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MALIZNA
444 Posts |
 Posted - 08/01/2007 : 2:14:15 PM
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I dont know about the rest of you, but I will DIE without alt-a. This was always my biggest market share and focus, using all different doc types.
It cannot be, how will I ever get a self employed jumbo loan done now....
ALT A was my most favorite type of client, next to full doc...
please they can't go away...it states that 25 to 50 percent of loans were ALT-A loans...
that's a HUGE chunk of loans..
WHAT WILL BE LEFT TO SELL???/
I guess FULL DOC conforming only....
Now the MARKET will tank, really tank
I am sure most people have used alt a products on this site |
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clack29
202 Posts |
Posted - 08/02/2007 : 07:44:35 AM
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quote:
Originally posted by peter
I understand that large depositary institutions like national banks
do have their sources of fund and are not entirely dependent on
the capital market. So, big national banks like Wamu, Wachovia, etc.
will always have their Alt-A products or their portfolio products.
So, even if the capital market (secondary market) runs dry of
investors for Alta-A, these banks being flushed with CDs etc. will
invent in-house portfolio loan products (like World's)to sell thru
brokers. All banks need to lend to stay in business.
I will just sit tight and row the boat without worrying that
the river will run dry as I will find a creek somehow to row on.
Peter
Well there goes that theory....... |
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clack29
202 Posts |
Posted - 08/02/2007 : 08:03:57 AM
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quote:
Originally posted by Daveathomeviewlending
Give me a call. I think that I can sort out a lot of your ALT-A
David J. Simonetta
HomeView Lending
Account Executive
p.248.729.5944
f.816.627.6140
c.586.242.6332
www.homeviewlending.com
david.simonetta@homeviewlending.com
AL, AK, AZ, AR, CA, CO, CT, DE, FL, HI, IA, ID, IL, IN, KS, KY, LA, MD, MN, MS, MO, MT, NE, NM, NV, NC, ND, OK, OR, SD, TN, TX, UT, VT, WA, WV, WI, WY
You guys don't lend in Va??? |
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RDwyer
3308 Posts |
Posted - 08/02/2007 : 08:49:13 AM
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Please note that Wachovia will continue the portfolio (World Savings) products - the Alt-A product line that is being discontinued was a secondary market product suite.
We will continue to offer our Pick-a-Pay programs with flexible underwriting guidelines. |
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Dana Point
2820 Posts |
Posted - 08/02/2007 : 08:52:33 AM
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well all i do is sub prime / hard money so while everyone was saying oh this subpime shake up doesnt effect me i can say this time.
I dont care if 100% ltv is gone, pay options gone, and rates.
The lowest rate i have done this year for a client has been 9.55%
most have been 10-11%
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isitfree
1301 Posts |
Posted - 08/02/2007 : 08:55:39 AM
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quote:
Originally posted by RDwyer
quote:
Originally posted by BigFire
World and Wachovia - ALT-A all day.
ALT- A Product Offering Suspended
Effective immediately 8/2/07, Wachovia Mortgage will temporarily suspend accepting new loan registrations and/or locks on our Alt-A suite of products through the Wholesale channel. Alt-A loans currently locked will be honored provided they close by the expiration date.
Equity Products
Additionally, the maximum CLTV on all transactions involving a Wachovia equity product will be limited to 95% effective immediately 8/2/07.
Through the wholesale channel. So mortgage brokers can't originate Alt-A through Wachovia, but Wachovia retail can.
Rob, this doesn't sound good. |
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geo21208
3278 Posts |
Posted - 08/02/2007 : 09:04:51 AM
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| Same move Wells made. Who's next? |
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