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Mortgage problems hit Houston market.

Houston Chronicle (Houston, TX)

| August 07, 2007 | COPYRIGHT 2007 Houston Chronicle. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Purva Patel and Nancy Sarnoff

Aug. 7--One of the nation's largest mortgage lenders, Houston-based Aegis Mortgage Corp., stopped taking new loans Monday, amid a day of news that signaled tougher days ahead for lenders and homebuyers.

"It's a bloodbath out there," said Mark Cady, senior vice president of Market Street Mortgage in Houston.

The announcement came on the same day New York-based American Home Mortgage Investment Corp. filed for bankruptcy protection and Cleveland-based National City Corp. also stopped taking applications for new loans in its wholesale division.

Falling home prices nationwide and a rise in foreclosures have scared investors away from buying securities backed by home loans.

That, in turn, has led to tougher…

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