US Mortgage Lenders Are Starting to Go Broke [Yahoo! Finance News]
Customers Bancorp, Inc (CUBI)
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Source: Yahoo! Finance News
US Mortgage Lenders Are Starting to Go BrokeCarmen Arroyo, Steven Church and Maxwell lerAugust 19, 2022, 6:00 AM·5 min read() -- The US mortgage industry is seeing its first lenders go out of business after a sudden spike in lending rates, and the wave of failures that’s coming could be the worst since the housing bubble burst about 15 years ago.Most Read from There’s no systemic meltdown coming this time around, because there hasn’t been the same level of lending excesses and because many of the biggest banks pulled back from mortgages after the financial crisis. But market watchers nonetheless expect a string of bankruptcies broad enough to trigger a spike in layoffs in an industry that employs hundreds of thousands of workers, and potentially an increase in some lending rates. More of the business is now controlled by independent lenders, and with mortgage volumes plunging this year, many are struggling to stay afloat.“The nonbanks are poorly capitalized,” said Nancy Wallace, chair
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CUBI
Earnings
- 1/25/24 - Beat
CUBI
Sec Filings
- 4/17/24 - Form DEFA14A
- 4/17/24 - Form DEF
- 4/15/24 - Form 4
- CUBI's page on the SEC website