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Wednesday, May 23, 2007

Quotes from MBA Mortgage Conference

by Calculated Risk on 5/23/2007 03:39:00 PM

From CNNMoney: Speed of subprime bust surprises lenders. A few quotes from the article:

"Last October, I predicted the subprime market would collapse and many issuers would go out of business. But the violence and speed of the market sell-off surprised people."
Michael Marriott, managing director, Credit Suisse, 5/21/2007
"35 percent of what once could be done, can no longer be done," referring to mortgage loan products that have effectively been taken off the shelves.
David Lowman, chief executive of JPMorgan Chase & Co.'s global mortgage business
"Anything that smacks of no-income and no-documentation is history. Anything above 85 percent to 90 percent loan-to-value, anything non-owner occupied, anything ludicrous as to value - like someone stepping up from a $1,000 a month payment to a $6,000 a month - is history."
Allen Hardester, director of business development, Guaranteed Rate
Tough talk, so I'm sure everyone welcomed Comptroller Dugan's comments: Dugan Opens Fire.