And The Hits Just Keep on Comin
Loading ...Aegis Wholesale is closing yesterday August 7th, 2007. I personally consider them an Alt A lender but they have A paper stuff as well. This is another closing that has basically been very quick with little notice to those of us in the business. Thankfully I do not have any open transactions with Aegis at this time. I did have an open transaction with ABConduit, the wholesale division of American Home Mortgage last week when they were closing which of course happened with little notice and left those with open loans scrambling looking for another bank to close the deal.
What's difficult about this is that these Alt A lenders have become very important in the last 4 years. A lot of people purchase homes using stated income or no ratio product and with these banks closing, other banks are adjusting their products BIG TIME. I'm not saying they shouldn't be doing that, I'm just saying that the adjustments will make it so that many will not be able to refi out of their short term fixed loans into new fixed loans, they'll just have to stay on an adjustable note. It's really going to be a mess because of the current lack of liquidity out there until some liquidity returns when things settle down.
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