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Mortgage Crisis Hits Austin

towers staff August 11, 2007 Comment

Over the last two days, the Austin lending market has changed dramatically for the worse. As the subprime lending crisis has evolved into a global problem—the bankruptcy of two large lenders seems to have tipped the scales — the market spotlight has turned a negative eye on every participant in the residential mortgage market. As the bad news has spread, lenders are dramatically cutting back on loans -- and rapidly raising rates at the same time.The market changes in Austin over the last 48 hours are dramatic:- A number of lenders, especially brand name lenders such as Wells . . .

 

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