This week has been a busy week on the mortgage front with 2 high profile lenders closing its doors. Wells Fargo shut down its subprime unit and American Home Mortgage, AHM, which is to close all corporate doors today. I think the American Home shutdown is an important point because American Home and its affiliate American Brokers Conduit or ABC was not a “Subprime” lender, matter of fact, the amazing part is American Home was the 10th largest in the country, originating nearly $60 BILLION in mortgage loans. This shows how far from over this cycle is and how much we are facing a liquidity crisis across all mortgage lenders, prime and subprime. [Read more →]

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