Blowing the Lid Off the Mortgage Industry
From the monthly archives:
If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!It’s been a while since I’ve had a “Why I hate my industry” but here’s one that may become my #1, all-time “WIHMI” king. Let me recount the story for you all.
Recently, driving home from work on the [...]
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A project that I’ve meaning to get to for a long time now is finally live on the site. I’ve created a Mortgage Terms Glossary of some of the more common terms used in home lending and mortgage. I’ll continue to grow the list as I revisit the project. You can get [...]
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Here is this week’s email to our list subscribers sent out yesterday; if you’d like to receive additional Blown Mortgage commentary sign up for our email list here. Please note that if you get our posts via email you are not necessarily signed up for our email list (two different things – technology is [...]
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A lot of people ask me about my background and how and why I am in mortgages. Most people want to know why someone in the mortgage industry has a web site like Blown Mortgage. I guess its a little weird having a site that is primarily focused on the negative aspects of [...]
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Cramer defends himself against a demand of a New Jersey based Realtor group to retract his Today Show comments about not buying homes right now. His gift of aphorism is brilliant for our day and age of 2-second sound bites. Of course a New Jersey Realtor group had to complain that Mr. [...]
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According to our account resources, Countrywide Home Loans will eliminate all subprime ARM loan products tomorrow for their wholesale partners; leaving only the 15, 20 and 30-year fixed mortgage products available for brokers. This follows on the heals of Angelo Mozilo’s statement that Countrywide is “out of subprime” and marks a massive 180 from [...]
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In this edition of the Blownmortgage.com interview series we speak with Patrick, the founder of Patrick.net. Patrick.net is one of the original housing web sites that decided to stop listening to the spin-doctors in the NAR and started looking for truth in the over-valued housing market of San Francisco. The site took off and [...]
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Well hold the presses! Wouldn’t you know – subprime defaults continue to increase! Somebody, tell your friends – the terribly underwritten subprime loans brought to the market courtesy of New Century, Fremont, and the rest of the imploded subprime cartel continue to sour by the day. Bloomberg reports:
Late payments and defaults among subprime mortgages packaged [...]
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According to now-former employees, Countrywide went through another round of layoffs at the (soon to be former?) Full Spectrum Group this morning which is the big subprime retail arm of the mortgage giant. It affected employees hired within the last 3 months and didn’t have tenure in the group. This affected several of [...]
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Fremont General, who pulled the plug on their subprime mortgage unit back in March under scrutiny from the FDIC, said today that a deal worth $80 million in cash to the beleaguered S&L is off as their billionaire investor has backed out. Neither party specified the reasoning behind the last-minute cancellation of the deal; [...]
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