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Fortress’ Nationstar Mortgage Halts New Applications

Published September 25th, 2007 in Banks. Tags: , , , .

Nationstar Mortgage, the subprime unit of Fortress Investment Group (NYSE: FIG), has halted wholesale subprime mortgage loans.  No one from Fortress was available for comment.  According to the article, ” Fortress’ subprime operations have become part of a bigger, political story after Democratic presidential hopeful John Edwards said he planned to divest his personal fortune from any lenders trying to foreclose on the homes of Hurricane Katrina victims.”

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« E-Trade Ouch From Mortgage Business
Mortgage Defaults Stabilizing in US »
This blog discusses subprime mortgage problems. Subprime problems began when lenders offered loans to potential home owners with bad credit or credit / income that did not meet the standards of traditional lending. Subprime mortgages for people with bad credit or no credit face an uncertain future. Once the hope of many to enter into home ownership has now been corrupted both by overreaching consumers and predatory lenders. I hope to follow the aftermath of this crisis.

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