Monday, December 10, 2007

The Mortgage Lender Implode-O-Meter reaches 200!



200 Major U.S. Lenders Have ‘Imploded’

From Implode-O-Meter (A popular web site that tracks failing or "imploded" lenders):
"Imploded" lenders: The "imploded" status is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or a "firesale" acquisition. The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). Note: Companies listed here may still be operating in some capacity; check with them before making assumptions.

Ailing lenders haven't shut down, but they're significantly scaling back or are (or recently have been) in manifest financial, legal, or operational distress. Unfortunately, most of the industry now falls under this description, so we are forced to reserve this list for the more glaring cases or those which we happen to have more specific info about.




Click here for the whole list of imploded lenders and for the latest news and commentary on the mortgage industry.

8 comments:

Who, What, When, Where, Why? said...

I do not think it is good for 200 lenders to be listed as kaput. It is 204 now I see.

Anonymous said...

pick a bank, any bank, sell short, make money.

have a nice day

Stop Foreclosure said...

http://www.howtoavoidforeclosure.org

This site maybe helpful to some of you guys and gals.

Anonymous said...

Here's the most complete list of bank REO websites I've seen so far. It might come useful to everyone looking for REOs

http://www.marketplacelists.com/REOs.htm

Justin said...

All I am inspecting now in southern california now are foreclosures and REO's and short sales, they have consumed the market and it will take a few years for this to clear up. Too many people bought homes they couldn't afford, the banks lended too much money to people that couldn't afford them, and now you have a market that has crashed in value. Its a deadly bubble that was due to happen. I thought my home inspection business was going to dive, but now everyone that was standing on the sidelines are now buying homes at once again reasonable prices. It was a market correction, that's all. Just like all things, what goes up must come down!

I do advise all of you, whatever property you purchase make sure you have a comprehensive home inspection performed. Everything from foundation, roofs, electrical, plumbing, heating and AC should be checked by a reputable company. And Find your own inspector! Don't always trust your agent's referral guy. Make sure you see a sample of an inspection report first before hiring your inspector.

Realtor said...

as a realtor I used to have relationships with over 15 mortgage brokers, only 2 of them are still in the business, and they both talk about getting second jobs all the time

Joe Aldeguer said...

Make sure to know the state of your finances before contacting your lender. Determine how much income you're bringing in each month, how much you're paying in bills and where you can cut costs. Just a tip!

refinance mortgage said...

Although a loan does not start out as income to the borrower, it becomes income to the borrower if the borrower is discharged of indebtedness.