More Lenders Falter

By
Mortgage and Lending with Big Valley Mortgage

Lehman Brothers announced today the closure of its sub-prime subsidiary BNC Mortgage.  Lehman Brothers will continue to originate prime mortgages through its Aurora Loan Services platform but is discontinuing all sub-prime originations.

More sad news from my rep at Accredited Mortgage yesterday afternoon:

I’m sure you’ve all heard the news that we’ve ceased accepting new loan applications.  As you can surely guess, this means I am no longer employed.  I wanted to thank all of you for your business and wish you the best of luck in the future.  My email account will be shut off shortly.  If you’d like to stay in touch, here’s an alternate email.

HSBC, Europe’s largest bank, restructured its U.S. mortgage operations and announced plans to close an Indiana office.

Finally, this mysterious communication from Homecomings Financial

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Marc,

Thanks for the update. These reports are more discouraging that the savings and loan crisis of the 80's which was confinded to certain regional areas. In some ways this feels like an epidemic OR are lenders finally deciding to exit a segment they considered leaving awhile ago? I don't know, but it it affecting real people, real families.

Aug 22, 2007 05:53 PM #1
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Bruce Bourgault, Vice President, Mpro
Central Pacific Homeloans - Honolulu, HI
Marc -- This reminds me of the early 80's when you had to get your loan approved with your company and then if it required mortgage insurance you had to have a seperate approval from them too. This is eerie. 
Aloha 
Aug 22, 2007 09:44 PM #2
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Marc Brinitzer

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