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| Topic: |
Technology
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| Number of pages / Number of words: |
5 / 1323 |
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to cut off funds to sub-prime specialists.
"I am a little bit shocked that this meltdown didn't happen sooner," said Jeff Lazerson, president of Mortgage Grader, a Web-based brokerage in Laguna Niguel. "In the past, we used to say that if you could fog a mirror you could get a loan. For the last five years, you could be dead and get a loan...
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"In the past, we used to say that if you could fog a mirror you could get a loan. For the last five years, you could be dead and get a loan. That's why we're in this mess today."
New Century was founded in 1995 by a trio of mortgage industry veterans ? Robert K. Cole, Brad A. Morrice and Edward F. Gotschall ? who had worked together at Plaza Home Mortgage Corp...
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