Article
http://biz.yahoo.com/ap/070820/capital_one_financial_wholesale_mortgages.html?.v=8
2007-08-20 15:25:05 · 14 answers · asked by Chi Guy 5 in Politics & Government ➔ Politics
Recession is a comin!
2007-08-20 15:30:05 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Several mortgage companies dealing in high risk or sub prime interest loans have had to file bankruptcy recently.
American Home Mortgage, my lender, recently filed bankruptcy, selling its home loans assets to another bank.
Lucky for me, the bank that is selling the house I am purchasing is also the same bank that bought AHM's home loans assets. Thus, we may be able to close escrow this week.
However, there are many other people who were approved with sub 700 credit scores and no stated income, who may not get their loans approved.
Also, expect the interest rate to increase on 100% loans.
As far as Capital One's decision, they probably want to get out of the mortgage business with as little damage as possible.
2007-08-20 15:37:28 · answer #2 · answered by MenifeeManiac 7 · 3⤊ 0⤋
Not good for the economy. Too many sub-prime home loans.
Even people with six figure incomes are having a hard time getting prime loans.
I do not understand why there is no thorough report by the mainstream media.
Is this a lie to undermine the US or has greed caught up to dishonest business owners?
Who is telling the truth?
2007-08-20 15:34:38 · answer #3 · answered by American Dissenter 5 · 1⤊ 1⤋
The Capital One Back and Credit card group want to cut costs. they are firing or laying off 1900 workers. They feel that their mortgage business in not profitable (enough) and are probably selling it to another company. they will not be offering new mortgages.
it may mean they overstretched them selves in the last few years - at any rate, they are not happy with the bottom line - profits - at this time.
2007-08-20 15:32:51 · answer #4 · answered by nickipettis 7 · 2⤊ 0⤋
Falling dominos. What this tells me is the bubble has burst. There is too much phoney credit out there in the world economy and we are going to see a correction. This is a bad time to have credit card debt and an unsustainable lifestyle.
2007-08-20 15:53:50 · answer #5 · answered by Anonymous · 3⤊ 0⤋
Chi, that says "Wholesale Mortgage Biz"......Not Mortgage Biz.
Because they would lose their A**, otherwise. Hey, when folks spend more for a house than they can afford, ignore the risks, this stuff happens. Very, very sad, but you and I both saw what people were doing a few years ago...And anyone with a brain saw this coming for awhile...
2007-08-20 15:31:29 · answer #6 · answered by Ken C 6 · 3⤊ 1⤋
i'm so satisfied to study the fact written for all to make certain. it is not something yet propaganda. President Bush threw that word accessible and unlawful supporters have used it to loss of existence. it is not actual, under no circumstances became, under no circumstances would be. human beings made this us of a what it incredibly is, and whilst our government removes all the illegals we are able to make it great as quickly as back. If illegals are so advantageous, and so complicated working why are their worldwide places this way of mess that they are working from as speedy as they are in a position to. And in the event that they're so advantageous why is it unlawful for them to artwork, stay and pass our borders.
2016-10-08 22:37:59 · answer #7 · answered by conkling 3 · 0⤊ 0⤋
Good things.
People who are making irresponsible loans are reaping what they sow.
Just hope that the government doesn't bail them out.
I wonder if I will here the same people who complained about predatory loans crying about how poor people can't get a mortage in a year.
2007-08-20 18:33:02 · answer #8 · answered by Biggg 3 · 0⤊ 0⤋
Well, remember how all the neo-cons were cheering Bush and our great economy. Unfortunately, he didn't get out of office before things started to fall apart. The market is down, the government is probably going to have to bail out these companies, Iraq continues to look bleak, the Bush staff is starting to pull out.
But I'm sure it's all Clinton's fault.
2007-08-20 15:35:56 · answer #9 · answered by wooper 5 · 2⤊ 1⤋
It means exactly what it says. Capitol One is cutting 1,900 jobs and closing it's mortgage business.
Why do libs always think there's some kind of conspiracy around every corner and they need a secret decoder ring to decipher news articles for the "real" meaning?
2007-08-20 15:31:02 · answer #10 · answered by Karma 4 · 7⤊ 4⤋
More useless liberals ON the unemployment line. When you talk about credit and debt and foreclosures, people need to take personal responsibility for there own actions, when you spend more than you have, ad don't practice financial self control, eventually the credit cards and the mortgage catches up with you, remember the dot-com boom is over were back to reality.
2007-08-20 15:33:15 · answer #11 · answered by dez604 5 · 2⤊ 4⤋