Posted by Genkichan on 3/4/07 6:15am
Msg #178220

Sub-prime market updates

I found this link and thought it was really interesting. It gives a run-down of all the lenders either out of business or about to be, and those dropping out of the sub-prime market. Good reading.

http://ml-implode.com/

Reply by PJM/MI on 3/4/07 8:54am
Msg #178229

Thanks for the link. All I could say was, "WOW" the entire time I was reading.

Reply by Sharon Taylor on 3/4/07 10:49am
Msg #178233

Thanks for sharing - I was surprised as some of the names

There are a lot of companies I didn't realize were so heavily into the subprime market!

Reply by Becca_FL on 3/4/07 11:49am
Msg #178236

Here's a great board to keep up on the latest.

http://discussion.brokeroutpost.com/

And a post from the board that I found particularly sad.

Posted - 02/26/2007 : 12:22:46 PM
Here is the e-mail I just recieved:
INTEROFFICE MEMORANDUM


To: All Ivanhoe Mortgage Employees

From: John Cassell

Date: February 26, 2007

Subj: Closure of the Ivanhoe Division

Over the past several months we have informed you of the struggles Central Pacific has had with retaining adequate cash to fund its operations. Those struggles have continued to worsen and I regret to inform you that the Company is unable to fund the end of month payroll for the Ivanhoe Division.

As a result, Ivanhoe Mortgage will be closed, effective today. Funding of Ivanhoe loans will not occur today or in the future.

I’m sorry.

Reply by Becca_FL on 3/4/07 12:01pm
Msg #178237

Another interesting read

http://forum.brokeroutpost.com/loans/forum/2/99306.htm#391246

Reply by Teddog/CO on 3/4/07 3:30pm
Msg #178247

Thank you for posting that web site. Needless to say Very interesting reading. I suggest Each and Every Newbie and people so hot to get on the "Notary Bandwagon" read this information and read it veryyy closely.

Just another reason to ask "Who's the lender" on every call you receive.

Reply by ME/NJ on 3/4/07 7:53pm
Msg #178260

Sub Prime closings almost none compared to 2 yrs ago

I use to close 10-15 sub prime loans a week 2 yrs ago, now I'm lucky if I get 5 month now. Sort of glad in way, my Sub Prime loans were almost always a PITA the only ones that went well were the real desperate folks.