Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-12-2007, 02:38 PM
 
56 posts, read 65,405 times
Reputation: 17

Advertisements

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?
Reply With Quote Quick reply to this message

 
Old 03-12-2007, 09:26 PM
 
297 posts, read 1,141,434 times
Reputation: 51
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
Reply With Quote Quick reply to this message
 
Old 03-13-2007, 08:12 AM
 
56 posts, read 65,405 times
Reputation: 17
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.
Reply With Quote Quick reply to this message
 
Old 03-13-2007, 10:48 AM
 
56 posts, read 65,405 times
Reputation: 17
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?
Reply With Quote Quick reply to this message
 
Old 03-13-2007, 11:12 AM
 
56 posts, read 65,405 times
Reputation: 17
A good article that deals with the issues above:

http://www.marketwatch.com/news/stor...C4CC7B0F6B1%7D
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top