This is getting old and I really don't like it!!!!!!!

Another great company closed today.  Charter Funding a local subsidiary of First Magnus shut down this morning.  If affects over 50 folks here in Honolulu and they were all good folks who were just caught up in the current liquidity crisis.

 

Some of their folks had all ready signed their closing documents and were just waiting for today to fund the loan so it could record tomorrow.  Ain'ta gonna happen and that is really so sad for every one, buyer, seller, listing agent, buyers agent and loan officer.  So many people with so many plans all shot to h***.

 

We are picking up some of their loans and will do what we can to get them closed as soon as we can.  It just makes me so sad for all.

 

One can only hope that Countrywide can survive.

 

Good Luck, Good Lending, and Aloha

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                            

 

 

 

 

 

 

 

 

 

                            

 

 

 

 

 

 

 

 

 

 

                            

 

 

 

 

 

 

 

 

 

 

                            

 

19 Comments on This is getting old and I really don't like it!!!!!!!

Hi Sally -- How true.  I talked to Zeke this morning and he said he was just going on vacation and would figure out what to do when he get's back, I told him he had a home with us if he wanted it.  Aloha 

08/16/2007 09:07 PM by Bruce Bourgault, Vice President, Mpro (Central Pacific Home Loans)


Hunker down and keep on fighting!

08/16/2007 09:09 PM by Richard Thewissen (ERA Realty Pros)


Hi Richard -- It is all we can do, but I still don't like it!  Aloha

08/16/2007 09:11 PM by Bruce Bourgault, Vice President, Mpro (Central Pacific Home Loans)


My mom knows Zeke (he goes to Oahu Country Club where my mom still works) and he's going with Doug (like he does every year) on vacation. Hmmm....it really threw me for a loop.

08/16/2007 09:32 PM by Celeste "SALLY" Cheeseman (RA), HAWAII Real Estate & HAWAII Relocation (Century 21 Liberty Homes -Mililani, Hawaii)


Sally -- You know how I felt about AHM and Zeke felt the same about Charter.  It just is so sad.  Aloha

08/16/2007 09:35 PM by Bruce Bourgault, Vice President, Mpro (Central Pacific Home Loans)


OK Bruce: You need to stand like a rock like you always have. You and I are old enough to say we have been here before. We all pretty well knew it would come to this; and like the strong country we are we will have to dig out of this crisis. But, I think we have another crisis just as big and that is credit card debt; this makes me scratch my head.

I guess we won't be going on that retirement trip we planned on if the market doesn't get straightened out.

So, I guess you and I will have to just keep blogging.

Take care of yourself Bruce. 

08/16/2007 09:43 PM by Carl & Ceil Winters (Complete Inspection Service, New Braunfels, Texas 78133)


Carl -- Your comments are spot on.  Hey did you guys get soaked today.  Myh thougths were with you all in the area when I watched the news this am.  Stay dry. Aloha

08/16/2007 09:55 PM by Bruce Bourgault, Vice President, Mpro (Central Pacific Home Loans)


Carl -- Your comments are spot on.  Hey did you guys get soaked today.  Myh thougths were with you all in the area when I watched the news this am.  Stay dry. Aloha

08/16/2007 09:55 PM by Bruce Bourgault, Vice President, Mpro (Central Pacific Home Loans)


Bruce: Yes, we have gotten quite a bit of rain. I don't ever remember a summer with this much rain. How about you with , I think, Flossie? Looks like we have to watch out for Dean the new hurricane and see what he is going to do.

Take care 

08/16/2007 10:13 PM by Carl & Ceil Winters (Complete Inspection Service, New Braunfels, Texas 78133)


Hi Carl -- We did not get a drop of rain from Flossie and we really need it.  Keep your head down as Dean heads your way.  Good Luck  Aloha

08/16/2007 10:52 PM by Bruce Bourgault, Vice President, Mpro (Central Pacific Home Loans)


Hi Bruce - my wife was employed with First Magnus, who also went down today.  Sad for all!

08/16/2007 10:53 PM by Benchmark Mortgage of Louisiana


Bruce,

And we thought First Magnus was a stable and well-run company. When it happens like this, all of sudden, you are right about the suffering it can spread to so many people involved in a transaction. We just have to keep battling on and find another lender who can make it happen.

08/16/2007 11:19 PM by Esko Kiuru - Las Vegas NV Mortgage Consultant (Sinifox Financial)


If the buyers end up funding with you, at least the silver lining is obvious in the end! 

08/17/2007 05:27 PM by Options Realty


Gareth-- I am so sorry for her and for all the great people that lost their jobs.  She will prevail and we all will.  It is just a shame we have to go through this.  Aloha

Esko -- AHM and First Magnus were both great companies and were brought to their knees buy the investment bankers on Wall Street.  If the Fed had not acted to day it is problematic whether CW could have made it through the day.  I am not a fan of CW but I truly hope they make it for the good of our industry.  Aloha

Laurie-- It is a no win for every one though.  We pick up a loan that is all ready past closing and everyone wants to get it done NOW, but do we place it ahead of the folks that came to us in the first place.  Man it is a conundrum.  Aloha

08/17/2007 09:49 PM by Bruce Bourgault, Vice President, Mpro (Central Pacific Home Loans)


Bruce,

Is the talk about Countrywide closing true? I heard some people talking about it today.

08/17/2007 09:53 PM by Christopher Pike, REALTOR®_803-727-7800 (Keller Williams® Realty)


Hi Christopher -- It is touch and go right now.  They drew down on an 11+ Billion line to fund their immediate needs but they are funding about 30 Billion a month.  The Fed lowering the discount raqte helped and hopefully they will make it.  The fall out for our industry will be very negative if they fail.  Let's keep our fingers crosse.  Aloha

08/17/2007 10:17 PM by Bruce Bourgault, Vice President, Mpro (Central Pacific Home Loans)


Thanks for your thoughts Bruce.  The rumour is that the Charter Funding staff locally may resurface through another Lender, but it is it's just a rumour at this point..  I'll keep you all in the loop. 

08/19/2007 03:45 AM by Pete Castillejos-Hawaii Refinance or Purchase (808 Home Mortgage, Inc.)


Thanks Pete -- I wish you the very best and know that you have a home here if you need it.  Aloha

08/19/2007 09:34 AM by Bruce Bourgault, Vice President, Mpro (Central Pacific Home Loans)


Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Loan Officer: Bruce Bourgault, Vice President, Mpro (Central Pacific Home Loans)
Bruce Bourgault, Vice President, Mpro
Honolulu, HI
More about me…
Central Pacific Home Loans

Office Phone: (808) 779-2194
Cell Phone: (808) 779-2194
Email Me

Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find HI real estate agents and Honolulu real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved