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Our warehouse bank rep is going over in person to New Century tomorrow to pick up over $40 million in notes that were funded by correspondent lenders that New Century issued clear to close notifications on and can now not purchase.
As I state in my post, Trickle Down… this could be the end of numerous smaller correspondent lenders. These loans are going to be tough to sell anywhere with the recent, numerous guideline changes at other institutions.
I wish I could get a picture of her picking up all of those notes.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
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