Mortgage industry reloads as subprime misery lingers
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NEW YORK - Angelo Mozilo, the butcher's son who built Countrywide Financial Corp. into the largest mortgage lender in the United States, was in no mood for soul-searching over the subprime home crisis.
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Major banks and mortgage companies yesterday sharply accelerated an industry consolidation that is set to change the landscape of American lending, while a convergence of events exposed fresh worries about the U.S. economy.
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Late payments and foreclosures on U.S. homes rose in the fourth quarter, driven by subprime borrowers with weak credit and adjustable-rate mortgages that reset at higher interest rates, the Mortgage Bankers Association said on Tuesday.
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Shares of subprime lender tumble after margin calls.
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Troubles in the subprime mortgage sector could put Wall Street on edge this week just as investors look for key economic data, including the Consumer Price Index, to shore up the market's nascent recovery after its recent plunge.
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The bigger-than-expected decline in existing home sales came amid continuing turmoil in mortgage markets.
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The stock market fell sharply last week as the subprime mortgage crisis spilled over into the broad financial markets.
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Troubles in mortgageland may get worse before they get better, especially for subprime borrowers, whose spotty credit histories put them into more costly loans.
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This just in from London: the U.S. subprime mortgage market is in a tizzy.
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Don't believe talk that the worst of the real estate downturn is over. Too many funky loans are out there.
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Not everyone has suffered from the current housing slump. Exceptions include entrepreneurs with deep experience in real estate and those who have carved out a special niche.
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U.S. mortgage applications fell for   the first time in four weeks even as interest rates dropped to   a six-month low, an industry trade group said on Wednesday,   providing further evidence the country's housing market slump   is deepening.
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As subprime borrowers began to default on their mortgages in rapidly growing numbers this year, credit card issuers increased their efforts to sign up such customers with tarnished financial histories, according to a market research firm.
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The mortgage meltdown broadened on Tuesday, led by Accredited Home Lenders Holding Co.  and New Century Financial Corp. , as investors feared that the subprime lenders, which make loans to people with poor credit histories, would run out of cash.
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For some investors, the misery of subprime loans, exploding adjustable rate mortgages and slumping sales mean one thing: opportunity.
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The fallout from the subprime mortgage industry could further constrict consumers with weak, or subprime credit, while helping to prolong the housing downturn.
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The mortgage market may be in a historic upheaval, but mortgage companies continue to pump out upbeat advertisements.