Posted by Irwin on March 06, 1999 at 05:36:56:
The non-conforming mortgage industry is undergoing quite a shake out now. Many of the leading lenders have folded in the last 6 months (the lastest-United Companies Lending filed Chapt. 11 last week) and others have tightened up their loan requirements.
I also hear that some of the ones that folded are coming back under different names. I guess as long as Wall Street has billions to invest in mortgage paper, the loans will be there.
If you have been dealing with a local bank, I’m not surprised they did this. Banks love to make you one loan, maybe two and sometimes three, but beyond that, then tend to get nervous, especially if the deals are highly leveraged. The answer is to try other small (town) banks in the area.