This entry was posted on Tuesday, May 22nd, 2007 at 11:30 am and is filed under 100% Financing, Mortgage Programs, Stated Income, Subprime Meltdown. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
The Last Gasp for 100% Stated Income/Stated Asset Prime Mortgages
My Chase rep called this morning to tell me that Chase is pulling their 100% SISA (stated income/stated asset) loans at the end of the month. I can’t say this is unexpected, since the noose had been slowly tightening. The 100% SISAs for prime A paper borrowers had survived until now only in the rarified atmosphere of 740+ Fico scores.
Chase was one of the few left with a low enough default rate to find buyers on Wall Street. Apparently the numbers are in, and Chase got its butt kicked on 100% loans originated in 2006, particularly on the 2nds that are commonly piggybacked on 80% 1sts to reach 100% CLTV.
Expect the 100% SIVA (stated income/verified asset) loans to follow shortly. The word on the street is that everyone else, National City, CitiMortgage, Aurora, et. al. are also bailing. Wall Street has completely lost its appetite for these and will no longer buy them.
Protect your pipeline. Sometimes we don’t get any warning.
May 23rd, 2007 at 1:17 am
[…] The Last Gasp for 100% Stated Income/Stated Asset Prime Mortgages - My Chase rep called this morning to tell me that Chase is pulling their 100% SISA (stated income/stated asset) loans at the end of the month. I can’t say this is unexpected, since the noose had been slowly tightening. The 100% SISAs for prime A paper borrowers had survived until now only in the rarified atmosphere of 740+ Fico scores. » original newsCredibility in a Can, Just Add Water - Like every other lender and Realtor today, I am the target of a daily assault of emails pitching seminars, webinars, CDs, coaching programs, mortgage leads, and the secret map to instant riches. It seems like refugees from our industry have fashioned new careers selling the secrets of the overwhelming success that apparently drove them out of the business. This one is so good I just had to share it with you. » original newsRaiding the Nursery: How Quickly Will Sacramento Real Estate Recover? - What will it take to shock the Sacramento real estate market back to life? Behind the mask of false bravado and feeble optimism worn by industry insiders who think wishing can make things true, there is an undercurrent of worry. Let’s face it. The patient is ill. What will turn things around? In a word, affordability. » original newsI want to sell my home! What’s it worth? - Determining the value of St. Louis Real Estate isn’t rocket science! Unless of course you take the simplistic method and place your faith in a “web site mash up” that tries to do it from outer space! In which case, you’ll probably wind up in the “expired listing” column, unhappy with your outcome, unable to move forward, and peaved at everyone but yourself. » original newsWays to search for property in McClellanville, SC - Great ways to find McClellanville real estate broken down into category » original news […]
July 8th, 2008 at 1:10 am
[…] say this is unexpected, since the noose had been slowly tightening. The 100% SISAs for prime A paperhttp://www.lendingclarity.com/2007/05/22/the-last-gasp-for-100-stated-incomestated-asset-prime-mortg…SISA - Society for International support and assistanceSISA was from mid nineties until 2002 a […]