Let's thank Scott Hartman too
" thanks Scott Harmon
Since I wasn't around for the biggest part of the subprime and subsequent NFI
crash, I really can't comment on managements prior communications. The first conference call I liestened to was on May 11th reporting of Q1 results. In that CC, Scott Harmon stated that not only did he see liquidity coming back to the market, but he also saw improvement in delinquency and forclosure's.
Today, those comments were confirmed by the likes of CFC and HBC. See their
comments;
On Wednesday Countrywide Financial (CFC : Countrywide Financial Corp
CFC40.93, +0.15, +0.4%) , one of the biggest U.S. mortgage lenders, said that liquidity has returned to the secondary market for subprime loans and noted that interest-rate spreads have tightened.
Significant turmoil in the subprime market during the first quarter has stabilized. Excess capacity has worked its way out of the market and industry underwriting guidelines have tightened, the company added. In future, the subprime market will be smaller, but more profitable, Countrywide concluded.
On Tuesday, HBC92.72, +0.22, +0.2%) , which grew into one of the largest subprime mortgage lenders in recent years, also had some relatively good news. Michael Geoghegan, the bank's new chief executive, told reporters in Hong Kong that deterioration in U.S. sub-prime mortgages has been contained, with the rise in the delinquency rate slowing in the first four months of 2007 " |
