Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: energyplay who wrote (22270)	9/11/2007 11:35:19 AM
From: elmatador	Respond to of 217615

British subprime specialist Victoria Mortgages became the latest victim of the credit crisis on Monday, as the lender said it had gone into administration and was no longer funding new loans after its costs escalated. Like many other mortgage lenders in Britain's "adverse credit" sector, Victoria depended on the wholesale market to fund mortgages, but recent turmoil has dried up liquidity there, pushing up the cost of borrowing for lenders like Victoria. The firm, which industry experts say is the first British lender to go into administration in the current crisis, is one of the smaller players in Britain's niche subprime mortgage market. Officials at Victoria did not comment on the size of its share of the subprime market or loan book on Monday. The Financial Services Authority, which put Victoria's share of the British mortgage market at 0.06 percent, said KPMG have been appointed as administrators for the wholesale lender. The regulator said GMAC-RFC, Britain's largest subprime mortgage lender, had offered to review potential completions for home purchase deals due in the coming days, with a view to providing borrowers with a mortgage loan. Backed by U.S. venture capital group Venturion Capital, Victoria was launched just over two years ago, offering a range of products from self-certified mortgages for "prime" borrowers to mortgages for borrowers with "heavy adverse" credit.