By Posted in News and CommentsFrom The Next Big Bankruptcy, By Martin Weiss PhD — As we warned you here in August … and as I explained on CNBC a few days later … America’s kingpin of mortgages is on a collision course with bankruptcy. Its name: Countrywide Financial. If it goes under, the impact on U.S. financial markets will… Continue Reading
By Posted in News and CommentsAs we wait out Countrywide (latest update here), other mortgage lenders continue to fall. From the Arizona Daily Star – First Magnus Financial Corp., a mortgage lender that is one of Tucson’s only locally based national firms and one of the area’s major employers, is no longer writing loans as of this morning… An e-mail… Continue Reading
By Posted in News and CommentsContinuing the news about local lender Homebanc’s recent bankruptcy filing (and the general meltdown of the sub-prime market), Forbes has an article about Georgia closing attorneys holding the bag for rubber checks. "Some lenders – HomeBanc was one of them – pretty much insisted on doing their funding by check," Hudnall said. Given HomeBanc’s regular… Continue Reading
