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  1. #1

    Dec 2007
    Tierra del Fuego
    23 times

    Houston, We have a problem.

    I'll apologize for using the words inherited from a debacle in the space industry.

    It just kind of seemed appropriate here.

    This is from one source I ran across, and I'll post yet another from a different, yet somewhat associated source.

    I'm NOT all out for gloom and doom.
    I do NOT know how much truth is here. It's full of disclaimers.
    I do think people should know what is going on around them, and if they were to investigate the words contained herein, perhaps they might come closer to the truth of the matter.
    I'm not much on high finance.
    If you figure out what's really going on, perhaps you would tell me how I might avoid the problems that are sure to ensue?

    Imploded Lenders

    260. Vanguard Mortgage & Title, Inc.
    259. Chase Home Equity - Wholesale
    258. Chase Subprime - Wholesale
    257. Evergreen Investment & Carnation Banc
    256. Casa Blanca Mortgage/Shearson - Wholesale
    255. Guaranty Bank - Correspondent
    254. Citi Residential Lending
    253. Montgomery Mortgage Capital Company
    252. E*Trade Wholesale Lending
    251. Shearson Financial Network, Inc.
    250. American Bank Mortgage Group - Wholesale
    249. AmeriBanc Corp.
    248. Washington Mutual - Wholesale
    247. Century Bank, F.S.B. - Wholesale
    246. Diversified Mortgage, Inc.
    245. National Wholesale Funding
    244. Centennial Mortgage and Funding, Inc./Award Mortgage
    243. Fidelity Home Mortgage Corp. - Wholesale
    242. LMI Funding, Inc.
    241. Millennium Mortgage - Wholesale
    240. Origen Financial, Inc. (Correspondent)
    239. CitiMortgage - Home Equity Wholesale
    238. Bear Stearns Mortgage
    237. East West Mortgage Co. of VA
    236. New Vision Residential Lending
    235. Washington Savings Bank, F.S.B. - Wholesale
    234. Macquarie Mortgages USA Inc.
    233. Global Mortgage, Inc.
    232. Unique Mortgage Solutions (UMS, LLC)
    231. First Franklin - Merrill Lynch
    230. First National Mortgage Sources
    229. Resource Mortgage (Wholesale)
    228. KH Financial
    227. Lydian Mortgage
    226. OMG Wholesale Lending
    225. Saxon Mortgage (Wholesale)
    224. Beazer Mortgage Corp.
    223. E-Loan (Wholesale)
    222. Allpointe Mortgage (Broker Program)
    221. Popular Warehouse Lending
    220. Allied Lending Corp. (Wholesale)
    219. BF Saul Wholesale Lending
    218. Community Resource Mortgage
    217. Lehman/Aurora Loan Services
    216. Residential Mortgage Capital
    215. Maverick Residential Mortgage
    214. Countrywide Financial Corp.
    213. First NLC Financial Services
    212. First American Bank (Wholesale)
    211. Soma Financial
    210. National City Corp. (Wholesale)
    209. Heartland Wholesale Funding
    208. Homefront Mortgage Inc.
    207. PNC Bank H.E.
    206. Family First Mortgage Corp.
    205. First Fidelity Financial
    204. BSM Financial
    203. 1st Choice Mortgage
    202. Wescom Credit Union
    201. Coast Financial Holdings/Coast Bank
    200. WaMu (Subprime)
    199. First Madison Mortgage
    198. Southern Star Mortgage
    197. TransLand Financial
    196. Secured Bankers Mortgage Company (SBMC)
    195. ComUnity Lending
    194. Delta Financial Corp
    193. BayRock Mortgage
    192. Empire Bancorp
    191. Option One - H&R Block
    190. Citigroup - FCS Warehouse
    189. Charter One (Wholesale)
    188. Wells Fargo - Home Equity
    187. Paul Financial, LLC
    186. Webster Bank (Wholesale)
    185. Fieldstone Mortgage Company
    184. Tribeca Lending Corp. (Wholesale)
    183. WAMU Comm. Correspondent
    182. Marlin Mortgage Company
    181. Countrywide Specialty Lending
    180. UBS Home Finance
    179. MortgageIT-DB (Retail)
    178. Edgewater Lending Group
    177. ResMAE Mortgage Corp.
    176. Citimortgage Correspondent (2nds)
    175. AMC Lending
    174. Liberty American Mortgage
    173. Exchange Financial (Wholesale)
    172. FirstBank Mortgage
    171. Bank of America (Wholesale)
    170. Diablo Funding Group Inc.
    169. Honor State Bank
    168. Spectrum Financial Group
    167. Priority Funding Mortgage Bankers
    166. BrooksAmerica Mortgage Corp.
    165. Valley Vista Mortgage
    164. New State Mortgage Company
    163. Summit Mortgage Company
    162. WMC
    161. Paragon Home Lending
    160. First Mariner Wholesale
    159. The Lending Connection
    158. Foxtons, Inc.
    157. SCME Mortage Bankers
    156. Aapex Mortgage (Apex Financial Group)
    155. Wells Fargo (various Correspondent and Non-prime divisions)
    154. Nationstar Mortgage
    153. Decision One (HSBC)
    152. Impac Lending Group
    151. Long Beach (WaMu Warehouse/Correspondent)
    150. Expanded Mortgage Credit Wholesale
    149. The Mortgage Store Financial
    148. C & G Financial
    147. CFIC Home Mortgage
    146. All Fund Mortgage
    145. LownHome Financial
    144. Sea Breeze Financial Services
    143. Castle Point Mortgage
    142. Premium Funding Corp
    141. Group One Lending
    140. Allstate Home Loans / Allstate Funding
    139. Home Loan Specialists (HLS)
    138. Transnational Finance Wholesale
    137. CIT Home Lending
    136. Capital Six Funding
    135. Mortgage Investors Group (MIG) - Wholesale
    134. Amstar Mortgage Corp
    133. Quality Home Loans
    132. BNC Mortgage (Lehman)
    131. Accredited Home Lenders, Home Funds Direct
    130. First National Bank of Arizona
    129. Chevy Chase Bank Correspondent
    128. GreenPoint Mortgage - Capital One Wholesale
    127. NovaStar, Homeview Lending
    126. Quick Loan Funding
    125. Calusa Investments
    124. Mercantile Mortgage
    123. First Magnus
    122. First Indiana Wholesale
    121. GEM Loans / Pacific American Mortgage (PAMCO)
    120. Kirkwood Financial Corporation
    119. Lexington Lending
    118. Express Capital Lending
    117. Deutsche Bank Correspondent Lending Group (CLG)
    116. MLSG
    115. Trump Mortgage
    114. HomeBanc Mortgage Corporation
    113. Mylor Financial
    112. Aegis
    111. Alternative Financing Corp (AFC) Wholesale
    110. Winstar Mortgage
    109. American Home Mortgage / American Brokers Conduit
    108. Optima Funding
    107. Equity Funding Group
    106. Sunset Mortgage
    105. Nations Home Lending
    104. Entrust Mortgage
    103. Alera Financial (Wholesale)
    102. Flick Mortgage/Mortgage Simple
    101. Dollar Mortgage Corporation
    100. Alliance Bancorp
    99. Choice Capital Funding
    98. Premier Mortgage Funding
    97. Stone Creek Funding
    96. FlexPoint Funding (Wholesale & Retail)
    95. Starpointe Mortgage
    94. Unlimited Loan Resources (ULR)
    93. Freestand Financial
    92. Steward Financial
    91. Bridge Capital Corporation
    90. Altivus Financial
    89. ACT Mortgage
    88. Alliance Mortgage Banking Corp (AMBC)
    87. Concord Mortgage Wholesale
    86. Heartwell Mortgage
    85. Oak Street Mortgage
    84. The Mortgage Warehouse
    83. First Street Financial
    82. Right-Away Mortgage
    81. Heritage Plaza Mortgage
    80. Horizon Bank Wholesale Lending Group
    79. Lancaster Mortgage Bank (LMB)
    78. Bryco (Wholesale)
    77. No Red Tape Mortgage
    76. The Lending Group (TLG)
    75. Pro 30 Funding
    74. NetBank Funding, Market Street Mortgage
    73. Columbia Home Loans, LLC
    72. Mortgage Tree Lending
    71. Homeland Capital Group
    70. Nation One Mortgage
    69. Dana Capital Group
    68. Millenium Funding Group
    67. MILA
    66. Home Equity of America
    65. Opteum (Wholesale, Conduit)
    64. Innovative Mortgage Capital
    63. Home Capital, Inc.
    62. Home 123 Mortgage
    61. Homefield Financial
    60. First Horizon Subprime, Equity Lending
    59. Platinum Capital Group (Wholesale)
    58. First Source Funding Group (FSFG)
    57. Alterna Mortgage
    56. Solutions Funding
    55. People's Mortgage
    54. LowerMyPayment.com
    53. Zone Funding
    52. First Consolidated (Subprime Wholesale)
    51. EquiFirst
    50. SouthStar Funding
    49. Warehouse USA
    48. H&R Block Mortgage
    47. Madison Equity Loans
    46. HSBC Mortgage Services (correspondent div.)
    45. Sunset Direct Lending
    44. Kellner Mortgage Investments
    43. LoanCity
    42. CoreStar Financial Group
    41. Ameriquest, ACC Wholesale
    40. Investaid Corp.
    39. People's Choice Financial Corp.
    38. Master Financial
    37. Maribella Mortgage
    36. FMF Capital LLC
    35. New Century Financial Corp.
    34. Wachovia Mortgage (Correspondent div.)
    33. Ameritrust Mortgage Company (Subprime Wholesale)
    32. Trojan Lending (Wholesale)
    31. Fremont General Corporation
    30. DomesticBank (Wholesale Lending Division)
    29. Ivanhoe Mortgage/Central Pacific Mortgage
    28. Eagle First Mortgage
    27. Coastal Capital
    26. Silver State Mortgage
    25. ECC Capital/Encore Credit
    24. Lender's Direct Capital Corporation (wholesale division)
    23. Concorde Acceptance
    22. DeepGreen Financial
    21. American Freedom Mortgage, Inc.
    20. Millenium Bankshares (Mortgage Subsidiaries)
    19. Summit Mortgage
    18. Mandalay Mortgage
    17. Rose Mortgage
    16. EquiBanc
    15. FundingAmerica
    14. Popular Financial Holdings
    13. Clear Choice Financial/Bay Capital
    12. Origen Wholesale Lending
    11. SecuredFunding
    10. Preferred Advantage
    9. MLN
    8. Sovereign Bancorp (Wholesale Ops)
    7. Harbourton Mortgage Investment Corporation
    6. OwnIt Mortgage
    5. Sebring Capital Partners
    4. Axis Mortgage & Investments
    3. Meritage Mortgage
    2. Acoustic Home Loans
    1. Merit Financial

    Ailing/Watch List Lenders™:

    17. Franklin Bank, SSB
    16. Wilmington Finance
    15. Bayview Lending Group, LLC
    14. Homewide Lending Corporation
    13. Thornburg Mortgage
    12. American Equity Mortgage, Inc.
    11. CTX Mortgage Company (Retail)
    10. First Horizon Home Loans
    9. Gateway Funding
    8. BankUnited (Wholesale)
    7. Chevy Chase Bank - Wholesale
    6. IndyMac Bancorp
    5. MortgageIT
    4. Sallie Mae
    3. Meridias Capital
    2. Doral Financial Corp.
    1. Residential Capital, LLC*

    Key definitions and disclaimers:

    "Imploded" lenders: The "imploded" status is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or a "firesale" acquisition. The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). Note: Companies listed here may still be operating in some capacity; check with them before making assumptions.

    Ailing lenders haven't shut down, but they're significantly scaling back or are (or recently have been) in manifest financial, legal, or operational distress. Unfortunately, most of the industry now falls under this description, so we are forced to reserve this list for the more glaring cases or those which we happen to have more specific info about.

    Note: Lending operations that were previously deemed "imploded" by us but which have returned in some form are shown in darker italics. They remain on the list for historical completeness.

    Note 2: This site changes rapidly. You should always check other sources regarding information found here, and check with the companies themselves if you plan on doing business with them. And as always, please let us know if you have corrections, clarifications, or additions.

    Latest imploded:
    Last addition: May 23, 2008.

    * Vanguard Mortgage & Title, Inc.
    * Chase Home Equity - Wholesale
    * Chase Subprime - Wholesale
    * Evergreen Investment & Carnation Banc
    * Casa Blanca Mortgage/Shearson - Wholesale

    Housing Bubble:

    * Housing Doom
    * Housing Panic
    * Patrick.net
    * Housing Bubble @ Digg
    * Sacramento Real Estate Stats
    * Bakersfield Bubble
    * Lawrence Yun Watch
    * Global House Price Crash
    * Housing Derivatives
    * Dr. Housing Bubble
    * Bubble Meter Blog
    * Bubbletracking Blog
    * House Bubble Blog
    * Cali Housing Forecast
    * The Robbo Report

    Economics & Finance:

    * iTulip
    * Russ Winter
    * Mish's Global Econ.
    * TheMessThatGreenspanMade
    * Roubini Global Econ.
    * Immobilienblasen
    * Charles Hugh Smith
    * Prudent Bear
    * Calculated Risk
    * The Big Picture
    * Market Ticker
    * "Boom, Bust & Bling"
    * Paper Money Blog
    * The Great Depression of 2006
    * Peak Economy
    * EconomyInCrisis
    * PrudentInvestor

    Mortgage and Credit:

    * Housing Wire
    * Blown Mortgage
    * The Truth About Mortgage
    * Loan Modification News
    * The Mortgage Fraud Blog
    * Bankruptcy Blog
    * The Credit Shrink
    * "Last NLC"
    * "OptionARMageddon"
    * Broken Credit
    * The Mortgage Dead
    * FHA Book Blog
    * Americans for Debt Relief
    * Reverse Mortgage Blog
    * FHA Mortgage Guide


    I am a pathological liar and a functional illiterate.

  2. #2
    Feb 2008
    NE Louisiana
    Whites Eagle Spectrum, XLT Fisher's CZ5 Garretts GTA 1000
    9 times

    Re: Houston, We have a problem.

    Where is the problem? Businesses fail every day. Others are bought out every day.
    La défaut du mien! La Beep

  3. #3

    Dec 2007
    Tierra del Fuego
    23 times

    Re: Houston, We have a problem.

    Well, that's nice to hear La,

    Thanks for the input. I feel better now.
    Everything is peaches n' cream!

    Think I'll just pull the lawn chair out of the garage and sit in the sun today.
    May toss a steak on the BBQ.

    Your contribution has improved my whole day.

    I am a pathological liar and a functional illiterate.

  4. #4
    Feb 2007
    Please don't yell !
    8 times

    Re: Houston, We have a problem.

    This bubble collapse rmptr, is what has led to our current Oil crisis. All the speculators who once were making huge sums of money in a very over inflated housing as well as the debt market, have now moved on to oil as a way to continue their windfall profits. I was waiting for Someone in the Government to step up to the plate and call a halt to such greed motivated factors which are pulling country down into the depths of an economic collapse. maybe place a large Tax on windfall profits that would drive the speculators on to other areas. But I guess besides the fact that many in Congress are also making huge profits in the speculation markets, I think they can't agree on where these same investors would then focus their greedy attention.

  5. #5

    Nov 2006
    7 times

    Re: Houston, We have a problem.

    The next big economic shockwave will be when the insurance companies have to start paying out claims for the next natural disaster to hit. They'll start screaming that they'll lose their investments and threaten to go into bankruptcy if they aren't bailed out by the gov't. (The real reason is because they'll be trying to cover their bad investments. In real estate, for one...)

  6. #6
    Feb 2007
    East Central Florida WP
    Whites XLT / M6
    17 times

    Re: Houston, We have a problem.

    Quote Originally Posted by rmptr
    Well, that's nice to hear La,

    Thanks for the input. I feel better now.
    Everything is peaches n' cream!

    Think I'll just pull the lawn chair out of the garage and sit in the sun today.
    May toss a steak on the BBQ.

    Your contribution has improved my whole day.


    Ray S ECenFL



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