We don’t report only the negative. However, right now, the “big story” is still the breakdown, not the recovery. As we see worthwhile items like that, we’ll “publish” them.

Also, what you see on ml-implode is largely a result of what readers send in. I acknowledge that that can become a self-reinforcing feedback loop; so we will certainly be making an attempt to “balance” the coverage more as applicable, with our meager level of editorial resources (in case you were wondering, we are *not* the sort of production on par with a newspaper or industry publication).

Thus far, I feel vindicated. As we broke the story earlier this year, the MSM continued to emphasize the “containment” thesis (without really providing any evidence for it). I think this cause us (and our readers) to continue to make the opposite “argument”.

That is a fair assessment and in an odd coincidence I am working on a post about changes that Washington Mutual is making to its operations for the benefits of its borrowers.

I have interviewed people working to change the industry for the better as well. Check the Podcasts section to hear my interviews with Jillayne Schlicke of the Ethical Lending Foundation, amongst others. All people attempting to “fix” what we’ve got here. There is a lot of work to be done and there are good people working on it.

I like your suggestion and will make an additional effort to highlight positive developments as they arise in the industry; however, I must caution that it would seem that we are in for more dour than positive news in the short-term.

Thanks for your comments and the suggestion; we’ll definitely try to highlight the positive things being done.

Thanks for the comment!

If you report nothing but the negative… then what can we extract that is positive?

You are correct in that those reporting information are doing just that… but there is more to the story of how the industry ended up in this mess.

Reporters in the heart of the industry woes (Southern CA) are also only reporting data that they are provided vs going out and doing some real journalistic ‘Pulitzer’ type reporting. If nobody is making any attempts to get to the source, then nobody will be held accountable for their wrong actions.

Both ‘Implode’ and ‘Blown’ can step up to be something more than the bearer of bad news.

In addition, there are many qualified, industry professionals that are diligently working to correct this sinking ship. What are their efforts? What needs to be accomplished? Who are these individuals and/or their companies that are going to revitalize this industry, at least to the point where it comes off the endangered species list.

It’s time to create a new section to your sites that is poised to identify new direction. The mess has been made, and it appears that it will get messier as time passes. But this is only the negative side. The industry will continue, and we will likely extract the cancer and move forward.

I challenge the 2 of you to make that effort.

Thanks for another interesting interview.

Aaron, I wish you well (for selfish reasons too) defending against that SLAPP suit.

I like to think that we’re a valuable supplement to the mainstream sources. While their resources are many orders of magnitude greater than the blogs in the real estate sector, at least we have the freedom to delve into some of the dark corners. As well, should we choose we can pursue a single story for a long period of time, like Implode-O-Meter’s steady focus on unstable mortgage originators that has been maintained for more than half a year now. It’s hard to imagine a newspaper being that persistent.

Anyway, we’re awfully thin on the ground in this sector. Tanta Vive at Calculated Risk, commenting on Aaron’s SLAPP challenges, addressed the MSM community. She noted that the real reporters depend critically on us, and if we’re scared away (it wouldn’t take much!) it would make their job that much harder.

Looking forward to future interviews!

No need to apologize for your opinion. You are entitled to whatever you feel about blogging, non-mainstream information reporting and as it has been called “the cult of the amateur.”

My only response to your opinion is that I challenge you to a)find 100% purely objective reporting on any issue – including housing b)find 100% purely hype or spin-free coverage of any issue through any media outlet and c)to accurately define who and who is not an “expert” or “seasoned analyst”.

I would argue that members of the mainstream media (the analysts) are thoroughly over-matched by the complexity of the housing and mortgage problems. Have you ever heard a talking head attempt to reason through CDO characteristics and explain the ABX indices’s? These so-called analysts are usually the least educated of those talking on the subject. Their lack of understanding shines through in article after article lately.

The simple fact that they are on TV or in large-circulation publications far from qualifies them as educated on the subject matter. Their background provides little in the way of authority to talk in anymore authoritative manner than Aaron or other industry participants on the current crisis.

I also challenge the notion that mainstream news agencies and larger entities somehow carry less spin/hype. A quick look at Fox News, the National Association of Realtors and other players in reporting on the market all have their spin and hype based on their audience.

I agree with you that what is presented in any medium should be questioned with a critical eye; and that spin and hyperbole should be absent from news. Unfortunately keeping spin and hype out of news doesn’t make for entertaining fodder – and Americans have voted with their eyeballs and attentions – they want a little of both.

Lastly I am not a reporter and don’t claim to be one. I merely create these interviews as an opportunity to share insights of those who write about the industry I’m working in with people who read this blog and may be interested in what they have to say. I learn a lot from talking with the different people I’ve had the pleasure of speaking with and I hope that some people do as well. I don’t purport them to be anything other than that.

Thanks for the comment.

(Hey, I’m as surprised as you are.)

Also, some people seem to have failed to note the site’s satirical element. Think of it as something like a “Daily Show” of the housing finance implosion. My feeling is that the whole situation is so ridiculous, it must be spun homorously.

I’ll admit there is an attention-getting element; which is intentional, in order to combat the systemic effort to ignore systemic risk.

No one wants to believe there are systemic problems. For example, only now is realization growing that the weakness extends to Alt-A and prime. It took Mozilo to fess up to that for people to stand up and take notice? For shame! The man has been dumping shares at a rate of $4 million/month for nearly the past year.

This is a ridiculous reality. And it must be lampooned (hence our Mozil-oompa t-shirts).