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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

Posted by Bruce Bourgault, Vice President, Mpro on 08/16/2007 08:57 PM

Comments (19)

current crisis, hawaii loan officer, va loan officer, va loans

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

AUG

2007

Spooky stuff going on...and you'll be okay...help all you can Bruce.

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

Hunker down and keep on fighting!

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

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.

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

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.

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

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

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

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

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.

AUG

2007

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

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

Bruce,

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

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

AUG

2007

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.

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

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