Subprime Mortgage Lending Is A Disaster Area
Subprime mortgage lending is a disaster area and "alt-A" mortgage lending is no picnic. It looks like the requirement to qualify for a subprime mortgage in recent years was to have a pulse.
"On Monday, American Home Mortgage Investment Corp., another alt-A lender, filed for bankruptcy protection.
Delinquencies among borrowers with weak, or subprime, credit have risen dramatically over the past year, and other loans are showing weakness as well.
As of May, more than 16 percent of mortgages issued to subprime borrowers were behind on their payments by 60 days or more -- nearly double last year's levels, according to research firm First American LoanPerformance. For so-called "alt-A" borrowers with somewhat risky credit, delinquencies rose to 3.7 percent in May, up from 1.2 percent a year earlier."
http://biz.yahoo.com/ap/070808/mortgage_appications_ahead_of_the_bell.html?.v=1
....... http://www.JoeFRocks.com/ .
"On Monday, American Home Mortgage Investment Corp., another alt-A lender, filed for bankruptcy protection.
Delinquencies among borrowers with weak, or subprime, credit have risen dramatically over the past year, and other loans are showing weakness as well.
As of May, more than 16 percent of mortgages issued to subprime borrowers were behind on their payments by 60 days or more -- nearly double last year's levels, according to research firm First American LoanPerformance. For so-called "alt-A" borrowers with somewhat risky credit, delinquencies rose to 3.7 percent in May, up from 1.2 percent a year earlier."
http://biz.yahoo.com/ap/070808/mortgage_appications_ahead_of_the_bell.html?.v=1
....... http://www.JoeFRocks.com/ .
posted by Joe Ferrazzano at
8:49 AM
