tag:blogger.com,1999:blog-7705460.post3149085295247168995..comments2024-01-21T00:21:39.004-06:00Comments on Three Wise Men: Subprime mortgages in TexasAlexander Wolfehttp://www.blogger.com/profile/03041808057755360625noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-7705460.post-58281416321372998892007-07-16T13:08:00.000-05:002007-07-16T13:08:00.000-05:00Wow, thanks for that insight, tmtgbroker, and than...Wow, thanks for that insight, tmtgbroker, and thanks for the link, anonymous.Nat-Wuhttps://www.blogger.com/profile/11378831467642601979noreply@blogger.comtag:blogger.com,1999:blog-7705460.post-51921242955746584242007-07-15T08:07:00.000-05:002007-07-15T08:07:00.000-05:00check: http://subprimemess.blogspot.com for the la...check: http://subprimemess.blogspot.com for the latest news on subprime.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7705460.post-22832945141935924952007-07-15T06:17:00.000-05:002007-07-15T06:17:00.000-05:00It is predicted that Texas alone will have over a ...It is predicted that Texas alone will have over a million foreclosures within two years. There are several factors in the overall analysis. Congress requested Fannie and Freddie for help in refiancing subprime borrowers with risky loans but risk management in both troubled institutions are shaking their heads "no thanks". The market has taught borrowers even if they are in financial trouble (bankruptcy, foreclosure etc) "don't worry we have a loan for you". So you have portfolios of loans out there with tax liens, judgements etc. that no one will refinance. Oddly not even the lenders who took the loans in the first place. Wall Street or equity holders are simply going to let them go to forecloser. There is no choice. Desperate people, do desperate things in desperate times so now we have fraud running all through the system. If you are a Texas Mortgage Broker I would have all of your broker contracts examined by your attorney. Expect correspondence in the future from your lending partners that suggests that you repurchase loans. Several Brokers in Dallas are writing checks for repurchase now. It's going to get ugly here in Texas.Anonymousnoreply@blogger.com