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B&C Expert 'Not Optimistic'.(subprime mortgage market forecast)(Brief Article)
A leading observer of the subprime mortgage business said he is "not real optimistic" about its outlook for 2002.
David Olson of Columbia, Md.-based Wholesale Access, a consulting firm known for its studies of mortgage brokers and of nonconforming lenders, said he has been a bear on this business for the past three years, and he still doesn't see any positive signs.
"There are big nagging questions hanging over the industry," he said.
In fact, Mr. Olson pointed to some recent transactions as bad indicators for subprime. These include the sale of Residential Money Centers by GMAC Residential Funding Corp. to Aames at a low price, and that the sale of Alliance Mortgage by the Federal Deposit Insurance Corp. "is not going well." He made a similar comment about the sale of EquiCredit by Bank of America.
The problem is that there is no market for the purchase of ...
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Source: HighBeam Research, B&C Expert 'Not Optimistic'.(subprime mortgage market...