Alt-A Lender Recinds Earnings Guidance In Wake Of Loan Losses
Another big mortgage corporation has sent out early warning signals
about its financial health in the wake of the virtual
collapse of the subprime mortgage market.
So what? Subprime lenders have been falling under the
bus for months; at least a dozen have shuttered offices, had warehouse
lines closed by big banks, or stopped accepting loan applications and
started auctioning
company. In fact in March the company issued a press release to clear up
any “confusion” about the type of loans it offers: at that point subprime
mortgage represented less than 1% of its total loan portfolio.
The company specializes in so called Alt-A loans.
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