Friday, Sep 21, 2007
About 5 million adjustable-rate mortgages are slated to reset to higher rates in the next 18 months, according to Lehman Brothers. Economists warn the housing slump could deepen if those homeowners are unable to refinance loans under tighter underwriting
monkeyfister.blogspot.com: Broker customers with subprime, or weak, credit faced the most problems,
-Subprime borrowers had trouble refinancing mortgages because loan programs were no longer available, according to a poll of 1,744 brokers in the last week of August by Campbell Communications, a Washington-based research firm. Prime borrowers were impeded by appraisals and high loan-to-value ratios, it said.Lenders cut off credit to customers at an especially fast rate in August as many investors stopped buying the debt banks use to finance home loans. Commenting on business in the weeks ahead, 14 percent of brokers said they had no available lender for subprime loans at all, said Thomas Popik, the author of the survey and principal of Nashua, New Hampshire-based research firm Geosegment Systems.
Posted by chris @ 04:05 AM (121 views) Add Comment
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