keep selling these Loans.We are victim of this type of loan and interest only.had to file bankruptcy.Smurf
Posted by: Smurf at January 15, 2007 12:45 PM
Does anybody have the article ? I'd really like to read, but missed the free posting and don't want to pay the $150 to subscribe to that site.
Posted by: Tim at January 21, 2007 02:08 PM