Industry NewsMortgage

Top subprime lenders: Where are they now?

Many top high-cost lenders have stopped funding these loans

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Some economists say that the tightening of credit following a real estate boom can have a bigger impact on home prices than loan defaults and foreclosures. With that in mind, observers may be getting shivers as they look back to see where the lenders that were at the top of the subprime lending heap are today. (See Inman News' four-part series on the Subprime Tsunami this week. Part 1, "Subprime tsunami threatens to extend housing downturn," appears in today's edition of Inman News.) The following "top 10" chart was put together last year in a report by the California Reinvestment Coalition, which analyzed federal Home Mortgage Disclosure Act data. These were the top 10 "higher-cost" lenders in California in 2005, plus the number of loans they made exceeding by 3 percent or more the rate for Treasury securities of comparable maturity (Not exactly the same thing as subprime, but these are all subprime lenders). Top Higher-Cost Lenders in California 2005: 1. New Century Mortgage (52,270...