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Who thinks that the subprime market is a tinder box ready to blow? Apparently, some of the Wall Street lenders are starting to worry that that’s the case. This article from Inman News (free, as long as you catch it within a day or so of posting)discusses how Wall Street investors are starting to turn off the spigot on subprime loans. In some instances, they’re insisting they’ll only keep the money flowing if the wholesaler buys back a big chunk of dud loans. The wholesalers, in some instances, are opting to file Chapter 11. Bad road ahead…
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.