by Bill McBride on 2/15/2007 11:12:00 AM
Thursday, February 15, 2007
From the WSJ: Mortgage Hot Potatoes. Excerpts:
Efforts by major banks and Wall Street firms to unload bad U.S. housing loans are speeding up a shakeout in the subprime mortgage industry.
As more Americans fall behind on mortgage payments, Merrill Lynch & Co., J.P. Morgan Chase & Co., HSBC Holdings PLC and others are trying to force mortgage originators to buy back the same high-risk, high-return loans that the big banks eagerly bought in 2005 and 2006.
Posted by Bill McBride on 2/15/2007 11:12:00 AM