Running for the hills

I received this email and I wanted to share it with everyone! (The sign of the times)

• E-Loan announced it will close their sub prime wholesale division
• ResMAE listed for sale Wachovia Corp's consolidation of its recently acquired wholesale lenders American Mortgage Network
• WorldSavings operations will result in layoffs
• Fieldstone announced that it's closing 5 west coast branches including its Arizona operations. Fieldstone Mortgage also has closed their Las Vegas branch.
• Mortgage Lender Network (MLN) "stopped funding residential loans" on 12/29 (they didn't actually say they were closing) but they have closed.
• HMIC closed its doors on Dec 20. As part of a $100 million cost reduction strategy, Sovereign Bancorp its owner exited the wholesale mortgage market.
• Own it Mortgage - closed its doors
• Sebring Mortgage closed its doors
• Axis Mortgage closed its doors
• Oak Street Mortgage closed its doors
• Right Away Mortgage closed its doors
• Secured Funding closed its doors
• Loans 123 - Not taking any more business
• Aegis Funding (sub-prime) closed its doors (Aegis Wholesale (Conforming and Alt-A) and Home Equity are still open) for now.
• Option One (Owned by H&R Block, Owned By HSBC) - Is Up for Sale selling off it's portfolio
• Meritage Sold to Lime Financial
• Mandalay - Closed it Doors
• Southstar - AE's leaving (a good source stating company cannot meet payroll obligations)
• Accredited - OC Regional office production at its lowest levels, rumors they may close by 1st quarter.
• Saxon - Layoffs possible closure.
• RFC - Layoffs
• Decision One closed 6 regional centers. Division of Option One.
• Bank of America Mortgage laid off 225 locally.
• Countrywide Mortgage - Multiple layoffs. In talks with Bank of America about possible merger (CNN). Countrywide has also filed suit against 15 parties alleging that the company may have been tricked into lending as much as $40 million dollars (figures elsewhere say $80 million.) The defendants include eight individuals an appraiser, a property management company, and several mortgage and lending companies. According to The Wall Street Journal, another large lender, Argent Mortgage Company may also have been caught up in the scam. Some of the bad loans also appear to have been acquired by Fannie Mae.
  Argent consolidated and let 1,000 people go. Currently for Sale Ameriquest laid off 3,800 and shut 229 retail branches after announcing a $325 million settlement with state's attorneys general for overcharging borrowers. THEY MAY NOT LAST TILL SPRING.
  Washington Mutual - Continued layoffs. Wholesale reps offer 1 point to REALTORS® for referral of loans. (Cutting the throats of their Broker base! Not good for biz!)
• Encore Credit - closed its doors
• Then there's Silver State Mortgage whose doors were closed just a couple weeks ago.

For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group