Posted by Deb_CO on 8/8/07 11:55pm
Msg #204652
Watching the Bottom Fall Out
Just in case people aren't convinced things are changing in the lending market, I thought I would share the following link, provided me by a colleague. http://ml-implode.com - it is a site that shows which lenders are ailing and which ones have tanked. I read here on NR, but seldom post, however, what I pick up on here is still, there are a lot of people just joining the NSA party. It seems some are getting into this business without really doing much due diligence before hand. As notaries, we're the lowest man on the totem pole, so it's easy to leave us out when it comes time to write the checks. This is a business, treat it as such and be careful. Lenders are dropping like flies, so it is likely others will follow suit and no one will be looking out for us but ourselves.
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Reply by debbie_CA on 8/9/07 1:25pm
Msg #204711
The front page of the S.F. Chronicle has an article "Mortgage Crunch." More and more lenders are dropping out or will only do 1st loans, no 2nd loans. Wall Street is not buying the loans on the secondary market so lenders can't sell them. Even with excellent credit and down payments, you might not be able to get a loan. It is not a pretty time right now.
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