IrvineRenter_IHB
New member
New Century Financial, one of the largest sub-prime lenders, lost 36% of its market value today. Makes me wish I had sold it short.
Subprime Loan Defaults
- Thread starter DBS_IHB
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NEW -> Contingent Buyer Assistance Program
IIIrvine_IHB
New member
You are not too late. All subprime lenders will be singing to the same tune, namely Option One, ECC, etc. Look into it.
IrvineRenter_IHB
New member
<strong>Anyone else see this today? This will not help with a soft landing.</strong>
<a href="http://calculatedrisk.blogspot.com/2007/02/fremont-lending-changes.html">2nd MORTGAGES ELIMINATED effective TODAY!!!!!</a>
An email from Fremont Investment & Loan:
Sent: Monday, February 12, 2007 1:54 PM
Subject: PLEASE READ - IMPORTANT PROGRAM CHANGES at FREMONT
Importance: High
Due to general negative Industry sentiment, due to recent articles in the media, and the ripple effect to the secondary market, Fremont has made the difficult decision to speed up some changes that were set to take place later in the year. PLS READ BELOW.
2nd MORTGAGES ELIMINATED effective TODAY!!!!!
Any Prequals out there that are 80/20 or combo loans, pls contact me by email asap for new pricing, with an outside second if available from IBC or other lender, or as a 100% or straight one loan
AA CUT BACKS AND HUGE CHANGES – any files that have been priced on the AA program need to be looked at ASAP, pls email me and attach a copy of the prequal with 1003 and Credit
Note: Fremont is typically at the forefront when making changes to programs, I would urge you to expect our competitors to be making similar changes in the next few weeks. Fremont ’s goal is to be here for the long term, thankfully we are self funded with tons of capital and reserves….We will be here to close your loans.
Thank you for your patience and understanding in these tough times in the industry.
More Details will be communicated later today ... I apologize for the barrage of emails, but I wanted to make sure that everyone is aware of what is going on ...
Thank you.
Fremont Investment & Loan
<a href="http://calculatedrisk.blogspot.com/2007/02/fremont-lending-changes.html">2nd MORTGAGES ELIMINATED effective TODAY!!!!!</a>
An email from Fremont Investment & Loan:
Sent: Monday, February 12, 2007 1:54 PM
Subject: PLEASE READ - IMPORTANT PROGRAM CHANGES at FREMONT
Importance: High
Due to general negative Industry sentiment, due to recent articles in the media, and the ripple effect to the secondary market, Fremont has made the difficult decision to speed up some changes that were set to take place later in the year. PLS READ BELOW.
2nd MORTGAGES ELIMINATED effective TODAY!!!!!
Any Prequals out there that are 80/20 or combo loans, pls contact me by email asap for new pricing, with an outside second if available from IBC or other lender, or as a 100% or straight one loan
AA CUT BACKS AND HUGE CHANGES – any files that have been priced on the AA program need to be looked at ASAP, pls email me and attach a copy of the prequal with 1003 and Credit
Note: Fremont is typically at the forefront when making changes to programs, I would urge you to expect our competitors to be making similar changes in the next few weeks. Fremont ’s goal is to be here for the long term, thankfully we are self funded with tons of capital and reserves….We will be here to close your loans.
Thank you for your patience and understanding in these tough times in the industry.
More Details will be communicated later today ... I apologize for the barrage of emails, but I wanted to make sure that everyone is aware of what is going on ...
Thank you.
Fremont Investment & Loan
IIIrvine_IHB
New member
ResMae, another subprime lender bites the dust.
http://www.marketwatch.com/news/sto...x?guid={5D76D8DD-B544-49BE-AFCB-B50FC56D311D}
http://www.marketwatch.com/news/sto...x?guid={5D76D8DD-B544-49BE-AFCB-B50FC56D311D}
momopi_IHB
New member
I recall a lot of people did 80/15 loans with 5% down to dodge PMI. But now PMI is tax deductible (for 2007), so I think less incentive to get piggyback loans.