Been wondering where you have been.
I suspect things are going to get a lot worse, and fast, soon.
Just check my posts. It will get a lot worse very soon. All my friends who were in the mortgage biz lost their jobs. They all made BIG bucks, too. High level people, talented people with technical skills and graduate degrees from good colleges.
Thousands have lost their jobs in So-Cal.
Amazing ! 'Bubble Proof Houston' ? Really . . . ? Yikes !
Excerpt:
One of the nation's largest mortgage lenders, Houston-based Aegis Mortgage Corp., stopped taking new loans Monday, amid a day of news that signaled tougher days ahead for lenders and homebuyers.American Home Files for Bankruptcy After Shutdown"It's a bloodbath out there," said Mark Cady, senior vice president of Market Street Mortgage in Houston.
The announcement came on the same day New York-based American Home Mortgage Investment Corp. filed for bankruptcy protection.
Falling home prices nationwide and a rise in foreclosures have scared investors away from buying securities backed by home loans.
That, in turn, has led to tougher lending standards and higher interest rates.
For example, late last week, Wells Fargo upped its interest rate for large 30-year fixed rate home loans made through mortgage brokers to 8 percent
from 6.875 percent.
Excerpt:
American Home Mortgage Investment Corp. became the second-biggest residential lender to file for bankruptcy protection this year, adding to signs that late payments have spread to homeowners with good credit records.Countrywide To Buy Certain Mortgage Assets Of HomeBancThe company sought federal court protection from creditors in Wilmington, Delaware, today, saying it had assets of more than $100 million and debts of more than $100 million owed to more than 100,000 creditors. The filing comes after the company announced Aug. 2 it would halt operations and slash staff.
Amazing ! HomeBanc bailed out of the mortgage biz today. In case you were unaware: HomeBanck is that troubled subsidiary of Bank of America. It stupidly bought tons of bad paper from Bear Stearns and EMC Mortgage. EMC Mortgage is embroiled in scandal from coast-to-coast.
So let's see; Bad mortgage paper goes from Bear's EMC (sold on Wall Street by Bear) to HomeBanc to B of A to Countrywide. Countrywide must be planning to do a lot of snaky foreclosures in the near future.
112 Mortgage Lenders Have Now Gone Belly Up Since December, 2006
"Good riddance," I say. Just wait until Congress begins investigating this MASSIVE ponzi scheme. For a good graphic illustration of the ponzi scheme Click Here All those mounds of bad paper. Acres deep. Mortgages sold, then resold and resold and resold on Wall Street.
Does anybody want to learn more? Really? The truth will make you sick to your stomach.