Another Mortgage Lender on the way to the Morgue

August 25, 2007 (LPAC)--The Washington Post reports, today, that the mortgage lending unit of NVR, the largest home builder in the Washington, D.C. region, disclosed, yesterday, in an SEC filing, that it was granted a $125 million line of credit by a consortium of banks, but is prohibited from using that credit to issue high risk mortgages. The money cannot be used for subprime, Alt-A or mortgages that split the price of a home between two loans. These restrictions, the Post says, could reduce NVR's potential pool buyers, in a market, of course, that is already collapsing.