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Another Exciting Lawsuit

By Jason Romrell

Services for Real Estate Pros with Business Attorney and Success Advisor

August 22, 2007 03:03 AM

If you're not familiar with the Mortgage Lender Implode-O-Meter (http://ml-implode.com/), you should be. It's an interesting blog providing centralized access to a growing list of failing lenders. Obviously there's nothing great about failing lenders (but there are some who, arguable, are getting what they asked for), but it's also nice to have this information in a quick and easy location.

A word of caution. I don't know how the information on the site is verified or who the original sources are. The behind the scenes wizardry seems to be pretty plugged in...but I always take things with a healthy dose of scepticism.

So here's the most interesting part of this story. The Mortgage Lender Implode-O-Meter is being sued! Imagine that. In a nutshell, one of the subjects of the site (an alleged failure) filed a lawsuit against the site's owner Aaron Krowne, claiming libel, unfair business practices, intentional interference with contract and negligent interference with contract. The story is here: http://blogs.wsj.com/marketbeat/2007/08/08/mortgage-implode-o-suit/.

In visiting the site today, I noticed that you actually can donate to the legal defense fund! And if you act now (...I can almost hear Ron Popeil in my head...)

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New Jersey Real Estate James Boyer Morris, Essex & Union County NJ Realtor

RE/MAX Properties Unlimited, Real Estate - Morristown, NJ

People will sue for anything, but on the other hand I have had a deal go south because someone leaked to the buyer or buyers agent that my seller was getting close to foreclosure. The buyers agent actually told me that the buyer wanted to sit things out a little and buy the home from the bank cheaper unless the home owner would reduce her price.

James Boyer

Realtor Associate

Keller Williams Real Estate

Summit, NJ 07901

Aug 22, 2007 03:08 AM

John Dye

Terapak Realty & Management - Milwaukee, WI

Great link, Jason. I would like to read the deatails of the lawsuit. It seems that there may be more to the story. Do you think the Implode-O-Meter is somehow related to a motgage lender or someone in the mortgage lending industry?

Very intersting.

Aug 22, 2007 03:13 AM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

Fascinating.

Last year it was Realtors and the DOJ.

This year it is lenders and mortgage companies and - well just about everyone except Realtors.

Life is, indeed, an adventure.

Aug 22, 2007 03:14 AM

William Johnson

Retired - La Jolla, CA

Retired

There must be some accountability somewhere. If the owner of the site has to prove his source and that the information is false , I hope they sue his pants off. And that goes for others as well. Part of the problem we have in this industry ( all industry and private concerns as well )is that people feel they can say anything to anybody about anything, true or not. While we all should protect and enjoy our 1st amendment rights, there still needs to be accountability if companies or individuals are carelessly smeared or harmed by overzealous people with no care of what harm they do in this Internet society. Writers beware, tell the truth. If it is your opinion, fine, just say so. If a person is pretending to have the goods on someone, they better have the goods or face the courts for careless and abusive behavior.

Like the newspapers which we all have criticised for telling half truths or stretching things to appear like something else, there is as much or more of that going on in blogs. Like I said, if it is an opinion, everyone can have those. Most of the time though it is stated as fact. When things are checked carefully, this is not always the case. Blogs can be just as interesting as clearly stated opinions and the writers don't need to pretend to be newscasters with some special inside source that is never verified. Most of the time, it is opinion reported as fact or leaving the reader to at least believe it is fact.

Aug 22, 2007 03:30 AM

Jason Romrell

Business Attorney and Success Advisor - Los Angeles, CA

William,

Yes, there must be accountability. We both know that too many times people rely on gossip, rumor or speculation and indeed pass it off as fact. Those who promote fiction as fact and damage someone int eh process should pay (that's exactly how our judicial system works). On the other hand, we've created a very interesting vocabulary of "waffle words" that are supposed to keep the speaker out of a lawsuit. Reporters love the word "alleged" as they rattle off accusations made against someone who should be presumed innocent until proven guilty. Bernanke (I wrote about this yesterday) used "waffle words" when he talked about the subprime meltdown being contained. It's all around us. Instead of curtailing our first amendment rights, I think we let the judicial system work its magic and in the meantime, we all should read things with a healthy dose of scepticism.

Thanks for a great reply to my post.

Aug 22, 2007 03:41 AM

Another Exciting Lawsuit

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