I just stumbled across the Mortgage Lender Implode-o-Meter which tracks the implosion of mortgage lenders, much like F@cked Company tracked the implosion of the dot-bombs.
I have poked through the site a bit and it's a throwback to the stories i witnessed (first hand unfortunately) from the early part of the decade.
4 comments:
typo corrected, content the same:
I have been reading him for some time. He's a little over the top. I think he is fed info from staff on the inside of many of the lenders (hey if they are going to be on the street soon there is nothing to loose in letting others know what they see).
Don't take what is said as the WHOLE truth, but he has been accurate enough times to make the site worth a read.
Yeah, the implode-meter was exciting stuff to watch, particularly in early 2007 when lots of big lenders first started blowing up - New Century, American, Fremont, etc. A lot of the guys who followed those blowups made a lot of money shorting those companies stocks. I would have loved to get in on that if I had cash to spare at the time. Oh well.
Stick to reading the stories on the main page and lurk at some of the threads.
In order to join the forum and post comments you have to become a member and the membership fee is
$10.00.
The forum is controlled by long time members that engage in cyber hazing, cyber sex, and other questionable activities which is condoned by management.
It's not a healthy environment for the mortgage professional who has family values and wants intelligent dialogue about the mortgage industry.
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