Mortgage bankers group cuts ties with subprime lenders
BOSTON The Massachusetts Mortgage Bankers Association has removed three subprime lenders from its membership rolls.
The Boston Herald reports the organization cut ties with Fremont General, New Century Financial and the Mortgage Lenders Network of Connecticut.
The moves come a year after the state mortgage bankers' group also cut ties with Ameriquest, another provider of high-interest loans to people with poor credit.
Subprime lenders have come under financial pressure recently amid growing numbers of defaults and foreclosures involving high-interest mortgages. Federal and state lawmakers are considering legislation to more closely regulate the industry.
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