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    Foreclosures, delinquencies reach new heights started by morganb
    Foreclosures reached a 30-year high and delinquencies are triple what they were during the height of the housing boom reports Bloomberg. Of course, much of the problem stems from borrowers in adjustable rate mortgages who are faced with higher monthly payments. (Adjustable mortgages are typically higher once the short-term, fixed period expires.) With reduced [...]
    GMAC/ResCap to lay off 5,000 - Close GMAC Retail, Homecoming Wholesale started by morganb
    GMAC/ResCap are pulling way out of the mortgage industry as they announced the closing of all 200 GMAC Mortgage retail branches and the elimination of Homecoming wholesale loan originations.  The company also announced the layoff of 5,000 employees tied to the two operations.  The company is also looking at a possible sale of its home [...]
    Even if you’re an honest mortgage broker, you’re still a mortgage broker started by morganb
    Seth Godin writes in his latest post Just because they say it that:

    The challenge to a marketer that chooses to enter a market with a miserable history of customer abuse is obvious: you can claim to be better, to be unevil, benevolent even, but people just aren’t prepared to believe you. It doesn’t fit the [...]
    Institutions must be allowed to fail started by morganb
    Some common sense from Federal Reserve Bank of Kansas City President Thomas Hoenig. Talking about economic calamity and the economy’s ability to recover Hoenig said allowing institutions to collapse is an important part of the process. It’s nice to hear some common sense once in a while. Take the time to celebrate [...]
    Morgan Interviewed started by morganb
    Hey gang, if you’re interested in learning more about Blown Mortgage, blogging in general, and how this blog got its start check out the interview that Owen Raun did with yours truly over at the Mortgage Online blog.  We don’t talk too much about mortgage; the conversation is primarily around blogging and what people who [...]
    FDIC takes over bank #10 “Integrity” started by morganb
    Integrity Bank, based in Georgia, became the 10th bank this year to be taken in to receivership by the FDIC. A small bank, with about $1 billion in managed assets, Integrity is the latest victim of the mortgage market meltdown and credit crisis after a series of aggressive bets on loans in the Atlanta [...]
    Cramer: FDIC needs a plan…in a hurry. started by morganb
    Hat tip HP
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    Lehman to cut 1,500 jobs started by morganb
    Lehman Brothers, the ailing Wall Street I-bank, is cutting up to 1,500 jobs in the face of the ongoing credit crisis. Not surprising as Lehman made the biggest bets in subprime during the boom and has massive exposure to further losses on its loan portfolio.

    From the Wall Street Journal (subscription req’d):
    An investment bank [...]
    Cramer: FDIC needs a plan…in a hurry. started by morganb
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    Thornburg on its last legs? started by morganb
    Thornburg Mortgage, the company famous for buying prime (then) jumbo mortgages (above $417,000) is struggling to survive. The company’s CEO calls the situation “precarious” and they continue to try to fight off the effects of a $3.3 billion first quarter loss and a secondary market that’s all but vanished.

    Thornburg is classic proof [...]
    RIP FHA Down Payment Assistance Programs, Not So Fast started by morganb
    Here’s another guest post, this one comes from Josh Lewis. Josh and I have sparred over many topics in the mortgage space and through that conversation I’ve learned a lot from Josh. I have tremendous respect for him and his understanding of the mortgage industry.

    Josh Lewis has assisted California homeowners as a Certified [...]
    Banking profits down 87% started by morganb
    The banking sector had its worst quarterly performance in nearly twenty years as profits fell 86.5% across the sector. The weakening has forced the FDIC to begin replenishing the deposit insurance reserve this fall. The major loss in profits was tied to loan loss reserve provisions which require banks to keep additional cash [...]
    Why FHA could be the loan to help you this year started by morganb
    Here is another guest post by Raoul Badde. Raoul Badde is an Ambassador to CAMB and has worked in all aspects of mortgage lending for over 8 years. He currently works with and advises mortgage brokers through www.your-ae.com. Enjoy! If you’d like to submit an article for publication here email me directly.

    Before [...]
    Barclay’s Eases Demand on New Century started by morganb
    From the OC Register’s Mortgage Blog:

    New Century Financial of Irvine said today Barclays Bank agreed to release it from an obligation to take back $900 million in loans.

    In return, New Century agreed to give up rights to any loans funded with money from Barclays, and to turn over servicing rights on the loans to a [...]
    New Century to be bailed out by Barclay’s started by morganb
    From my sources at New Century, Barclay’s Bank has agreed to forward $1 billion to New Century in order for it to meet some of the requirements of its warehouse line lending agreements.  This should allow New Century to reopen the majority, if not all, of their currently suspended warehouse lines of credit.

    I have not [...]
    It’s Not Over! started by morganb
    Even with the cheerleaders trying to put a sunny face on the credit crisis we’re still not out of the woods yet. We’ve had another bank failure and we’re still looking at billions in write downs. But feel free to sing “the sun will come out tomorrow” if it makes you feel warm [...]
    More Halloween Fun at Our Expense started by morganb
    Thank you Frank!
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    The thing that is really going to suck started by morganb
    The thing that is really going to suck for you-especially if you are in a Blown Mortgage-is that if you are in an adjustable rate mortgage and your rate and your house payment start to go up is that there is an excellent chance that you won’t be able to refinance in to a lower [...]
    Whose fault is it? IT’S MINE DAMMIT!!! started by morganb
    Legislation, lawsuits, inquiries, congressional testimony, attorney general action, television coverage, its just enough to make your head spin!  With all of that staring our industry in the face, our industry leaders are busy pointing fingers, washing their hands, and absolving themselves of any wrong doing. 
    In this installment of "who done it?" we have the [...]
    Customer Service started by morganb
    Joel Spolsky on his blog Joel on Software lists his top 7 steps to remarkable customer service in the software industry.

    IT customer service is much like mortgage customer service, it’s a complex matter that most people don’t understand. More often than not your explanations seem more like excuses because the customer doesn’t understand what you [...]
    Can the FDIC take over my bank? Please? started by morganb
    The FDIC is reducing mortgage payments and interest rates for delinquent borrowers at the federally-controlled IndyMac Bank. FDIC spokesperson Shelia Bair said that the FDIC hopes to keep nearly 30,000 delinquent borrowers in their home with the changes.

    Must be nice though. If you’re in trouble with your mortgage I’m sure you’re [...]
    Bernanke sees ‘no spillover’ from subprime…hello? started by morganb
    Fed Chairman Ben Bernanke sees "no spillover" of the subprime mess in to the broader economy. A brief article from Reuters reports.

    "We believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest [...]
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