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Article: Not exactly prime: the secondary market for loans not in prime condition is growing. Big-name Wall Street investment banking houses have joined Fannie and Freddie as buyers of subprime mortgages. (Subprime).
- Article from:
- Mortgage Banking
- Article date:
- June 1, 2003
- Author:
CopyrightCOPYRIGHT 2003 Mortgage Bankers Association of America. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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IN WHAT WAS ONCE THE WILD, WILD WEST, today sit the sovereign cities of Chicago and Denver. In what was once the wild, wild subprime loan market, now toil the staid Wall Street firms of CS First Boston (CSFB) and Morgan Stanley. * The presence of sidewalks and skyscrapers attest to the foothold modern civilization has taken in the formerly native precincts of the country. The involvement of gold-plated financial firms augurs the same for the previously "untamed" environs of subprime. * Wall Street has gotten involved in subprime securitization "in a very large way," says Brendan Keane, managing director of CS First Boston, New York. * CSFB and many of its peers on Wall ...