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Sorry folks, a busy day over here for yours truly. But lots of important news and notes to catch you up on. Enjoy the link love and check back soon for a more substantial post:
- Calculated Risk covers Wells Fargo setting aside $1.4 billion in loan loss reserves for home equity loans.
- Paul Jackson at Housing Wire covers the interesting case of dismissed foreclosure proceedings due to the securitization of mortgages
- Peter Viles notes that conforming loan limits will NOT be raised for 2008, at least for now.
- A couple of lenders ceased/reduced operations in one form or another M&T and Paul Financial (h/t Bill and Bryant)
- “It comes with deep regret to announce the cessation of M&T’s wholesale business from the Phoenix office. We will no longer be accepting new registrations or locks after today, Tuesday, November 27, 2007 at 4:00 pm. In an effort to ensure our commitment of existing registered loans, we will continue to provide quality service through the remainder of the lock period and closing.Where loan files have already been received and registered by M&T, but are not currently locked, they may be eligible to be locked for a period of 20 days and must be locked by Friday, November 30, 2007.
While this decision does not come lightly and is due to the many factors, we have valued your support and dedication as your lending partner. It has been a pleasure to serve you and your clients and wish you well.”
- I am forwarding you an email below from Peter Paul, the owner of Paul Financial. As it details, we are temporarily suspending originations of new loans. We are NOT going bankrupt, closing our doors for good,
or imploding. It is simply more economical for us to reduce staff to a small group of core people and ride out this market upheaval with zero volume than to maintain the staff necessary to fund conforming loans that carry such a small profit margin.
- “It comes with deep regret to announce the cessation of M&T’s wholesale business from the Phoenix office. We will no longer be accepting new registrations or locks after today, Tuesday, November 27, 2007 at 4:00 pm. In an effort to ensure our commitment of existing registered loans, we will continue to provide quality service through the remainder of the lock period and closing.Where loan files have already been received and registered by M&T, but are not currently locked, they may be eligible to be locked for a period of 20 days and must be locked by Friday, November 30, 2007.
Is it a sign of the times when emails from banks note that they have not “imploded?” I’m seeing a new definition in Merriam Webster here on the horizon…
