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the sky is falling
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| ninetyninej |
http://www.mortgageimplode.com/
Dead(33 lenders as of 3/5/07):
OwnIt Mortgage
Fremont Invenstment & Loan
C.P. Mortgage
ResMae Mortgage
MLN
Plus More!
Closed Branches/On Life Support:
Ameriquest/Argent/AMC Mortgage
Aegis Mortgage
Long Beach Mortgage
Peoples Choice Home Loan
New Century
GMAC
Option One
Plus More!
Very interesting reading for everyone, especially if you are in the mortgage business.
Welcome to the year of the short sale/foreclosure.
I feel really bad for all the families exploited by brokers with neg-ams and short term arms yeilding max rebates, giving the borrowers payments they can't afford and leaving them with no equity.
Only the strong will survive. |
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| CHEMISTRY-LA/OC |
| no ing way! :stongue: What's next? $3 dollar Viagras. |
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| gehzumteufel |
| quote: | Originally posted by ninetyninej
http://www.mortgageimplode.com/
Dead(33 lenders as of 3/5/07):
OwnIt Mortgage
Fremont Invenstment & Loan
C.P. Mortgage
ResMae Mortgage
MLN
Plus More!
Closed Branches/On Life Support:
Ameriquest/Argent/AMC Mortgage
Aegis Mortgage
Long Beach Mortgage
Peoples Choice Home Loan
New Century
GMAC
Option One
Plus More!
Very interesting reading for everyone, especially if you are in the mortgage business.
Welcome to the year of the short sale/foreclosure.
I feel really bad for all the families exploited by brokers with neg-ams and short term arms yeilding max rebates, giving the borrowers payments they can't afford and leaving them with no equity.
Only the strong will survive. |
jason this is funny thing....i dont work in the business anymore but i have been calling this happening for at least a year now. i got laid off from wells 1st week in nov but i have been saying this is going to happen for a while. MANY MANY people got an option arm and paid the negam payment but had no clue. its sad but they were stupid not to understand the way the loan works. |
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| Junior Chavez |
yup, sloppy underwriting.... record year for loss of homes to be seen.
inflation.
over extended derivative market.
what you will witness in the next 36-48 months is a bottom far worse than the great depression.
sad, but true. |
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| ninetyninej |
| quote: | Originally posted by gehzumteufel
jason this is funny thing....i dont work in the business anymore but i have been calling this happening for at least a year now. i got laid off from wells 1st week in nov but i have been saying this is going to happen for a while. MANY MANY people got an option arm and paid the negam payment but had no clue. its sad but they were stupid not to understand the way the loan works. |
yeah man i remember predicting this too about a year or so ago and everyone i worked with was either like ' it, i'm going to make as much money as possible' or said 'theres no way home prices will fall, at least not in california!'
its a shame :/ |
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| gehzumteufel |
| quote: | Originally posted by ninetyninej
yeah man i remember predicting this too about a year or so ago and everyone i worked with was either like ' it, i'm going to make as much money as possible' or said 'theres no way home prices will fall, at least not in california!'
its a shame :/ |
yep. oh well what can you do? its a vicious cycle that shows up every 4-5 years. |
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