My blog gets a lot of hits for the term ’scratch and dent lenders’ presumably from mortgage bankers looking to off-load New Century loans that they can’t sell off their warehouse line. I think Blown Mortgage comes up near the top on Google because of my correspondent loan saga posts.
If you’ve arrived here because you’re [...]
Casey Serin, the housing bubble’s poster-child, lost his last home to foreclosure the other day. I feel bad for the guy because I’ve seen plenty of people pick up one of those real estate investment books and think they’ve found the path to eternal wealth.
I hope he lands on his feet, but foreclosure is [...]
To everyone in the mortgage industry:
We have a new issue of our OriginatorSUCCESS newsletter dropping on Monday, chock full of good stuff from the past week on improving your business while others are sinking at varying speeds. To receive the new issue sign up here.
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I haven’t posted on this subject in a while but I thought I would give an update on the New Century loan that we were stuck with after they stopped buying loans. As you know from my previous posts we have been looking at a loss of between $60,000 and $120,000 on this loan as [...]
Let me out now!! Keith over at the Housing PANIC blog highlights another one of our industry’s fine upstanding citizens. The poster-child du jour is Matthew Cox, a Florida mortgage broker who makes stating false income on a 1003 look like littering.
What’d he do? Oh, just forge about every document possible to record multiple mortgages [...]
Home equity withdrawal (or mortgage equity withdrawal – MEW, in industry parlance) declined for the first time since 1999 representing a shift in how American consumers use their home’s equity, according to the Wall Street Journal (subscription).
As Calculated Risk points out MEW has been a huge part of consumer spending over the past several [...]
Yesterday was a tough day. We had to let go one of our people that has been with us since the very first day that we started our company. She was a close friend of my wife, a friend of everyone in here and it just really sucked. I hated thinking about it, doing it, [...]
This Friday’s Orange County Blogger Meet Up finally has a home and it is the very nice, very Orange County Rooftop Bar at the Hotel La Casa del Camino:
The Hotel La Casa del Camino – Rooftop Bar – Kâ??ya
1289 S. Coast Highway, Laguna Beach, CA 92651
â?¢ 949-497-2446, 888-367-5232, fax:949-494-5581, stay@casacamino.com
Map
Date: Friday 4/27/07Time: 7pm
I [...]
Countrywide Financial (CFC) reported on its Q1 2007 earnings this morning. Those results were off $0.05 from estimates. CFC is off about 1.5% as of this post. :
"Countrywide’s earnings for the first quarter of 2007 were $434 million, despite adverse subprime and housing market conditions," said Angelo R. Mozilo, Chairman and Chief Executive Officer. "While [...]
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