Few independent subprime lenders may be left after mortgage crisis - 2007-03-22
The subprime mortgage crisis will likely hit the crop of specialist companies that sprouted during the boom years of the sector, analysts declared this week.
Companies like New Century Financial, NovaStar Financial and Accredited Home Lenders will probably be bought or be shut down. Subprime mortgages are sold to home buyers with less than stellar credit scores. Higher housing prices and record low interest rates earlier this decade, along with investors' growing need for high yielding assets fueled a boom.
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Refinance mortgage rates creep higher - 2007-03-22
Refinance mortgage rates nudged up higher this week as new construction of new homes rebounded from a 9-year low, Freddie Mac reported Thursday. The average rate on 30-year fixed-rate loans climbed to 6.16 percent for the week ending March 22, from 6.14 percent the week before. Last year at this time, 30-year mortgage rates averaged 6.32 percent. The housing market got some good news earlier this week as housing starts rebounded from a 9-year low in February.
Read the full story at CNNMoney.com