Mortgage Lender Implode-O-Meter Hits 50
On January 3, 2007, this blog first mentioned the Mortgage Lender Implode-O-Meter website. At the time, only a handful or so companies were listed. Now it looks like 50 lenders have "gone kaput." How many more will go down this year?
3 comments:
2 of 3 friends in the mortgage bus tell me they're busy.
One said "they have artificially high loan volume this month due to the loss of many lenders".
I believe this loss of lenders has delayed loans and closings in the 1st qtr. 1 week = 25% per month.
But for those of you former lenders now selling stocks... quit calling please.
Pretty much every day I hear some sort of "subprime" story on NPR or television news, usaully where they cite the number of lenders out of business so far. The numbers used to be taken directly from the implode meter but lately they've been all over the place:
"As many as 2 dozen"
"more than 25"
"over 30"
How about 50!
But for those of you former lenders now selling stocks... quit calling please.
Yep. One pure commission field to another. Surprising though - but only because it ain't exactly an overnight deal to get registered.
For fun - next time one calls ask them their full name, and what broker dealer they work for.
I'd bet they hang up before you can even say brok.....
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