Want to Refinance? Think Again, Brokers Say

By Reuters 11 Sep 2007 01:54 PM ET

Some 57 percent of mortgage broker customers were unable to refinance their adjustable-rate loans to avoid higher monthly payments in August, suggesting the U.S. housing slump may worsen, according to a national survey on Tuesday. .....

The Campbell survey also found that a third of home purchase closings were canceled in August. Loan closings were canceled for 56 percent of subprime borrowers in the month amid failed approvals, while closings for 21 percent of home buyers with good credit were foiled.

http://www.cnbc.com/id/20723118

U.S. mortgage companies face sharp job cuts

Bloomberg News
Published: September 10, 2007

NEW YORK: The worst U.S. housing slump in 16 years may lead mortgage companies to eliminate almost 100,000 jobs this year, more than double the number already cut since January.

As many as 20 percent of U.S. real estate loan officers and mortgage brokers will be fired, according to Josh Rosner, a managing director at Graham Fisher & Co., an investment research firm in New York.

That is in addition to the 10 percent reduction from December to July that thinned their ranks to 450,000, as many investors stopped buying mortgages and lenders curtailed financing to avoid rising subprime defaults.

http://www.iht.com/articles/2007/09/10/business/prime.php