“There’s
so much inventory out there that the buyer can pick and choose,” said
Susan Sirles Fidler, a Realtor at Re/Max 10, Oak Lawn. But she cautioned, “The
stuff that’s almost free is almost free because it’s going to cost you an
arm and a leg to put it back together. It’s not buyer beware as much as buyer
be smart.”
found at chicagotribune.com.
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Mortgage firms have been hit by sub-primefallout loan defaults
US credit card and banking firm Capital One has said it will cut 1,900
jobs and shut down a wholesale mortgage unit as worries over sub-prime loans
continue.
Capital One will also take a $860m (£435m) charge in closing recently-bought
GreenPoint Mortgage.
Elsewhere, UK and German banks and other investment funds have been hit by
fears that the US sub-prime bad debts could cause a wider financial crisis.
A number of US home loan providers have had to act to bolster confidence.
The US mortgage sector has been hit by defaults on sub-prime loans as higher
interest rates have hit consumers.
The problems from the sub-prime sector have rippled around the world, hitting
stock markets and lenders.
Confidence fall
On Tuesday major German WestLB said the upheaval in US sub-prime mortgages
was making it difficult for German banks to get credit lines from their foreign
partners.
Chief executive Alexander Stuhlmann said that German banks were in a
"not uncritical situation" overall.
WestLB has said it has over 1.2bn euros ($1.62bn; £0.82bn) in overall
exposure to the US sub-prime sector.
The news came as an index of German investors' confidence by the ZEW
Institute fell to -6.9 points in August from 10.4 in July.
Last week Germany's IKB and Sachsen LB both had to raise emergency credit
facilities because of difficulties in funding off-balance sheet investment
vehicles.
Reports said German savings banks had extended a credit line of 17.3bn euros
to maintain the liquidity of an investment vehicle of Leipzig-based bank Sachsen,
which has large investments linked to US sub-prime mortgages.
Hedge fund
In the UK, Northern Rock quantified its exposure to US sub-prime mortgages,
with £200m invested in US collateralised debt obligations (CDOs) and £75m in
US home equity mortgage-backed securities (MBS). These investments represented
just 0.24% of its total assets, Northern Rock said.
However, a vehicle run by UK hedge fund Solent Capital Partners LLP that
invested in US residential mortgage-backed debt, found itself hit by the
sub-prime crisis.
The Mainsail II vehicle said it may be forced to sell assets, because it had
been unable to raise short-term funding due to the volatile markets.
Mortgage defaults
On Monday, the largest US mortgage lender, Countrywide Financial, moved to
assure customers it was safe to do business with it after media reports said it
was cutting jobs to help cope with a credit crunch.
The company took full-page advertisements newspapers to tell readers that
mortgage market problems did not affect the safety of federally insured deposits
at its Countrywide Bank unit, which it said was "well capitalised".
Monday also saw US mortgage lender Thornburg sell $20.5bn of assets and
reduce its borrowings amid the tough market for home loans.
Meanwhile Luminent Capital, a West Coast-based real estate investment trust,
said it was facing losses of $2.3bn on defaulted mortgage obligations, and that
the market in secondary mortgage debt had "seized up".
Luminent said it would sell a 51% stake at a deep discount to Arco Capital, a
San Juan, Puerto Rico-based holding firm, to help shore up its finances.
economic crisis
hyperinflation nation What when top economists like Mark Faber, Jim
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Is
it possible to buy a home with no credit ? The
foreclosure crisis has not hit hard enough. In the US it is still possible
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Credit Checks: Controlling Real Estate without credit checks -- the painless way
to secure your dream home or first investment property seems guaranteed! Don't
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News :
“There’s so much inventory out there that the buyer can pick and choose,” said Susan Sirles Fidler, a Realtor at Re/Max 10, Oak Lawn. But she cautioned, “The stuff that’s almost free is almost free because it’s going to cost you an arm and a leg to put it back together. It’s not buyer beware as much as buyer be smart.”
