Hi Folks,

The closing or sale of more than 50 mortgage companies and stricter credit rules will reduce subprime lending to $350 billion this year, a 47 percent drop from the $665 billion that the industry lent in 2005, according to Seattle-based Washington Mutual Inc., the largest U.S. savings and loan.

About 20 percent of U.S. mortgages issued last year were subprime loans to borrowers with bad or limited credit histories. One in four subprime home purchasers the last two years was a first-time buyer, according to the Washington-based Mortgage Bankers Association.

Cheers
Samantha
mortgages_expo@yahoo.com
Nationwide Mortgage Loans