Mortgage woes help some traditional banks

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	Mortgage woes help some traditional banks

Forbes Business

8-30-2007 10:08 AM

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tags:

banks, mortgages

Forbes Business says:

Some old fashioned banks are seeing the silver lining to the current mortgage mess. More customers looking for plain vanilla loans are returning to their local banks rather than finance through the likes of Coutrywide Financia or other mortgage specialists. - Tom Van Riper

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/c5c78104-fbb6-498c-b5ef-1de62524c036/B29E78B5-0BC8-44CE-BFC8-96A3B6F4A66E/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ajc.com/business/content/business/stories/2007/08/28/mortoutlook_0829.html" href="http://www.ajc.com/business/content/business/stories/2007/08/28/mortoutlook_0829.html" style="font-size: 11px;">www.ajc.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ajc.com/business/content/business/stories/2007/08/28/mortoutlook_0829.html"><P>Now that the mortgage crisis has forced several high-profile lenders out of business, would-be homebuyers are banking on, well, banks to give them loans.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ajc.com/business/content/business/stories/2007/08/28/mortoutlook_0829.html"><P>The boomerang back to old-fashioned lenders comes at the expense of troubled companies such as HomeBanc and Countrywide that had thrived during the nation's long housing boom. That new breed of lender had lured away customers with low rates and creative financing.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ajc.com/business/content/business/stories/2007/08/28/mortoutlook_0829.html">Mortgage brokers, who act as middlemen matching homebuyers with mortgages offered by a number of different lenders, also are showing renewed interest in banks.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ajc.com/business/content/business/stories/2007/08/28/mortoutlook_0829.html">We are seeing a lot of customers and a lot of very good loan officers that are simply interested with stability," said Tuck Reed, an executive vice president of capital markets at SunTrust Mortgage, a unit of Atlanta-based SunTrust Banks. What's more, consumers have toned down their expectations, he said, opting for more moderately priced homes rather than stretching their budgets.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/B29E78B5-0BC8-44CE-BFC8-96A3B6F4A66E/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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