Sub-prime mortgage is officially dead - bad credit borrowers hit rough times
If you have bad credit, you really have nowhere to go. I don't know how I missed that in August, but Lehman Brothers said Wednesday that it's shutting its subprime-mortgage unit BNC Mortgage LLC and firing 1,200 people, becoming the latest company to stop offering home loans to less-creditworthy borrowers. BNC was a top-20 subprime mortgage lender in 2006, originating more than $14 billion worth of home loans, according to industry publication Inside B&C Lending. This was the sub prime lender which would fund the deals no other bank would touch with hundred foot pole.
The way it was A national wholesale mortgage company offering wholesale mortgage rates, aggressive underwriting, flexible loan decisions, fast and consistent service to ..., and the way it is Dear Valued Clients: BNC Mortgage LLC recently announced that it has ceased conducting business as a result of market conditions affecting the subprime residential lending market. If you have bad credit, it is a cold winter and the wolves are hungry.
Mon Nov 5, 2007 04:11PM by Tony | More in Mortgage | Comments (0)
Recent Entries
- How to refinance mortgage if you cosigned for student loan
- How to build credit history fast
- Cease and Desist letter to payday loan company
- Settling credit card debt with Chase - why settle?
- Sued for credit card debt
- Debt reaging - what you should know
- Capital One is the worst credit card issuer
- Wells Fargo debt settlement? Get it in writing
- Utah statute of limitations on credit card debt
- Bankruptcy after divorce, can they come after my ex assets?
Categories
- Announcements
- Credit Bureaus
- Credit Repair
- Debt Relief
- Economy
- Gold Investing
- Insurance
- Mortgage
- Personal Finance
- Stocks
- Student Loans
- Taxes
