The subprime mortgage market is the business of lending to people with blemished credit or lack of adequate cash for down payments. Wall Street is concerned about the fall in the subprime mortgage market due largely as a result of the cooling housing market. There was a price to 
pay giving loans to people can’t pay them back and now those lending companies are going bankrupt (including New Century Financial Corp. (NEW), the nation’s second-biggest subprime mortgage lender) and your stocks are subject to yet another panic situation. NEW has tanked 90% in share price, last month the shares were in the $30’s, today it trades under $2. There is nothing to be gained by playing the subprime stocks and the impact these lenders have caused on the economy couldn’t have come at a worse time. Bob Ivry from the Detroit news said these depressing comments today: "The deepest national housing decline in 16 years is about to get worse. As many as 1.5 million more Americans may lose their homes, another 100,000 people in housing-related industries could be fired, and an estimated 100 additional subprime mortgage companies that lend money to people with bad or limited credit may go under, according to Realtors, economists, analysts and a Federal Reserve governor." Time to panic? No it’s not. Probably not the best time to sell your house and just make sure you are holding good stocks. If you can’t afford to buy a house – then don’t and above all avoid the fallout worry. Panic article about how subprime will end the world…
Subprime Fallout – So what’s next?
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
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