Subprime Loan Implosion
The meltdown among lenders that specialize in home loans to people with weak credit, known in the industry as subprime lenders, again ravaged stock prices. Financial institutions from Britain's HSBC Holdings PLC to subprime leader Countrywide Financial Corp. sank amid reports of strained portfolios as loans went bad.
The latest to rattle the markets was New Century Financial Corp., the nation's second-largest subprime lender. The Irvine, Calif.-based company disclosed a criminal probe into the trading of its securities, and into the lender's accounting procedures.[tags]home loans,home mortgage,mortgage,housing bubble,real estate market[/tags] San Diego downtown condos
3 Comments
Comments are closed.
The mortgage lenders greed pushed them to issue these questionable home loan. How it’s back to bite them in the ass!
Tim
website awards
The last two years of our local up real estate market was kept going by these EZ loans. Many have gotten in to San Diego housing, way over their heads. Please visit San Diego Lasik surgery
What were the government regulators doing while banks and mortgage brokers were issuing these subprime loans?
Brianne
San Diego County Medical Research