Your Evening Briefing: US Mortgage Lenders Are Starting to Fail

The US mortgage industry is seeing its first lenders go out of business after a sudden spike in lending rates, and the wave of failures that’s coming could be the worst since the housing bubble burst about 15 years ago. There’s no systemic meltdown looming this time around, mind you, since there hasn’t been the same level of excess and because many of the biggest banks pulled back from mortgages after the financial crisis. But market watchers still expect a string of bankruptcies, and that means a lot of people getting fired.

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