The Mortgage Segment is DEAD! … The Mortgage Order Mills Are Praying At The Altar of Quicken Loans … They Are Praying For More Delinquencies & Foreclosures

Zerohedge:  The rising dominance of nonbank lenders like Quicken could portend a massive, bad-debt fueled binge reminiscent of the circumstances that led up to the housing crisis. That is to say, a wave of bad debt could create a cascading wave of defaults with repercussions far beyond the housing market. Because they’re not FDIC-backed, the shadow (aka “nonbank”) mortgage lenders have much more latitude to approve mortgages to borrowers with lower credit scores.

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