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Showing posts from January 22, 2008

The Mortgage Graveyard -

Here's a pretty grim web page -> The MortgageDaily.com, a subscription site that covers the mortgage industry, has gone live withe the Mortgage Graveyard which details historical data of failed, bankrupt, acquired/merged, and struggling lenders. the data goes back to 1999. Your gonna have to subscribe to the service to actually read the details underlying the numbers on this page, but does make a rather impressive point about the breadth and depth of the carnage

According to the Wall Street Journal, the Mortgage Daily project joins an already crowded field of online lists of failures in the wake of our subprime mortgage "situation," including Aaron Krowne’s Mortgage Lender Implode-O-Meter, SNL Financial’s subprime scorecard, and National Mortgage New's list of defunct firms.

Market Slow Down? Blame your Agent!!!

Who takes the blame when a buyer over-pays for a property? That question is about to be answered in a North County, California courtroom.

It seems that disgruntled Buyer Marty Ummel thinks that she over-paid for her new home, perhaps as much as $100,000 too much. How upset did that make her? Upset enough to have sued her real estate agent, her mortgage broker and the mortgage company's appraiser. The claim seems to be that they (the professionals knew she was overpaying, but withheld information from her so as not to "lose the deal." The appraiser and mortgage broker have already "settled out" but the case against the agent will be presented in court next week.

Its easy to write this one off as another case of someone refusing to accept personal responsibility for a mistake or for a bad decision. Blaming the other guy it seems is the "american way."

The buyer may have taken guidance from the agent and placed misplaced reliance on the appraisal, but shoul…