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Stocks Drop on Consumer-Spending Worries
Stocks Drop on Consumer-Spending Worries
Private Lenders Remodel the Mortgage Market
Private Lenders Remodel the Mortgage Market
LendingClub’s Ties to Fund Under Fire
LendingClub’s Ties to Fund Under Fire
Markets
StepStone buys Swiss Capital to Add $5 Billion of Assets
Markets
OppenheimerFunds to Shut Down Commodities Fund
J.P. Morgan’s Dimon Trades Barbs With Community Banker
J.P. Morgan’s Dimon Trades Barbs With Community Banker
Google Bans Ads for Payday Loans
Google Bans Ads for Payday Loans
Wages Up, Profits Down: Winners and Losers of Higher Labor Costs
Unhedged
Wages Up, Profits Down: Winners and Losers of Higher Labor Costs
The Very Long Bet: 100-Year Bonds That Pay Peanuts
The Very Long Bet: 100-Year Bonds That Pay Peanuts
Shake Shack Loses Its Sizzle
Ahead of the Tape
Shake Shack Loses Its Sizzle
Nissan Considers Buying a Third of Mitsubishi Motors
Nissan Considers Buying a Third of Mitsubishi Motors
In Japan’s Economic Extremity, Few Ideas Are Too Extreme
In Japan’s Economic Extremity, Few Ideas Are Too Extreme

Private Lenders Remodel the Mortgage Market

Investors dip into savings to offer high-price home loans to borrowers rejected by banks

By

TARZANA, Calif.—Mike Klemens, 81 years old, is a bridge player, real-estate investor and part of a new generation of private lenders helping reshape the American home-mortgage market.

From his ranch-style house in the hills above the San Fernando Valley, he services home loans financed from his individual retirement account and profits made in...

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