Blowing the Lid Off the Mortgage Industry
From the monthly archives:
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Screenshot courtesy of HP.
Casey Serin, the poster child of the mortgage and real estate industries excesses and transgressions closed up his very popular iamfacingforeclosure.com. In the last few weeks Casey had been talking about marital problems and other issues [...]
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Chart courtesy of At These Levels.
Above is a chart that Credit Suisse Analysts put out when looking at the housing industry in their report Mortgage Liquidity Du Jour: Underestimated No More (pdf). It is an excellent report, and published back in the first quarter it was one of the early pieces from Wall Street analysts [...]
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Do you know what type of loan you have? Do you have a 2 year adjustable with a 2 year prepayment penalty? If so, welcome to the club. The 2/28 (as it’s called in the industry) is the loan originator’s best friend. It’s like an annuity or renewable auto insurance policy – every 2 years [...]
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Often times this blog gets overrun with the latest out of the disaster that is quickly becoming of our profession; however, I did also intend this blog to be a tool for people in the industry to find the things that good people are doing out there so as to help improve the service offering [...]
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In this post from LA Biz Observed Markl Lacter highlights a recent Bloomberg story of a Secured Funding employee and their scams to cash-in on borrowers in extremely tight spots looking for cash. I wrote about the downfall of Secured Funding in an earlier post and have heard all of what Taher Afghani claims from [...]
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In this edition we interview Matthew Padilla, Real Estate and Mortgage reporter for the Orange County Register. Matt writes the Mortgage Insider Blog on the OC Register’s web site. Matt talks with Blown Mortgage about the subprime mortgage meltdown, the future of the mortgage market and discusses the line between what goes to press and [...]
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Inman News ran a story today on the further dust up in the industry over the Point2 spoof of the 60 Minutes piece on Realtor commissions. I happen to be in the middle of it, posting a rather critical review of the piece here. Basically I thought it was really not funny. But besides personal [...]
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I wrote about the subject of sensitive personal data being mishandled by mortgage companies in a previous post. Today, Housing Doom has the first of what I hope are many mainstream articles about the security of this data in the hands of bankrupt lenders.
Scarier yet is the prospect of thousands of little broker shops closing [...]
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Wow, I think I might have just found my "Why I hate my industry" king of the year. The following is an ad on YouTube for Kal Wayman, a mortgage originator from Atlanta Georgia. Don’t let your kids watch – and it may not be suitable for all office environments. Trust me – this is [...]
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In observance of Memorial Day I would like to take a moment to thank the people that I know personally that serve our country. Please, if you see a person in uniform today (or any day for that matter) thank them for what they do for us. Whether you agree or disagree with the policies [...]
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