This entry was posted on Monday, August 6th, 2007 at 4:59 pm and is filed under Mortgage Programs, Mortgage Rates, 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 Mortgage Carnage Continues
Monday Update
American Home Mortgage called it quits on Friday, filing for bankruptcy protection.
Today, both Aegis Mortgage Corp. and National City Mortgage’s home equity division stopped accepting new applications. Aegis indicated that it would NOT be able to meet its present funding obligations.
AltA loan programs, home equity loans, and pay-option arms remain frozen until further notice, and Wells Fargo’s jumbo rates were priced all the way up at 8% this morning.
I’ve never seen anything like this in 18 years.
Stay tuned. It’s going to be a wild ride.