Sunday, March 11, 2007

WSJ on subprime and new century

the ultra easy credit is gone!

die kredite für jeden der nen pulsschlag hat sind vorerst vorbei!

......"The last couple of weeks have been almost catastrophic," said Armand Cosenza, a mortgage broker in Cleveland. Mr. Cosenza said he turned down eight loan applicants on Wednesday because he couldn't get them a mortgage. At least five of them would have qualified for a loan six months ago, he said.

George Hanzimanolis, a mortgage broker in Tannersville, Pa., says his office has turned away 30 to 40 people in the past week because of tighter lending standards. "It's scary how quickly these very large lenders are just...imploding," he says. "The situation will get uglier before it gets better."

"This credit tightening potentially will create another leg down in housing," said Ivy Zelman, a Cleveland-based housing analyst for Credit Suisse Group......

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