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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (74878)	12/5/2006 9:06:41 PM
From: saveslivesbyday	Respond to of 110194

do you remember who or where we can find listing volume over there? Try this - nothing's perfect, but it's probably a close guestimate: housingtracker.net

To: Ramsey Su who wrote (74878)	12/5/2006 9:15:54 PM
From: ild	Read Replies (2) \| Respond to of 110194

Search found this: Message 22966051 Message 23001735

To: Ramsey Su who wrote (74878)	12/6/2006 2:10:35 AM
From: mishedlo	Respond to of 110194

Wells Fargo buying more 'sub-prime' mortgages [Gee let's initiate more subprime loans so we can get more checking accounts - Mish] At a time of pinched profits in the mortgage industry, Wells Fargo & Co. is increasing its lending to risky borrowers — betting that they will sign up for additional services such as checking accounts and credit cards. Wells Fargo this year leaped ahead of Orange-based Ameriquest Mortgage Co., Irvine-based New Century Financial Corp. and other rivals to become the biggest funder of so-called sub-prime mortgages. Such loans go to customers who can't qualify for the best terms because of imperfect credit, heavy debts or other reasons. In a strategy it plans to announce today, the San Francisco-based banking giant said it would automatically enroll these borrowers in a financial education program that would include free consultations in English or Spanish with specialists who can help them create financial plans and try to clean up their credit. tinyurl.com

To: Ramsey Su who wrote (74878)	12/6/2006 11:01:23 AM
From: mishedlo	Respond to of 110194

Home lender Sebring is closing offices Carrollton-based firm's subprime market under pressure 10:56 PM CST on Monday, December 4, 2006 By BRENDAN M. CASE / The Dallas Morning News Sebring Capital Partners LP has shut down, according to the company's Web site, which said the Carrollton-based wholesale mortgage lender employed 325 people. "Sebring Capital will cease operations and no longer accept new submissions," according to a statement on the site's front page. "We apologize for any inconvenience this may cause you or your borrowers. It has truly been a pleasure doing business with you." Sebring executives didn't return telephone calls Monday for comment. As the overall housing industry has softened in recent months, lenders like Sebring, which lend money to borrowers with bad credit, have been hit particularly hard. "It's just a reflection of the subprime lending industry in general having a very tough time," said Sam Garcia, publisher of a Dallas-based online publication, MortgageDaily.com. Subprime borrowers with lower credit ratings don't qualify for the most favorable mortgage rates and can be particularly lucrative for lenders. The issuance of subprime loans has skyrocketed over the last 10 years, helping to push the U.S. home ownership rate to 69 percent from 65 percent in 1995, according to the U.S. Census Bureau. Sub-prime lending could have accounted for a significant share of the increase, a recent study by the Federal Reserve Bank of Chicago suggests. Lately, however, the subprime mortgage business has fallen on hard times as borrowers have been unable to repay their loans. UBS bank said last month that the situation was deteriorating more quickly than expected. "I guess we are a bit surprised at how fast this has unraveled," said Tom Zimmerman, head of asset-backed securities research at UBS, in a conference call last month. Sebring posted strong growth after it was launched in 1996. It was named several times as a winner of the Dallas 100 Awards, a list of the fastest-growing private companies in North Texas presented by Southern Methodist University's Cox School of Business and the CEO Institute. Sebring was licensed or approved to fund mortgages in 41 states, according to the company's Web site. Carrollton's economy is doing fine, with an unemployment rate of only 3.9 percent and about $120 million in new commercial and industrial construction this year, said Brad Mink, the city's economic development director. But Mr. Mink called Sebring's closure "very unfortunate." "Obviously, whenever you lose jobs in your city, it has a negative impact. Especially this time of year, you hate to see it," he said. "Hopefully the market will absorb everyone who's looking for work." dallasnews.com