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Sky not falling in state, mortgage insiders say.

Publication: Mississippi Business Journal
Publication Date: 30-APR-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
In Mississippi the mortgage sky is not falling, say industry leaders, even though the situation is garnering bleak publicity across the country. Much of the negative news is blamed on sub prime lenders who offer loan products to homebuyers who might not qualify for traditional loans. Now some of these lenders are going into bankruptcy.

"The mortgage industry is having some-problems nationwide caused by a combination of several things," said John Allison, commissioner of the Mississippi Department of Banking and Consumer Finance. "The sub prime market has gone into some downspin because of products such as interest only, teaser interest rates and no down payments. In 2007, two trillion (dollars) of...

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