The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: tejek who wrote (260890)	7/14/2010 5:47:15 PM
From: patron_anejo_por_favor	Read Replies (1) of 306849

No...the guys who ran TV ads during the peak of the real estate bubble chiding the other (presumably tight-fisted) lenders for "losing another loan to ditech). They were a "non-bank financial institution". They were originally a GM subsidiary. en.wikipedia.org Despite advertising efforts, ditech's loans and mortgages have been categorized as subprime lending products. Ditech was a pioneer in offering 125 percent loans, in which the borrower could get more than the property was worth. It specialized in low-documentation mortgages, or state income loans where many borrowers falsified their income.[4] Many holders of these mortgages have defaulted or, unable to repay them, have received interest rate adjustments, creating the possibility of losses among those who in turn lent to ditech's parent, ResCap. "Owners of some notes issued by ResCap are being asked to trade them in for new bonds with face values of as little as 80 cents on the dollar. Other holders are being offered the chance to sell back bonds to the company, for as little as 65 cents on the dollar."[5]

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