by Patrick
on December 31, 2007
Well, I had a draft posted about National City dying this year. It wasn’t crisp or sharp, but it would have made me a prophet. A couple of hours ago, they announced that they would be shuttering their wholesale lending department. This is after they shuttered second mortgages. And the beat goes on…
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by Patrick
on December 31, 2007
I’ve talked before about how 2011 might not even be the end. And with Bank Of America publicly predicting that increased awareness will lead to a further decline in prices, things should be interesting–especially the question: do we pray for ignorance? I’ll start by saying that both Countrywide the brand, and Countrywide the business will [...]
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by Morgan
on December 30, 2007
The Mortgage Lender Implode-O-Meter announced today the settlement of the lawsuit filed against them by the Loan Center of California. This is great news for all bloggers who have sought to tell the truth while covering the mortgage industry implosion. When the lawsuit was first announced many bloggers (including myself) wondered aloud about the stability [...]
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by Patrick
on December 29, 2007
Yeah, I’ve got the typical New Year’s Resolutions – like eat less chocolate, exercise more etc., but I thought I’d share what I’m calling my “Mortgage Resolutions.” I hope you had a wonderful Christmas and a great time with family. I think I could describe my Christmas as too noisy, too busy, and too fast, [...]
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by Patrick
on December 28, 2007
“The cold, hard truth is that foreclosures are serving only to hasten the painful process of shifting housing prices back to a level the market can sustain. Prices must and will fall. Everywhere. Probably 25% to 30% from their peak.” In today’s (December 28, 2007) Los Angeles Times, Christopher Thornberg made the above statement. Mr. [...]
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