firesale sub prime lenders >? they are on fire

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Mortgage and Lending with kandola mortgage services

Among the 20 largest subprime lenders in 2006 ranked by Inside Mortgage Finance more than half have tried to

sell themselves or left the business. The list includes companies that may have offered subprime, prime or

Alternative-A loans. Some of the most recent developments: American Home Mortgage stopped making loans

after investment banks cut off credit lines, GE plans to sell WMC Mortgage, CIT Group Inc., the largest

independent commercial finance company in the U.S., said it's getting out of home lending, MGIC Investment

Corp. and Radian Group Inc. said their stakes in C-BASS, valued at more than $1 billion in June, may now be

worthless, FBR agreed to sell its subprime mortgage business First NLC (who just laid off hundreds of

employees) to Sun Capital Partners, and Alliance Mortgage and Premier Mortgage filed bankruptcy petitions.  

Accredited Home Lenders, San Diego, said Thursday that it may not continue to operate as a "going concern,"

sending its stock price down 25% to just over $6 a share. According to the Quarterly Data Report, Accredited is

the nation's 18th-largest subprime funder. The company cited deteriorating conditions in the market, including

rising delinquencies and early payment defaults. During the first five months of the year it repurchased $152

million in loans and paid out an additional $39 million in cash to investors to settle loan repurchase-related  

demands.

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