Comments on: News Flash: NovaStar Suspends Funding Immediately http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: eric woodham http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/comment-page-1/#comment-3187 eric woodham Mon, 27 Aug 2007 03:56:43 +0000 http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/#comment-3187 Thanks Morgan, It looks like you get it! Sad , is it not? Thanks Morgan,
It looks like you get it! Sad , is it not?

]]> By: Morgan Brown http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/comment-page-1/#comment-3185 Morgan Brown Mon, 27 Aug 2007 02:21:25 +0000 http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/#comment-3185 eric - its true. I've met so many loan originators that had no idea what loan documents even looked like. Sad, but very, very true. eric – its true. I’ve met so many loan originators that had no idea what loan documents even looked like. Sad, but very, very true.

]]> By: eric woodham http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/comment-page-1/#comment-3182 eric woodham Mon, 27 Aug 2007 02:14:20 +0000 http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/#comment-3182 Hey Greg, Your right on the money. Hey, email me at ewoodham@tampabay.rr.com. Would love to talk with you. Hey Greg,
Your right on the money. Hey, email me at ewoodham@tampabay.rr.com. Would love to talk with you.

]]> By: eric woodham http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/comment-page-1/#comment-3181 eric woodham Mon, 27 Aug 2007 02:05:33 +0000 http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/#comment-3181 Greg, How well put!It sucks that a company holds an "escrow" account to pay you, then bounces a check(s) on you. Yes, I go to the implodeometer quite often. Did you see where Greenpointe(owned by Capital One) just shut down Wednesday, leaving 2000 people without jobs.They were basically a conforming lender, like American Home Loan. Friggin Country Wide borrowed 11.8 billion last week and used the whole line of credit to fund loans in one day.I am getting emails from my friends across the nation telling me that county courthouses wont even take a check from Countrywide anymore. Title companies want wires only, no checks. Kind of scary, don't you think? Greg,
How well put!It sucks that a company holds an “escrow” account to pay you, then bounces a check(s) on you. Yes, I go to the implodeometer quite often. Did you see where Greenpointe(owned by Capital One) just shut down Wednesday, leaving 2000 people without jobs.They were basically a conforming lender, like American Home Loan. Friggin Country Wide borrowed 11.8 billion last week and used the whole line of credit to fund loans in one day.I am getting emails from my friends across the nation telling me that county courthouses wont even take a check from Countrywide anymore. Title companies want wires only, no checks. Kind of scary, don’t you think?

]]> By: eric woodham http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/comment-page-1/#comment-3180 eric woodham Mon, 27 Aug 2007 01:52:08 +0000 http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/#comment-3180 Greg, How well put!It sucks that a company holds an "escrow" account to pay you, then bounces a check(s) on you. Yes, I go to the implodeometer quite often. Did you see where Greenpointe(owned by Greg,
How well put!It sucks that a company holds an “escrow” account to pay you, then bounces a check(s) on you. Yes, I go to the implodeometer quite often. Did you see where Greenpointe(owned by

]]> By: Gregory Hartley http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/comment-page-1/#comment-3178 Gregory Hartley Mon, 27 Aug 2007 00:59:29 +0000 http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/#comment-3178 Well said, Eric. Although "May the farce be with you" may have been more appropriate. In March a client of mine told me about the website mortgageimplode.com. On that day there were 39 lenders that had imploded. Look at it today. Almost 100 have gone under since that day in March. One of them, American Home Mortgage, bounced two checks on me. Both of those checks were deposited and returned to me before they declared bankrutpcy which tells me they had already closed that account. I have been in touch with HUD general counsel in Washington and plan to file a RESPA complaint because this was money that had been collected from the borrowers and should have been paid out, regardless of their financial situation. I have also apprised Senator Shelby's office of this problem. I suggest anyone who reads this who got stiffed by American Home Mortgage to do the same. I'm glad they were a small-time client. I, too, have seen slowdowns in the industry but I've never seen this many big lenders or investors go out of business or seen this level of foreclosures. It will be an interesting next year. Check out appraisalbuzz.com and alabamaindependentfeeappraisers@yahoogroups.com. Greg Hartley Blue Moon Appraisals Birmingham, AL Well said, Eric. Although “May the farce be with you” may have been more appropriate. In March a client of mine told me about the website mortgageimplode.com. On that day there were 39 lenders that had imploded. Look at it today. Almost 100 have gone under since that day in March. One of them, American Home Mortgage, bounced two checks on me. Both of those checks were deposited and returned to me before they declared bankrutpcy which tells me they had already closed that account. I have been in touch with HUD general counsel in Washington and plan to file a RESPA complaint because this was money that had been collected from the borrowers and should have been paid out, regardless of their financial situation. I have also apprised Senator Shelby’s office of this problem. I suggest anyone who reads this who got stiffed by American Home Mortgage to do the same. I’m glad they were a small-time client.

I, too, have seen slowdowns in the industry but I’ve never seen this many big lenders or investors go out of business or seen this level of foreclosures. It will be an interesting next year. Check out appraisalbuzz.com and alabamaindependentfeeappraisers@yahoogroups.com.

Greg Hartley
Blue Moon Appraisals
Birmingham, AL

]]> By: eric woodham http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/comment-page-1/#comment-3172 eric woodham Sun, 26 Aug 2007 12:08:41 +0000 http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/#comment-3172 Oh well, curiosity killed the cat. Stupid lending/lenders killed the market. I feel for all you "nubies" , both originators, appraisers, and dumb hedge funds that ruined my lively hood, and the American dream(to own your own home). I would love to know how many "originators" actually had home ownership in the last 10 years. I saw a great article the other day from an "experienced" loan officer , who said, quote"the last 5 years have been Nuetron loans, kill the people , but leave the houses standing" How well put. For all you originators with no education, etc. , think what you did for your client, think what you did for yourself, look in the mirror and if you can sleep, may the force be with you Oh well, curiosity killed the cat. Stupid lending/lenders killed the market. I feel for all you “nubies” , both originators, appraisers, and dumb hedge funds that ruined my lively hood, and the American dream(to own your own home). I would love to know how many “originators” actually had home ownership in the last 10 years. I saw a great article the other day from an “experienced” loan officer , who said, quote”the last 5 years have been Nuetron loans, kill the people , but leave the houses standing” How well put. For all you originators with no education, etc. , think what you did for your client, think what you did for yourself, look in the mirror and if you can sleep, may the force be with you

]]> By: eric woodham http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/comment-page-1/#comment-3171 eric woodham Sun, 26 Aug 2007 12:05:03 +0000 http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/#comment-3171 Oh well, curiosity killed the cat. Stupid lending/lenders killed the market. I feel for all you "nubies" , both originators, appraisers, and dumb hedge funds that ruined my lively hood, and the American dream(to own your own home). I would love to know how many "originators" actually had home ownership in the last 10 years. I saw a great article the other day from an "experienced" loan officer , who said, quote"the last 5 years have been Nuetron loans, kill the people , but leave the houses standing" Oh well, curiosity killed the cat. Stupid lending/lenders killed the market. I feel for all you “nubies” , both originators, appraisers, and dumb hedge funds that ruined my lively hood, and the American dream(to own your own home). I would love to know how many “originators” actually had home ownership in the last 10 years. I saw a great article the other day from an “experienced” loan officer , who said, quote”the last 5 years have been Nuetron loans, kill the people , but leave the houses standing”

]]> By: money blog » NovaStar to Cut 37% of Workforce http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/comment-page-1/#comment-2641 money blog » NovaStar to Cut 37% of Workforce Fri, 17 Aug 2007 18:12:38 +0000 http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/#comment-2641 [...] Financial, which temporarily halted funding nearly two weeks ago amid the major disruptions in the secondary market, announced that they will [...] [...] Financial, which temporarily halted funding nearly two weeks ago amid the major disruptions in the secondary market, announced that they will [...]

]]> By: NovaStar reduces work force amid subprime mortgage market meltdown http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/comment-page-1/#comment-2634 NovaStar reduces work force amid subprime mortgage market meltdown Fri, 17 Aug 2007 17:06:12 +0000 http://blownmortgage.com/2007/08/03/news-flash-novastar-suspends-funding-immediately/#comment-2634 [...] new here, you may want to subscribe to my RSS feed. Thanks for visiting!NovaStar Financial, which temporarily halted funding nearly two weeks ago amid the major disruptions in the secondary market, announced that they will [...] [...] new here, you may want to subscribe to my RSS feed. Thanks for visiting!NovaStar Financial, which temporarily halted funding nearly two weeks ago amid the major disruptions in the secondary market, announced that they will [...]

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