Ripple effect of American Home Mortgage fiasco?
Does anyone have any thought as to the effect of AHM filing bankruptcy and what kind of effect it will have on the market as a whole? Countrywide released a statement yesterday afternoon and said they were doing away with Alt A Loan Programs. They will not buy these loans and they will not offer them. No special niche products will be offered. Do you reckon a lot of lenders are going to establish policy changes in light of this situation?
I completely agree about the fact that they never should have made these loans to start with. This is the reason why so many homeowners get forclosed on within a year and a half and others are struggling to make their mortgage payments.
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American Home isn’t the only one…Wells Fargo has already shut down their entire subprime wholesale division, and right now I am having a very, very hard time in keeping up with guidelines because they are literally changing every day, and sometimes, several times a day.
Equifirst Corporation, was the most profitable branch of Regions Bank…and they sold it off…they were 100% wholesale subprime.
I have never seen anything like it…but this is what unethical companies get when they write terrible loans to people with no way to pay them…..they may go well for so long but then they will be out of a job.
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