U.S. mortgage lenders are starting to go broke
More of the business is now controlled by independent lenders, and with mortgage volumes plunging this year, many are struggling to stay afloat.
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More of the business is now controlled by independent lenders, and with mortgage volumes plunging this year, many are struggling to stay afloat.
Many of the so-called shadow lenders will emerge from this slowdown relatively unscathed. But some lenders have already stopped operating or scaled down dramatically.
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
From Bloomberg: The mortgage industry is seeing its first lenders go out of business after a sudden spike in lending rates, and the wave of failures that's coming could be the worst since the housing bubble burst about 15 years ago.
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