Alt-A Lender Crashes and Takes Stock Market With It

RE:Alt-A Lender Crashes and Takes Stock Market With It

FM — Fri, 17 Aug 2007 11:00:00 GMT

A year ago, We received approval from our broker we would have no problem qualifying for our homr loan. Its a year later, were two weeks to closing, and $250K into our home, and we dont have a lender. We stand to lose everything. Our builder keeps every nickel of our money and were out.

RE:Alt-A Lender Crashes and Takes Stock Market With It

Anonymous — Sat, 11 Aug 2007 11:00:00 GMT

I work for a national appraisal management company and AHM is our biggest client. One division completely went bankrupt so we no longer have any business with them, but the sector of AHM that has survived somewhat unaffected, the REO sector, is still going strong. This was a huge hit to our company.

RE:Alt-A Lender Crashes and Takes Stock Market With It

Bonnie — Fri, 10 Aug 2007 11:00:00 GMT

I'm a mortgage broker and I can tell you the real problem is we need to educate people about there finances. It should be mandatory all thru school - how to budget money and how to build credit and balance a check book, make a household budget. These are tools we need thru our whole life but yet most can't balance a check book at 18. We have really failed in this area. We cant expect them to keep good credit with no tools. Just like P.E force it!

RE:Alt-A Lender Crashes and Takes Stock Market With It

Mike A. — Thu, 09 Aug 2007 11:00:00 GMT

Greed? No the system full of loopholes brought them down. Non-Arms length relationships between brokers and Real Estate agents brought them down. That cozy little relationship...its over....the industry will have to be arms length again....no more lenders, realtors, appraisers, inspectors in-house....crazy from the beginning.

RE:Alt-A Lender Crashes and Takes Stock Market With It

Yvonne — Thu, 09 Aug 2007 11:00:00 GMT

Hey Joe Where do you think the loan officers got the programs to sell? They masterminded the whole subprime market? We were given these programs from lenders who got the ok by the feds. We didn't think of these investor based programs, blame the lenders, investors, banks and the federal government. Loan officers will continue to do what they do best, sell loans to those people who qualify for the best possible program.

RE:Alt-A Lender Crashes and Takes Stock Market With It

joe — Tue, 07 Aug 2007 11:00:00 GMT

The industry is over. This is only the beginning. The writing is on the wall. You CANNOT give mortgages to people with extreme high ltv's, low credit scores, and absurdly low reserves. Top it off with the fact that there is literally trillions of debt adjusting to higher rates in the near future(which was difficult for the consumer to pay before the rate hikes) and you have a complete utter catastrophe. Scumbag,greedy,uneducated loan officers are taking down the American economy. cont. next post

RE:Alt-A Lender Crashes and Takes Stock Market With It

joe — Tue, 07 Aug 2007 11:00:00 GMT

Its mind boggling it took the feds this long to get involved. You CANNOT have uneducated ding bats selling mortgages for the benefit of his or her own commission. I can go on and on and on and on. This makes me sick.

RE:Alt-A Lender Crashes and Takes Stock Market With It

Frank W. — Mon, 06 Aug 2007 11:00:00 GMT

It is too bad, I worked with AHM people in the past and they were the best! It's a shame that their big brothers on the wholesale/credit side of the business caused their demise!

RE:Alt-A Lender Crashes and Takes Stock Market With It

AM — Mon, 06 Aug 2007 11:00:00 GMT

Apparently Aegis Wholesale was next. Heard from friends within the company today that they are shutting down, as they were asked to repurchase 400M in loans or have their lines shut down. They chose to close the doors, more people out of work, more people don't get to close on time.

RE:Alt-A Lender Crashes and Takes Stock Market With It

CG — Wed, 01 Aug 2007 11:00:00 GMT

Too, bad, Greed brought them down and now everyone suffers. They could have saved it if they wanted to, but they let people just walk away rather than try to work with them. I am sure they could have helped people in the same "creative" way that they developed these exotic loans, but they chose to do nothing and now they go down with the ship.

RE:Alt-A Lender Crashes and Takes Stock Market With It

Robert — Wed, 01 Aug 2007 11:00:00 GMT

This is really huge. Our industry is spinning out of control. Who is next?