Surprisingly there are still a few players left standing in the subprime market. Spoke to HFC yesterday. They indicated that they are still very active, and look forward to picking up increased business in mortgage applications due to the reduction in available lending institutions.

Others have indicated that they are sitting on the fence waiting to see what the Federal Reserve is going to do with interest rates next week. The consensus seems to be that a cut is to be expected.

CBS News reported this morning that mortgage applications were up last week. However, they are not certain if that reflects borrowers filing multiple applications in the event that their other applications may be rejected.

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