Subprime Articles

Posted on February 13   By MLP Blog
Stocks were slammed on Tuesday due to major selling of financial stocks because of worries about subprime mortgage loans. Financial stocks, homebuilders and REITs were targets of today’s intense selling. The financial sector was the biggest loser among the ten S&P 500 sectors due to the subprime concerns while energy was the lone sector trading in positive territory. The Dow is down 2.4 percent so far in 2007. Despite the selloff, some investors remain encouraged after the Dow posted three.... Read More...
Posted on February 13   By MLP Blog
Subprime mortgages are available to consumers with damaged credit or little borrowing experience. The loans typically carry a higher interest rate or terms that raise their costs above so-called prime loans. Subprime default rates have been on the rise and more than two dozen lenders have failed or quit the business in the last year. Following are details on the U.S. subprime mortgage market: – Subprime loans grew to 13.6 percent of the total mortgage market last year from 2.4 percent in 2.... Read More...
Posted on February 13   By MLP Blog
Washington – Senate Banking Committee members questioned Roger Cole, the Federal Reserve's Director, Division of Banking Supervision and Regulation, over the Fed's role in regulating mortgage lenders in lieu of the number of bankruptcies being filed thanks to subprime mortgage loans originated during the housing boom. While credit deteriation has been focused on the subprime mortgage sector, lawmakers wanted to know if the rate of foreclosures would affect the US economy, what impact it ma.... Read More...
Posted on February 13   By MLP Blog
Hearings by the Senate Banking Committee and by the House Financial Services Committee into the much-publicized troubles in the U.S. mortgage market have called attention to a problem that could ultimately affect a wide swath of consumers. Here’s what you need to know: WHAT HAPPENED The Mortgage Bankers Association reported in mid-March that mortgage delinquencies in the fourth quarter of 2006 rose to 5 percent of the overall mortgage market. Worse, loans entering foreclosure in the same p.... Read More...
Posted on February 13   By MLP Blog
U.S. mortgage lending practices are “out of balance” and need to protect minority borrowers and those with less than pristine credit, Sen. Christopher Dodd, chairman of the Senate Banking Committee, said on Wednesday. Lawmakers and many witnesses testifying at a hearing dubbed ‘Preserving the American Dream’ focused on borrowers who have been harmed by so-called subprime mortgages, traditionally higher cost loans aimed at borrowers with less than perfect credit histories..... Read More...
Posted on February 13   By MLP Blog
If it looks like a bubble, smells like a bubble and tastes like a bubble, it must be a bubble. Or is it? The smart money now says the U.S. housing market, overall, is not in a bubble. But at least one part of the market certainly looks pretty frothy — the mushrooming “subprime” mortgage market for borrowers who can’t get standard loans. Now that bubble seems to be bursting. On Wednesday, the large mortgage firm HSBC Holdings, a big player in the subprime market, said its .... Read More...
Posted on July 08   By Francine Huff
Wells Fargo announced that it is shutting down its unit that originates "non-prime portfolio mortgage loans." The bank also said it plans to lay off about 3,800 workers as it closes the Wells Fargo Financial division. Wells Fargo said in a statement: Customers with existing Wells Fargo Financial consumer loans and clients of Wells Fargo Financial's commercial businesses will continue to be served without distruption, the company said. FHA home loans, auto loans and credit cards previously o.... Read More...
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