Fieldstone Mortgage Company has closed its doors at the end of the day Tuesday July 31 2007. Will they reopen any time soon? After ABC ceased funding only days earlier and Countrywide announcing bad news, yet another casualty in this the second round of lender fallout. The end of year 2006 was awash in red ink and closures, recently we are hearing this "dead cat bounce" secondary echo of carnage. How many more will fall? Are we skittering along at the bottom of this market...or is the worst yet to be seen?
Central Pacific Homeloans - Honolulu, HI
Hi Steve -- Have not heard this one but am following American Home Mortgage as I worked for them for over four years. It is really sad as a lot of really good people are being hurt by this. Aloha
Aug 01, 2007 10:53 AM
RealtyPros - Las Vegas, NV
RealtyPros
This is indeed very sad news. What is going to happen? I am afraid that this is only the begining of the chain reaction to the declining real estate. Let's face it!
Aug 02, 2007 03:21 PM
Anonymous
ten years in this business here, my cowboy boots are well worn but it still hurts whent he horse falls and the cattle run.
fieldstone had some juicy products that were real prime cuts.....and to Bruce, I used to work 5 minutes up the street from American Home and NEVER thought the day would come when you folks woul close up your ranch. I hope you are going to be o.k. I am writing a book on all this. Perhaps you will have some info that will be helpful after the dust settles and we round up the panicked cattle back into the pen.
Aug 10, 2007 03:57 AM
#3
Mortgage Help - Fort Myers, FL
Bruce, Arina & Charles, thanks for chiming in! ABC was one of our favorite lenders and they will be missed. We did not use Fieldstone as much...
Charles, when you find a lender to replace those choice cuts let us know who it is. Can't wait to read your book!
Aug 10, 2007 04:02 AM
Anonymous
I'M SO GLAD THE WENT OUT OF BUSINESS. THEY TREATED THEIR EMPLOYEES LIKE DOGS UNLESS YOUR WERE A SCANTLY CLAD FEMALE WITH YOUR THONG STRAP SHOWING AND WORKED IN THE PLANO, TEXAS OFFICE FOR KEVIN MORRIS. I WON'T EVEN GET INTO THE STORIES OF BAD BREATH FRED CARSEL.
Apr 04, 2008 04:56 AM
#5
Anonymous
Michael,
That is unfortunate. I have heard of the "Sub Prime Hotties" using their ASSets in order to cash in on the bubble when it was going full steam.
In the name of equal time for all sides, any "Sub Prime Hotties" out there who wish to weigh in on the issue...please give us the story from your perspective.
This is after all an open forum for members of the housing and mortgage industry to exchange opinions, ideas facts, etc.
Steve Olczak
Apr 04, 2008 05:25 AM
#6
Anonymous
Bad Breath Fred - what could be worse than him? His nasty, pig faced, moronic psycho girlfriend that used to throw furniture around the office, screaming at the top of her lungs, while the rest of us tried to pretend it was normal that a manager of a professional mortgage company would have a skank like that terrorizing the office. I do believe she was the end of Stinky Fred's employment!
Jun 13, 2008 10:03 AM
#8
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