The Mortgage Graveyard Is Growing As US Subprime Collapses

Well just take a look in the rapidly growing mortgage graveyard with its ever increasing list of mortgage companies that are going bankrupt or experiencing serious problems.

The trouble began in the subprime sector, with mortgage companies such as BNC Mortgage getting shut down and joining the mortgage graveyard, but the trouble is spreading to other areas of the mortgage market bringing the situation to crisis point.

Also going into the mortgage graveyard we have seen the HSBC Retail Loan Center and American Home Mortgage. Large banks may also be joining the mortgage graveyard as BNP Paribas froze operations in one of their investment fund not so long ago.

Market Analyst Sam Kirtley of The Gold Prices Newsletter doesn’t think the trouble is over yet: “We see a major real estate crash coming and this will drag not only the subprime market down, but the entire mortgage industry and stock market. There will be a major recession in the US and this will send gold prices to record highs.”

Do you think the mortgage graveyard will continue to grow?

Which company will be the next one to join the mortgage graveyard?