CHASE WHOLESALE

Flash in the pan Joined: 08 Nov 2007 Posts: 31

I heard mass layoffs. . .especially AE's. . .Any one know????

Dud? Joined: 02 Feb 2008 Posts: 2

From my understanding, they merged the Home equity Sales team with the Wholesale sales team. In the process they laid off 63 AE's from the home equity side. I do not think home equity was doing much anyways.

Dud? Joined: 13 Jul 2007 Posts: 5

I heard layoffs occurred today on the HE side...Two conference calls: some let go, some retained for Prime, but have no more detail than that.

Flash in the pan Joined: 01 Feb 2008 Posts: 34

Chase just cut the max CLTV on their wholesale home equity lines to 70%
Chase max ltv is 75% on a jumbo 1st in declining market areas max second is 70%
WOW

Posted: Sat Feb 02, 2008 2:57 am

Email that came out today...

Significant Policy Changes from Chase Home Equity Given current market conditions, Chase Home Equity is making somesignificant adjustments to current lending policy effective with submissionsdated Monday, February 4th.

The most notable includes: * Minimum Fico Score will be increased from 640 to 660* Max CLTV in New York State will be limited to 80% however;* Max CLTV within Nassau, Suffolk, Dutchess & Orange Counties will be 75%* Financing within other States will be limited to a max of 85% withrestrictions depending on State & County (see attached)* Self-Employed or First Time Home Buyers will no longer be eligible for"Lite Doc"* DTI max on all purchase transactions will be limited to 40%* DTI max on all non-purchase transactions will be limited to 40% unless >700 fico in which case 45% will be the max* Max CLTV's on co-op collateral have also been reduced For complete details on upcoming policy changes, please see the attached.

In other news.... The Fed lowered rates once more today placing the Prime Rate at 6.00%.This gives us the ability to offer adjustable rate HELOC's as low as 5.30%!YSP & Broker Flat Incentives available up to $2,000 combined (plus front endfees, if you desire)... even on No Closing Cost products. Ask for details! I appreciate your business... You're hearing it first, and as early inadvance as possible! If you have any questions, please don't hesitate toask.

Posted: Sat Feb 02, 2008 3:36 am

Holy c**p....we're going back in time to a place where lending made sense and most people were able to pay with a decent debt ratio....wow!!

Schumpeter Reincarnate Joined: 21 Jan 2008 Posts: 3256

Yes this was Home Equity only - not Prime or Subprime. (Prime is actually hiring in all areas) They also brought Home Equity under the same umbrella as Prime and Subprime which is a good thing as Home Equity was its own seperate entity previously and their guidelines would sometimes not mesh with Prime guidelines as far as CLTV was concerned. This is a great move by upper mgmt at Chase.

Flash in the pan Joined: 02 Jan 2008 Posts: 40

my brother works for the subprime wholesale division. he has a couple of friends in south florida. word is they have a mandatory meeting on monday. no iteneriery has been given. everyone is in wait and see mode. they are hopeful that if they aren't going to add more products back to the current matrix that chase comes up with a plan for them. everyone knows they have made the business decision to pull out of the FL and MI market basically for the subprime wholesale division. So stay tuned..... I wouldnt be surprised at all if they are given severences.

Flash in the pan Joined: 29 Nov 2007 Posts: 40

chase home equity stuff is correct-

good news for citi home equity if they don't move backwards from 90% cltv

they re still in the game...

Schumpeter Reincarnate Joined: 21 Jan 2008 Posts: 3256

mcganahan skjellyfeti wrote:

chase home equity stuff is correct-

good news for citi home equity if they don't move backwards from 90% cltv

they re still in the game...

if you think CITI will stay at 90CLTV your nuts... they will probably slash within days