Fremont’s Subprime Platform Collapses; FDIC Steps In
· Merrill researcher Kamal Abdullah raised the specter of a subprime "contagion" that could lead to the inability of the "bottom" 25% of all subprime borrowers to get loans. So if one fourth of potential subprime borrowers are unable to purchase homes in 2007, as compared to 2005 and 2006, then 25% of 20%, equals 5% of the total market.
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The dignity mortgage is a new type of subprime loan, in which the borrower makes a down payment of about 10% and agrees to pay a higher rate interest for a set period, usually for five years.
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FDIC Shuts Down Subprime Lending at Fremont; Rumors of Potential. into any transaction involving its residential loan origination platform.".
Law360 (June 19, 2008, 12:00 AM EDT) — Former subprime mortgage lender Fremont General Corp. has voluntarily entered Chapter 11 in order to finalize the sale of its nonbankrupt bank subsidiary to.
Subprime crisis background information – Wikipedia – Subprime lending. The U.S. Federal Deposit Insurance Corporation (FDIC) has defined subprime borrowers and lending: "The term subprime refers to the credit characteristics of individual borrowers. Subprime borrowers typically have weakened credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments, and bankruptcies.
Fremont subprime collapses. housingwire is reporting Fremont’s Subprime Platform Collapses; FDIC Steps In. Troubled subprime lender Fremont General (NYSE:FMT), said late Friday it will exit subprime residential lending, citing mounting pressure from loan repurchases and likely regulatory action.
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· Housing crisis history. Now, it is abundantly clear that there was, in fact, a looming crisis, the result of subverting the free market with mortgage subsidies. It is equally clear that Democrats, blinded by the desire to accommodate their special interest constituencies, blocked efforts to get to reform the GSEs.
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