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Old 03-12-2007, 02:38 PM
 
56 posts, read 46,376 times
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A question for all the in the business. The second largest mortgage lender New Century Financial recieved the knockout punch today, how do you think it will affect the Charlotte lenders and homebuilders? The homebuilders also to a 5% hit today . How do you think the slow market, fincial collapse of sub-prime lending and ailing home builders will affect the new developments that are just beginning or only partially complete? Do you think many will turn tail and run away? How many of the construction loans are based on interest only until mortgage?
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Old 03-12-2007, 09:26 PM
 
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I just read an article on cnn about this. It appears the subprime mortgage crash will spill over into the banks funding the subprime lenders. Bank of America, Goldman Sachs, Bear Stearns are a few of the big ones that have each lent Billions of dollars to New Century, Country Wide and other fail subprime lenders. It does appear this will directly effect some of the business in the Charlotte area. I wonder which of the subprime lenders are funding directly or indirectly the homebuilders? From the articles that I have read we are just starting to get the ground swell of the coming tidal wave of lender failures and foreclosures. I am glad I am not buying or financing homes at this point. My heart goes out to the people that will be stuck in this mess.

http://money.cnn.com/2007/03/12/news...ion=2007031217
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Old 03-13-2007, 08:12 AM
 
56 posts, read 46,376 times
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Well, New Century Financial was just delisted from the NYSE this morning. Accredited Home lenders has recieved margin calls just as New Century did a few days ago. Countrywide Finacial is also under the gun today. Duke as you said I wonder how many Billions the will spill over in to the funding banks. A few weeks ago teh best run bank in the world HSBC took a 11 Billion dollar. I have not heard anything about our banks but this looks very bad. I think the housing market has just had it last nail pounded into the coffin.
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Old 03-13-2007, 10:48 AM
 
56 posts, read 46,376 times
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Has anyone looked at the bank stock. The are down in a bad way today. I guess there really is concern that subprime will spill over into prime and the large funding banks. This could get really ugly quick. What is the take of the realtors and loan people out there?
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Old 03-13-2007, 11:12 AM
 
56 posts, read 46,376 times
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A good article that deals with the issues above:

http://www.marketwatch.com/news/stor...C4CC7B0F6B1%7D
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