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Market jitters to subprime woes

Discussion in 'Money & Finance Forum' started by meatpile, Aug 1, 2007.

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  1. Aug 1, 2007 at 11:14 AM #11
    slydevl

    slydevl Asshole for the People!

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    You have to remember that these companies are spreading their debt around to other companies through investment banking or other means.

    That is where the hurt will come from.

    ------

    According to its most recent quarterly report, American Home had obtained financing from several lenders. Among them were Bank of America Corp. (Charts, Fortune 500), Bear Stearns Cos. Inc. (Charts, Fortune 500), Credit Agricole SA's Calyon affiliate and UBS AG. None immediately returned calls seeking comment.
     
  2. Aug 1, 2007 at 11:17 AM #12
    token

    token I'm a lady

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    ^^this^^

    and not just mortgages. All credit.
     
  3. Aug 2, 2007 at 11:06 AM #13
    VA49er

    VA49er Full Access Member

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    Yep, The debt and leveraged-buyout markets have stalled. Also, the liquidity bug has bitten American Home Mortgage Investment. It's shares fell 88% yesterday after the lender to homeowners with decent credit histories warned that it's facing serious liquidity issues and may be forced to close. Overall, the flu in the financial sector has sapped the U.S. stock market of more than $200 billion since the start of the year.
     
  4. Aug 3, 2007 at 9:42 AM #14
    Freakshow

    Freakshow Fuck you guys.

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    It's getting fucking nasty. Guaranteed Rate, Wachovia, and Wells Fargo have cut their Alt-A products. More are sure to follow. These are the no-doc loans, Stated Jumbo, Stated/ high LTV, etc...These aren't necessarily for people with bad credit, but for people that can't PROVE income...self employed being the main one.
     
  5. Aug 3, 2007 at 10:05 AM #15
    meatpile

    meatpile 7-9

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    It would seem to me that the main affect on this would be housing. I actually bought my first house on a no doc - self employed.I would consider such a loan 'sub prime', even though that is not what the market calls it. It sure seemed 'non traditional' when i did it. This was in 1998, I believe, and my understanding was that it was not very common. Did these become a larger part of the market?Nutty the banks are whacking these, though. That's gonna hurt some lenders.
     
  6. Aug 3, 2007 at 10:51 AM #16
    Southern_Yankee

    Southern_Yankee Full Access Member

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    So, if my lender goes belly up...does that mean I dont have to pay them anymore?

    :iamwithstupid:
     
  7. Aug 3, 2007 at 10:54 AM #17
    token

    token I'm a lady

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    Yes. As well as true sub-prime where rates can go as high as 15% for unqualified buyers.
     
  8. Aug 3, 2007 at 10:56 AM #18
    Bondgirl

    Bondgirl Needy Bitch

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    i used to work there. yikes, glad i got out when i did.
     
  9. Aug 3, 2007 at 11:00 AM #19
    VA49er

    VA49er Full Access Member

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    Loans probably been sold.
     
  10. Aug 3, 2007 at 11:02 AM #20
    Southern_Yankee

    Southern_Yankee Full Access Member

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    those bastards...
     
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