Letter from National City Exec

Discussion in 'Wall St. News' started by blast19, Mar 30, 2007.

  1. blast19


    Fellow Mortgage Professionals:

    Throughout our history, National City Home Equity has been one of the most competitive prime home equity wholesale lenders
    in the industry. On February 28th we expanded many of our guidelines to meet your needs and the needs of your customers.
    Timing is everything.

    Dramatic changes in the sub prime lending industry are having a ripple effect on Alt-A and prime lenders, including
    National City. Investor appetite for stated income, lower FICO and/or high CLTV originations is evaporating quickly.

    The rapid changes in market acceptance of these products necessitate an equally rapid modification to our
    product offering. Therefore, effective Monday, April 2, 2007 the programs outlined in the attached Update will no longer
    be offered for new fixed-rate loan applications or rate lock requests for existing pipeline. Lock requests and
    applications will not be accepted after April 1, 2007.

    We will continue to monitor market conditions and remain committed to providing you competitive products,
    exceptional service and being the ‘Lender You Can Trust’.

    Thank you for your business.

    Ken Carter
    Executive Vice President
    National City Home Equity
  2. Too bad they didn't do this 2 years ago. Then the mess we are in wouldn't be so big.
  3. blast19


    It's a good time to make money off of the mess...the 1st stage of slowing is over, now comes the real hurt. Not much to smile about unless you're short the housing market. :D