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 | Copyright: www.bad-credit-advisor.com | More in Mortgage | Comments (0)
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