You have been hearing it for the past 9 months. See www.ml-implode.comfor a running tally of which lenders are sunk, which are sinking and which are looking for a tub boat to pull them into shore. Until recently, this probably hasn't affected you or your borrowers. However, with the sudden collapse of American Home Mortgage and others completely shutting down product lines, the next few weeks and months will be interesting to say the least.
In a recent poll conducted by the National Assosciationg of Mortgage Brokers they found that over 40% of respondents had lost 6 or more lenders.
On a more upbeat note French bank BNP Paribas - the largest bank in France - froze about 2.2 Billion dollars worth of funds. This is upbeat, b/c the number one reason behind the funds loss in value was due to investors pulling funds out - not due to the underlying makeup of the fund. I interpret this to mean that, there was no need for investors to pull money out, they were just panicking a bit, but I could be wrong. Other commentary and details on this can be found at http://www.mortgagemarketingguide.com- Barry Habib and from Reuters on CNNMoney.com
Hey - are we having fun yet?
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