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Article: Impaired Credit Wholesale Falls 18%.(survey by Origination News and the Quarterly Data Report)
- Article from:
- Origination News
- Article date:
- March 1, 2007
- Author:
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WASHINGTON -- Third-party subprime lenders took it on the chin in the fourth quarter amid an industrywide meltdown caused by growing delinquencies, early payment defaults, buyback requests and continued razor-thin profit margins.
According to exclusive survey figures compiled by Origination News and the Quarterly Data Report, top players' subprime wholesale and correspondent production fell 18% and 38%, respectively, in the fourth quarter.
The figures exclude wholesale production by two midsized lenders - Ownit Mortgage Solutions of California and Mortgage Lenders Network, Middletown, Conn. - both of which filed for bankruptcy protection and did not ...