Creative Mortgage Lending
As major Wall Street banks and federal regulators have stepped in to close off available funding to many of the nation’s largest subprime mortgage lending operations, other would-be players with dreams of making it big in the subprime market are moving quickly as part of an attempt to gain market share. It’s a move the companies involved are painting as one part visionary, one part caring for the subprime borrower. Many industry insiders, however, say the moves are poorly-timed and even more poorly-conceived. Southfield, Mich.-based Creative Mortgage Lending and Clarksdale, Ind.-based Superior Development Group, Inc. are two examples of a new breed of lenders making an attempt to put a dent in a market they see as ripe for entry.