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Bear Growls at Subprime
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Updated from March 29
Bear Stearns(BSC Quote) expects to see a slowdown in subprime lending volume in 2007.
At an annual investor conference at the company's Madison Avenue headquarters, Bear Stearns mortgage officials said Thursday the firm had rolled back subprime lending activity last year within its mortgage division by 50% from 2005. They said the subprime represents less than 3% of Bear's overall mortgage business.
Tom Marano, head of mortgages and asset backed securities, predicted industrywide subprime lending volume would drop by 30%. ...
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