Posts Tagged ‘bankrupt’

Subprime Mortgage Blues Spread to Prime Loans

Written by Timothy Blake on July 28, 2007 under Archives, Root Causes

On July 25, 2007 US stocks slumped the most since March after Countrywide Financial Corporation, which accounts for almost a fifth of US mortgages, said second-quarter net income tumbled 33 per cent. Stocks fell further on July 26th and 27th. But what caught my eye is that Countrywide accounts for 20 percent of the US mortgage market and their profits were down by one-third.

HSBC Singing The Blues Over Mortgages

Written by Timothy Blake on July 28, 2007 under Archives, Lenders

As I work on my article about failed and bankrupt mortgage companies I found one that is very much alive but singing the mortgage blues. HSBC bought predatory lender Household International almost five years ago.

Borrowers try settlement offers to save homes

Written by Timothy Blake on July 28, 2007 under Archives, Suggestions

Common logic once told borrowers that it was shameful to declare bankruptcy. Our parents told us or taught us, to always pay our bills. Lenders knew the basic human values, and that one would always make their house payment and their car payment. But somewhere between those days and today values and expectations changed.

Mortgages are no threat to the economy

Written by Timothy Blake on July 28, 2007 under Government Positions, Opinion

It is late July as I prepare this article. So far 104 mortgage lenders have gone out of business, declared bankruptcy in hopes of starting over, or stopped subprime lending. Economics and the ripple effect tells us for every job lost we see an effect on four others. Communities feel the effects. I personally think what we are seeing, referred to as subprime, is actually a broader issue which touches prime mortgage lending and mainstream America. Some experts think otherwise, or at least that is what they tell the general public.

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