Today's Body Count...
...Brought to you by Implode-O-Meter
Latest count of major US mortgage lenders that have croaked since late 2006:
33 lenders have now gone kaput
Also see the ailing company list.
Please visit the Implode-O-Meter for insightful information and updates on the state of the mortgage industry. A big thanks for all the work they are doing on exposing the major fault lines in an industry many have believed is too big to fail. Better fasten your seatbelts.
posted by Athena @ 12:53 PM
4 Comments:
Well Fargo is #1 in subprime,and i have been told by many that they are too big,and too diversified to fail.they will certainly take a big hit.i wouldn't be surprised if all but two or three of the top 25 subprime lenders are gone within a year.The acceleration in the rate of failures is something to see,and i'm starting to see articles about the unwinding of the carry trade which is no surprise,but does mean that the money available for MBS is going to be more costly and much less available,soon.nice to see you posting again.
athena -
Check this:
http://tinyurl.com/2w9823
The graph at the top is worthy of a cross-post IMHO. I plan to read the linked article tonight.
The woes in subprime lending is spreading up the food chain to "not so subprime" borrowers.
http://tinyurl.com/yq2t9l
As of today, the count is now at 36.
Incidentally, has anyone noticed from the "top 25 subprime lender list" the percentage of businesses based in SoCal? New Century, Countrywide, Fremont General, Option One, BNC, Accredited Home, Ameriquest to name a few. Are all these corps in Irvine somehow connected?
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