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Subprime mortgage ??
- Thread starter billfred
- Start date
calveless wonder
New member
well, lets see....
i lost half my book of my business. (probably about 15k worth of commisions in my pocket)
due to certain banks going out of business and rate/program changes.
the past 2 years i've done about 95% subprime business. all my clients have shit credit pretty much
it sucks, but...adapt or die.
i have a million clients that can't get loans now and are on the verge of foreclosure and don't have enough equity to do anything. they're fucked
i lost half my book of my business. (probably about 15k worth of commisions in my pocket)
due to certain banks going out of business and rate/program changes.
the past 2 years i've done about 95% subprime business. all my clients have shit credit pretty much
it sucks, but...adapt or die.
i have a million clients that can't get loans now and are on the verge of foreclosure and don't have enough equity to do anything. they're fucked
calveless wonder
New member
on a side note, it's cyclical.
it'll past within a couple of years but the market needs a major correction.
all the banks going out of business now are paving the way for new investors (hedge funds, etc other sources of private money) to get into the lending business.
All the banks that are going out of bsuiness now, made their money writing crappy notes (fraudulent, overstated income,etc.) They made a killing back in the day, but this is the result of shady guidelines and giving ridiculously risky loans to everyone and their mother.
things will tighten up, rates will go up for a bit...but people still need houses, people still need to refinance, it'll just take a while before it levels out
it'll past within a couple of years but the market needs a major correction.
all the banks going out of business now are paving the way for new investors (hedge funds, etc other sources of private money) to get into the lending business.
All the banks that are going out of bsuiness now, made their money writing crappy notes (fraudulent, overstated income,etc.) They made a killing back in the day, but this is the result of shady guidelines and giving ridiculously risky loans to everyone and their mother.
things will tighten up, rates will go up for a bit...but people still need houses, people still need to refinance, it'll just take a while before it levels out
calveless wonder
New member
billfred said:
are there banks going to go down? hahahaha.....
110 since february bro. 110 lenders
One of my biggest lenders (First magnus) is gone. I had a friend who had 7 loans with them and they're gone. It was probably half a years worth of his income...luckily he can save a few of them, but it's hectic.
lots of banks are going down. Countrywide is supposedly filing BK....
but like i said, when the giants fall, others will take their place
calveless wonder
New member
billfred said:
those are only considered the majors because of their checking/savings etc. They also write alot of A-paper stuff (people wiht good credit). That market will always be pretty stable, so most of the borrowers are so low risk.
countrywide is only of those in "major" trouble, but that's because they write alot of subprime and alternative "a" loans.
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