industry news: Decision One Shuts Down
- 09/21/07 01:41 PM
In a recent article by Reuters UK, yet another lender falls victim to the "Mortgage Market Meltdown": "HSBC Holdings, Europe's biggest bank, said on Friday that it would close its U.S. subprime mortgage unit, cutting 750 jobs and taking an $880 million writedown, because the business is no longer sustainable...It was the latest blow from the meltdown in the U.S. market for loans to home buyers with poor credit histories." This brings the mortgage lender "death" toll to a whopping 159 since late 2006 (per the Mortgage Lender Implode-O-Meter). The Problem: Investors drive the capital markets, in this case the bond … (2 comments)
industry news: Former Fed Chairman Alan Greenspan Admits to Mortgage Dilemma on "60 Minutes"
- 09/13/07 12:41 PM
If you read my previous article, "Pointing the Finger At Who Is To Blame," you know that the Federal Reserve is often criticized for not having stepped in to resolve our credit problem earlier on. To be more specific, the Fed and Alan Greenspan are criticized for having kept interest rates low for far too long a period of time. In an article by Jeannine Aversa, AP Economics Writer, she writes about prior Fed Chairman Alan Greenspan and his omission to having been aware of our mortgage dilemma. Here's an excerpt from the article:
"'While I was aware a lot of … (7 comments)
industry news: Fed Chairman Calls for New Mortgage Products to Ease Credit Crunch: good or bad?
- 08/29/07 01:52 PM
What is our Fed Chairman Ben Bernanke doing to walk us out of this Credit Crunch? Here's what he had to say in a letter to Senator Charles Schumer, D-N.Y. [You can read the rest of the article by Market Watch here] "It might be worth considering at this juncture whether the private and public sectors, separately or in collaboration, could help the situation by developing a broader range of mortgage products which are appropriate for low-and moderate-income borrowers, including those seeking to refinance.Such products could be designed to avoid or mitigate the risk of payment shock and to be more transparent … (1 comments)
industry news: Countrywide comments on my post!
- 08/22/07 01:56 PM
Let me start off by saying that despite the fact that this may have been some one from the marketing department and not Timothy Wennes himself, the comment was made and it's there and it's good spin :) Now, the story... Recap: On Monday I wrote a headline piece stating the latest news on the Countrywide scandal; the rumor that Warren Buffett & Berkshire Hathaway are contemplating buying part of the large Countrywide. I received the following comment in response to my blog post from Countrywide's Chief Operating Officer...
[READ ON] *Visit my new blog at www.industry-report.com I look forward to reading your comments there. … (7 comments)
industry news: $20 Trillion In Real Estate Assets
- 08/21/07 07:26 PM
According to former Federal Reserve Chairman Alan Greenspan: "Households own $20 trillion in Real Estate assets. Almost twice the amount they own in mutual funds and directly hold in stocks." Do you think these households could use our help? [The way I see it, with people leaving the industry on a daily basis, that's more market share for me to grab!] It's estimated that in December 2008, $800 Billion subprime ARMs will adjust and 68% of these loans will default! [Statistical source unknown; but I'll find it] These borrowers/home owners are in desperate need of our help. They want … (2 comments)
industry news: The Mortgage Implode-O-Meter
- 08/17/07 09:14 AM
I received a text message yesterday from Randolph and Rose, my team members here at Wilshire Financial, Inc. It read: "They just announced First Magnus went out of business. Call [Account Executive] and see what the status is on our file."It seems like announcing that a Lender has gone out of business is an everyday thing now! Heck you might get news from not one lender, but two in a day. Just this morning on Bloomberg there was news on changes at National City. National City's Equity Division is being rolled into it's Mortgage Unit. … (4 comments)
I work for Diverse Solutions, Inc. a real estate technology firm based in Irvine, CA. We offer Mapping IDX Solutions and a WordPress IDX Plugin to make real estate agents more successful. Overall, I'm passionate about marketing and technology for the real estate industry!
In a recent article by Reuters UK, yet another lender falls victim to the "Mortgage Market Meltdown": "HSBC Holdings, Europe's biggest bank, said on Friday that it would close its U.S. subprime mortgage unit, cutting 750 jobs and taking an $880 million writedown, because the business is no longer sustainable...It was the latest blow from the meltdown in the U.S. market for loans to home buyers with poor credit histories.";)
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