SINGAPORE, July 8, 2008 (AFP) - The global fallout from the US subprime mortgage crisis could last another two years, the chairman of Singapore-based United Overseas Bank said in a newspaper report Tuesday."I hope I am wrong, but my view is that this crisis will take one to two years to stabilise," Wee Cho Yaw, a banker for almost 50 years, told a university commencement ceremony, The Straits Time
For months, mortgage lenders have been backing away from borrowers with spotty credit, all but closing down the so-called subprime mortgage market.
More surprisingly, they’ve also been increasingly loath to lend to high-end borrowers who might want to finance a home in tony Preston Hollow, say, or the Park Cities.
That means doctors, lawyers, business owners and [...]
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Subprime Fallout Debate Continues
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Jul. 25, 2007. 08:00 AM EST
St. Louis Fed Pres. William Poole Thinks the Damage Will Primarily Remain in Real Estate Sector; Bill Gross of PIMCO Says Drop in Home Prices Could Magnify Subprime Problem
Federal Reserve, Mortgage Delinquencies, mortgage news, Mortgage Video, Subprime Implosion, Subprime Mortgage Industry
---Related Articles at Consumer Mortgage Reports:Subprime Fallout Contained: Concerns Are Overdone - With a Small Overall ImpactRound 2 of Bernanke Testimony With SenateFDIC Conference To Protect Consumers From Subprime LoansThe Federal Reserve & Subprime ImplosionSubprime Implosion And Now Rising Prime Mortgage RatesIs The Federal Reserve Capable?
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Subprime Fallout Contained - Concerns Are Overdone, With a Small Overall Impact
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Jul. 20, 2007. 02:00 PM EST
Subprime Over-Regulation? - Interview with John Sauro, President of North Atlantic Mortgage: Subprime Category Here to Stay; Creative Lending, Too; Tightening Mortgage Rules
mortgage news, Mortgage Video, Subprime Implosion, Subprime Mortgage Industry, Todays Economy
---Related Articles at Consumer Mortgage Reports:FDIC Conference To Protect Consumers From Subprime LoansTodays Mortgage Market News July 20 2007Round 2 of Bernanke Testimony With SenateMozilo: No End in Sight for Subprime Crisis PPI Numbers PendingHousing Through The Worst Loans Still Vulnerable
With the increasing defaults of Subprime Adjustable Rate Mortgages, (Subprime is a loan that does not meet the quality of what is called A paper, in general usually a middle credit score of 620 or more) many lenders are leaving that side of the business and it seems like the federal regulations for these types of loans are going to tighten. For example, New Century a long time subprime lenders has stopped taking new loan applications because of the large increase in defaults. According to Reuters, they may soon seek bankruptcy protection. In addition, more than 20 subprime lenders have quit lending or gone bankrupt in the past year or so. Even large lenders like Countrywide recently halted their no-money down programs. Now borrowers are required to have at leat 5% equity in their homes.So why do I mention all of this? Well, because of these recent occurrences, potential homebuyers that may have lower credit, but have every intention in making their mortgage payment may be pushed
