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Mortgage Lender Implode-O-Meter has hit a milestone; 100 mortgage lenders officially “imploded” by the site. The latest was CIT.
In fact, while ML-Implode.com has hit 100 there are probably hundreds (if not thousands) more of the small mortgage brokerages, correspondent lenders, and other privately-held mortgage banks that were too small to make the Implode-O-Meter list.
I imagine that we’ll see another fresh round of implosions in the coming months as the subprime CDO debacle continues to unfold; forcing more stringent terms on subprime borrowers, reducing the pool of customers for lenders to “help.” Couple the litigious atmosphere that will surely impact the smaller players in the market and it is a foregone conclusion that the Mortgage Lender Implode-O-Meter staff will remain busy for some time to come.
