| When a person is in bad credit, it depicts to the world | | | | real time status updates. |
| that he is not worthy of credit. If he tries to take a | | | | Wells Fargo Bank: Wells Fargo is the major American |
| personal loan, banks and financial institutions will shut | | | | mortgage company. It has more than thousand |
| their doors on him. Only sub prime bad credit lenders | | | | branches spread across the world. Out of its' revenue |
| will give him money but they will charge exorbitant | | | | of $33 million in 2005, mortgage lending contributed a |
| rates of interest. However, he can avoid all these | | | | major portion. As per the market cap, this bank is the |
| problems if he goes in for a mortgage loan. In this type | | | | 9th largest in the world and it is the 5th largest bank in |
| of loan, the borrower has to give same asset as a | | | | America as per its assets. It has more than 23 million |
| security for the loan. If he defaults on the loan, the | | | | customers and nearly 160, 000 employees. |
| lender can sell the asset and use that money to realize | | | | Wachovia: Wachovia is the fourth largest mortgage |
| the loan. | | | | bank in America. They have a 25% discount offer on |
| Mortgage lenders charge very reasonable rates of | | | | the origination fee if you use their online service. |
| interest as their own risk is very less. Bad mortgage | | | | Wachovia assists mortgage-takers in every step from |
| lenders may charge a small premium fee as | | | | buying a new house to moving in. In fact, they have a |
| compared the ordinary mortgage lenders as it is | | | | 'Move Easy with Wachovia' program wherein you can |
| considered a huge risk to lend money to a person in | | | | avail their moving service at no additional cost plus you |
| bad credit. Forbes and various other agencies conduct | | | | can even win a cash reward if you use their network |
| surveys and compile a top ten list of bad mortgage | | | | real estate agent to purchase your house. |
| lenders. Based on these data, let us analyze the | | | | Golden West Financial Corporation: The third largest |
| names that are on the list. | | | | savings and loan corporation in America is the Golden |
| Citigroup: The largest financial services company not | | | | West Financial Corporation. It has nearly 450 locations. |
| only in America but in the entire world-this honor goes | | | | This is one of the best and largest bad mortgage |
| to Citigroup, whose assets exceed $1trillion. It has more | | | | lenders in America. It focuses mostly on the individual |
| than 200 million customers in more than 100 countries. It | | | | home buyers. One small disadvantage of this |
| is largest issuer of credit cards in the entire world. It | | | | company is its traditional nature. It is not quick in taking |
| survived the great Depression, innovated itself in the | | | | up and offering the zillions of other little products and |
| mid-20th century and feel into a series of scandals in | | | | services that other companies offer. But, still it has held |
| the early 2000s. Still, it holds its ground because of its | | | | its ground even in difficult economic environment. |
| unparalleled service and total solutions. Its major | | | | BB & T: BB & T provides total financial |
| competitors are J. P. Morgan chase & co., Bank of | | | | solutions for everyone-right from student loan and |
| America Corporation and Merrill Lynch & co. | | | | home loans to loans for raising capital and financing |
| Citigroup has a still longer way to go. It has set its | | | | businesses. They offer credit cards, insurance, |
| aspiration for a 75% increase in dividends. Only time | | | | merchant services and all. It is the nation's 14th largest |
| will tell if this dream is to become a reality. | | | | financial-holding company and has locations in over 11 |
| Citigroup tops the Forbes list as the best mortgage | | | | states at 1500 places including the Washington D. C. It |
| company for bad credit. One main reason for this is | | | | has nearly 29000 employees to provide a total |
| the unparalleled customer service that this company | | | | comprehensive service solution. |
| provides. This corporate giant has a large network of | | | | Popular: Puerto Rico's largest bank is Banco Popular |
| support to ease the application and use of mortgage | | | | and this is a subsidiary of Popular Inc., a bank holding |
| loans for its borrowers. It has a great reputation that it | | | | company. It is the largest vehicle-leasing and daily-rental |
| preserves untarnished. It operates in moose than 54 | | | | company of Puerto Rico and issues mortgages and |
| countries apart from America. In 2006 alone, it had | | | | other loans. It has seen a rapid growth in US in last |
| revenue of $108 billion and current assets of $1.3 trillion. | | | | few years and now stands as one of the leading |
| Bank of America: Next in line appears the Bank of | | | | provider's of bad mortgage loans. |
| America. It ranks second in the Forbes list. This is | | | | After this appear M & T, Marshall and ILSLEY, |
| America's leading bank. It is a leader in offering | | | | Amsouth Bancorp and Synovus Financial. They find a |
| mortgage services and small loans to its customers. It | | | | prominent place in most of the lists of bad mortgage |
| is not only the third largest American bank but is also a | | | | lenders. This list is neither accurate for all times nor is it |
| guru in credit card dealing. The best part in availing a | | | | comprehensive. |
| mortgage here isi) There is no application fee and | | | | So, always shop around and get quotations from |
| closing fees hereii) There is no need for private | | | | various lenders before choosing the lender who is best |
| mortgage insuranceiii) it has close on-time guarantee | | | | suited for your financial situation. Remember the |
| and the best value guaranteeiv) Bank of America | | | | business maxim 'caveat emptor' - 'let the buyer be |
| have 24/7 support to check application status and get | | | | aware' applies to mortgage loans too. |