Bear Stearns Alt-A absorbs Sub-prime Encore Credit

Bear Stearns Residential Mortgage and Encore Credit Corporation will be a single unit under the name Bear Stearns Residential Mortgage, the bank said in a statement. The move will mean reducing staffing by 310 jobs. Encore Credit is a sub-prime mortgage lender, while the Bear Stearns Residential Mortgage lends for Alt-A mortgages. Less than a …

Top 25 Subprime lenders and biggest losers

For many years it has been our opinion that predatory lending became the acceptable norm, followed by a period of aggressive Wall Street greed. When predatory became subprime, and with regulators totally asleep, these 25 institutions effected the entire world economy: Countrywide Financial Corp. Amount of Subprime Loans: At least $97.2 billion Ameriquest Mortgage Co./ACC …