Subprime brokers rushing out of the soup lines!

Now that so many subprime mortgage brokers are out of work, especially those that preyed on first time homeowners and minorities, they are seeking refuge and a paycheck. Lets see, who is left for them to profit on with excess fees and promises of an everlasting real estate investment boom? Latinos, check. Blacks, check. First time buyers, check. Aging Americans with tons of equity. Jackpot!

Of course having more lenders to choose from is great for competition, but when certain bad apple lenders push bad loans at all costs, it makes a zero sum game. I am concerned for the industry once law suits for elder abuse and fraud start to pile up. Not too far fetched considering many other groups have already filed lawsuits for fraud like activities in the subprime markets. Buyer beware. Reuters reports of the mass migration of out of work brokers and the increase of reverse mortgages rising from 7800 in 2001, to 76,000 in 2006.

NEW YORK (Reuters) - Jobless subprime mortgage specialists are looking for employment in the booming market for loans to senior citizens, mortgage market executives said on Tuesday.

Written by charles dennis on May 24th, 2007 with no comments.
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Countrywide’s SimpleEquity in full swing on the web

As a side business, I love to trade domain names. As a domain trader its always important to be 5 steps ahead of the “big dumb corporation”. So how does it feel when the big boys over at Countrywide beat me to the punch and purchased the domains, simpleequity.net and simpleequity.org? Not good, especially considering that Countrywide may have been willing to pay handsomely for such domains. Check out the domain registration info.

Written by charles dennis on May 24th, 2007 with no comments.
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