The Sky IS Falling

Holy COW!!!!!!!!!!!!!!!!!!!!
The Swami woke up this morning to discover that yet another sub-prime lender has bitten the dust. This time it it's Fremont Investment and Loan. This was one of the Swami's favorite banks and was one of the top five sub-prime lenders in the country. The Swami spoke to his Fremont account executive this morning who ironically is in Hawaii on a Fremont President's club vacation (wen we spoke it was 3AM Hawaii time and she was up -- hasn't slept in two days she tells me). She tells me that Fremont is already packing boxes in her Westchester County office --- Imagine being in paradise when the news hits you.

As I write this, The Swami just received a phone call from my Encore Credit (another sub-prime lender) account rep who tells me that they are no longer writing loans at 95 -100% financing.

The Swami is also hearing rumours that New Century another sub-prime giant is not going to make it through the week.

The times they are a changing. We are going back to the way things used to be. If you want to buy a home you must clean up your credit first. It's better for you, it's better for the Swami, it's just plain better for everybody.

Now!!!!

Here are today's best wholesale lender rates.




30 Year Fixed

RATE 30 DAY
5.375 - 98.645
5.500 - 99.338
5.625 - 99.840
5.750 - 100.163
5.875 - 100.806
6.000 - 101.251
6.125 - 101.623
6.250 - 101.857
6.375 - 102.386
6.500 102.741
6.625- 102.919
6.750 - 102.967
6.875 - 103.291
7.000 - 103.494


If you don't know what they mean, email me.