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Subprime credit just gets tighter and tighter. Pricing changes this morning to Countrywide’s subprime rates are as follows (from an email from our account executive):
CLD’s pricing changes that will be effective this morning are as follows:
Rate Sheet Pricing
Increasing Stated doc rates by 200 bps
Increasing Full Doc rates <=80% LTV by 75 bps
Increasing Full Doc rates >80% LTV by 100 bps
Adding 200 bps rate add for Bank Statement Loans (Add is applied to full doc rates)
Adding 100 bps rate add to NOO and 2nd Home
It is becoming ever-more evident that investors have lost nearly all confidence in mortgage backed securities as viable investment vehicles. These pricing changes are a desperate attempt to lure buyers to the market. (In my opinion, of course)
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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