Comments on: Fifth Third Says ‘No Way’ to Alt-A

By: morganb

morganb — Fri, 02 May 2008 16:58:03 +0000

i agree – alt-a is a great euphemism for undocumented income.

By: tony

tony — Fri, 02 May 2008 16:55:33 +0000

ALT A is nothing more that subprime one level up!!!. simple means you have “good ” credit on a 50K income but you want that 400K house….they call it over-extended…

By: Bank-Implode! » Fifth Third Bancorp - $155M

Bank-Implode! » Fifth Third Bancorp - $155M — Fri, 02 May 2008 16:36:59 +0000

[...] You can bet that someone at Fifth Third Bancorp wants to be around awhile. By dropping Alt-A and like a bad habit at that, the implication is clear. No more raiding the company cookie box for the sugar high today while [...]

By: Toby

Toby — Fri, 02 May 2008 14:38:47 +0000

One must define Alt-A. 5/3 was always fairly conservative with their Alt-A anyway. With higher GSE limits (essentially what was Alt-A jumbo) and other programs things have not changed a whole lot. They really just got rid of some odd-ball programs. Bottom line: they are tightening up like everyone else. Many of these lenders will not even do some FNMA programs because the warrants are so restrictive now. FNMA is the 800 pound gorilla.

By: morganb

morganb — Fri, 02 May 2008 14:36:03 +0000

i agree – that's the first thing i say for every one of these non
cookie-cutter loan program roll-back announcements…

By: Chuck

Chuck — Fri, 02 May 2008 14:32:18 +0000

I'm surprised it took them that long under these circumstances

By: Eric

Eric — Fri, 02 May 2008 13:59:23 +0000

Does anyone know if their Alt-A program was manually underwritten or was it a DU loan?