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  1. #1
    2005 Linkshare Golden Link Award Winner  ecomcity's Avatar
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    Silence on the Mortgage & Credit Industry impending doom
    My built-in radar advised me to recently turned down several real estate -Mtg lending type property site building projects. Now I see why the only one I built out involved a 100% exclusive closing cashback "Buyers Agency" project, where the owner agreed to only work with 100% pre-approved buyers. The newbee startup guy is now poised for pouncing on the real estate/Mtg Mkt bubble burst with some cash rich clients.

    What else might work for affiliates if this realistic senerio comes to pass? http://nymag.com/news/businessfinance/bottomline/35813/
    Webmaster's... Mike and Charlie

    "What have you done today to put real value into a referral click...from a shoppers viewpoint!"

  2. #2
    2005 Linkshare Golden Link Award Winner  ecomcity's Avatar
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    Since I post the above warning to ABWers pushing Mortgage/loan lead programs....
    Latest update: Amstar Mortgage Corp. layoffs

    Aegis Funding – closed, seeking bankruptcy protection
    Accredited – buyout from Lone Star in jeopardy
    Acoustic Home Loans – closed subprime wholesale lender
    ACT Mortgage – suspended all submissions/fundings until further notice
    Alliance Bancorp – closed
    Alterna Mortgage – closed
    Alternative Financing Corp. – wholesale division closed
    American Home Mortgage – closed
    Ameriquest – laid off 3,800, closed 229 retail branches after $325 million settlement
    Amstar Mortgage Corp. – most of staff at corp. headquarters in Houston being laid off
    Argent – for sale
    Aurora Loan Services – layoffs at this Lehman Brothers lender
    Axix Mortgage – closed
    Bank of America – continued layoffs, mulling Countrywide merger
    Bear Stearns – closed two hedge funds after huge subprime losses, 240 subprime layoffs
    Blackstone Group – buying PHH Mortgage
    BNC Mortgage LLC – layoffs, consolidated with Aurora Loan Services
    Broad Street Mortgage – sold to Wausau Mortgage Corp.
    Calusa Investments – website down, thought to be closed
    Capital One Mortgage – 2,000 layoffs planned nationwide
    Charter Funding – believed to be closed by parent First Magnus Financial
    Choice Capital Funding – rumored to be closed
    Citadel – buying ResMAE
    Citigroup – bought ABN AMRO Mortgage Group, mulling acquisition of Argent Mortgage
    Clear Choice Financial – in default, Bankruptcy possible
    Columbia Home Loans – closed
    Concorde Acceptance – rumored to be closed
    CoreStar Financial Group – closed
    Countrywide – subprime layoffs, may be bought out by Bank of America
    Dana Capital – closed
    DB Home Lending – rumors are stirring
    DeepGreen Financial - closed
    Decision One – closed six regional centers
    Deutsche Bank Correspondent Lending Group – consolidating business to MortgageIT
    Ditech – layoffs
    Domestic Bank – shutting down wholesale unit
    E-loan – closed sub-prime wholesale division
    ECC Capital/Encore Credit – sold to Bear Stearns, 100 layoffs announced Aug. 17
    Entrust Mortgage – closed
    Equibanc – closed by Wachovia
    Express Capital Lending – not accepting new submissions until further notice
    Fannie Mae – hundreds of layoffs coming
    FBR – selling subprime unit
    Fieldstone Mortgage – closed Las Vegas branch
    First Community Bancorp – layoffs
    First Indiana Wholesale – closed wholesale consumer lending operations
    First Magnus – no longer funding or originating any mortgage loans
    First NLC - 645 layoffs
    First Source Funding Group – closed
    First Street Financial – closed
    Flexpoint Funding – reportedly closed wholesale division
    Flick Mortgage – closed
    FMF Capital LLC – closed
    Fremont General – exited secondary sub-prime market
    FundingAmerica – not accepting any new business
    General Electric – buying PHH Corporation
    Great Southwest Mortgage – believed to be closed by parent First Magnus Financial
    GreenPoint Mortgage – 440 employees laid off, 13 branches closed
    H&R Block Mortgage Corp. – layoffs
    Heartwell Mortgage – closed
    Heritage Plaza Mortgage – closed
    HMIC – closed
    Home 123 Mortgage – closed
    HomeBanc Mortgage Corp. – closed
    Home Field Financial – closed
    Home Loan Center Inc. / Lending Tree – layoffs
    Homeview Lending – layoffs
    HSBC Mortgage Services (Correspondent division) – closed
    Impac Mortgage Holdings – layoffs, halted Alt-A loan production
    Indymac – bought retail arm of New York Mortgage Trust, layoffs
    Innovative Mortgage Capital – closed
    Investaid Corp. – suspended operations indefinitely
    KBC Bank NV (Belgium) – buying Vertical Lend
    KKR Financial Holdings –no longer intends to invest in residential real estate
    Lancaster Mortgage Bank – closed
    Lender’s Direct Capital Corporation – closed wholesale lending operations
    LendingTree – 20% of workforce laid off (fresh ones on Aug. 17)
    Loancity – closed 7 branches, shut down
    Loans 123 – no longer taking anymore business
    Lone Star – facing lawsuit over purchase of Accredited Home Lenders
    Luminent Mortgage – two default notices
    Mandalay Mortgage – closed
    Maribella Mortgage – closed
    Master Financial – ceased wholesale production
    Mercantile Mortgage – seized operations
    Metrocities Mortgage – layoffs
    MGIC – bought rival mortgage insurance provider Radian Group (pending)
    Millenium Bankshares – closed mortgage division
    Millenium Funding Group – closed
    MLSG – halted lending operation
    Mortgage Investment Lending Associates – closed
    Mortgage Lenders Network – stopped residential loan production
    Mylor Financial – closed
    National Home Equity – consolidated by National City Corp., suspended originations, layoffs
    Nationpoint – a subsidiary of Merill Lynch laid off 60 people on August 15, 2007
    Nationstar – acquired Champion Mortgage
    Netbank Funding – closed
    New Century – declared bankruptcy
    No Red Tape Mortgage – parent company Metrocities closed wholesale division
    Northern Rock (UK) – issued profit warning
    Novastar – closed wholesale unit, facing potentially huge lawsuit, laying off 37% of workforce
    Oak Street Mortgage – closed
    Opteum – closed conduit and wholesale operations
    Option One Mortgage Corp. – layoffs, pending sale to Cerberus Capital Management LP
    Own It Mortgage – closed
    Pacific American Mortgage (PAMCO) – no new submissions, halted operations
    People’s Choice Financial Corp. – bankrupt
    People’s Mortgage – closed
    Popular Financial Holdings - exited the wholesale sub-prime mortgage market
    Premier Mortgage Funding, Inc – filed for bankruptcy
    Quick Loan Funding – layoffs, now reported closed
    QuoteMeARate.com Inc. - closed
    RAMS Home Loans (Australia) – warned of profit losses after only two weeks on stock market
    Residential Capital LLC – cutting roughly 1,000 jobs (GMAC company)
    ResMae – bankrupt/for sale
    Right Away Mortgage – closed
    RFC – layoffs
    Rose Mortgage Corp. – closed
    Saxon – layoffs
    Scottish RE – large subprime exposure drops stock into dangerzone
    Sebring Capital Partners – closed
    Secured Funding – closed
    Silver State Mortgage – closed
    Solutions Funding – closed
    Sovereign Bancorp – exited wholesale market
    Spectrum Financial Group – stopped funding loans, halted operations
    Starpointe Mortgage – closed
    Steward Financial – closed
    Stone Creek Funding – closed
    SouthStar Funding – closed
    Summit Mortgage – closed
    The Mortgage Warehouse – closed
    Thornburg Mortgage – 5 downgrades, need to sell some assets to stay afloat, denied BK
    Trojan Lending – ceased wholesale production
    Trump Mortgage – closing
    Unlimited Loan Resources – closed
    Velocity Commercial Capital, LLC – layoffs reported, still breaking
    Wachovia – layoffs, closed Equibanc
    Warehouse USA – closed
    Washington Mutual – exited correspondent market
    Wells Fargo Alternative Lending Wholesale – closed
    Winstar Mortgage – ceased operations
    WMC – GE’s subprime unit cut 460 jobs

    Yeppers just keep those PPC bucks flowing and rackup those lead fees. The above enities can't wait to pay you!
    Webmaster's... Mike and Charlie

    "What have you done today to put real value into a referral click...from a shoppers viewpoint!"

  3. #3
    OPM and Moderator Chuck Hamrick's Avatar
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    The sub prime market has been collapsing all summer. The only survivors are Countrywide and Wells Fargo. They have been following this as a leading economic indicator of an impending recession.

    Stories abound about the sub primers who are bilking innocent home buyers into signing on the doted line just to find out that they can't make the payments. Its like a BHO player gladly installing in your browser.

  4. #4
    What's the word? Rhia7's Avatar
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    Thanks for the [link to the] article, Mike.
    ~Rhia7 -- Remember the 7
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  5. #5
    Believe knight01's Avatar
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    Just as a note, most of the ones listed are actually just brokers, known in the bidness as superbrokers. They may have had warehouse lines of credit to fund loans in their names, but the intent was to immediately dump the loans into a portfolio lender/bank or FNMA/FHLMC.

    There are no surprises in any of them. The industry spawned these superbrokers in the last 7 years due to sheer volume. I have worked with many of these in the past. They won't have any impact on the economy as a whole.

    As for CountryWide, they've been for sale for the better part of a decade, haven't found a buyer the biggest boom in the history of the industry as they over-valued themselves. I doubt BofA will take them at this point in the market. Unless it is a real fire sale price, there's too much risk with loans from Full Spectrum. (CW's subprime division)
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  6. #6
    Affiliate Manager PetsWarehouse.com's Avatar
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    The panic about this segment is interesting, every loan is secured by real property, even if the value decreases they are still secured.

    They can take a small hit, but their loss is not 100%

    Trump was on TV the other day telling people to renegotiate their terms with the lenders they can't have all this property in the banks inventory they would become property managers.
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  7. #7

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    I don't see LowCostLending, LowerMyBills, or LoanWeb on that list. Though they are pretty much brokers but still affiliate advertisers at one point.

    I think most of us have known in the past few months that the affiliate side of this industry would be dying or dead. To me it's dead and has been for several months now. The beauty of affiliate marketing is the ability to change and promote other services or products within hours if not a few minutes.

  8. #8
    I like traffic lights
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    Quote Originally Posted by PetsWarehouse.com
    The panic about this segment is interesting, every loan is secured by real property, even if the value decreases they are still secured.

    They can take a small hit, but their loss is not 100%

    Trump was on TV the other day telling people to renegotiate their terms with the lenders they can't have all this property in the banks inventory they would become property managers.
    You're kidding right?

  9. #9
    I like traffic lights
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  10. #10
    ABW Ambassador Doug247's Avatar
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    The really sad thing in the Bigger companies buying out the smaller ones is the fact that people will make nice sums of money in commissions and bonuses on the backs of people who may be loosing their homes.

    This whole problem started in 2003 and 2004 when fixed rates were below 6% and ARMs were below 5%. People got themselves into trouble going with ARMs just to save 1% on a loan with the hopes of being able to have a better rate in the future.

    An ARM loan back then should have only been use to purchase short term housing with the idea that you were going to sell the house before rates would go back up. Unfortunately people took out ARM loans with the idea that they could afford them now and hopefully afford them over the course of the next 15 to 30 years.

    Doug

  11. #11
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    prophetic...
    How prophetic this thread was....

  12. #12
    Affiliate Network Rep John@AffiliateFuture.com's Avatar
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    ha, i was thinking the same thing!

  13. #13
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    It's a blast from the past ... however, if you have some cash, you can clean up buying TAX LIENS ... tens of thousands of properties are tax deliquent.

    Here's a trick to make some serious money down the road. Start an LLC ... put in some cash ... open an account at Scottrade ... buy some Kinder Morgan (KMP) Stock. It ain't going out of business unless the world runs out of natural gas. Pays 9% annual yield.

    Buy some vacant land and plant some trees on it. Paulowinia if you live in a warm climate,
    Tulip Poplar if you do not ... You can plant 150 trees to the acre. Cost $500 more or less. In 7 years you can sell the trees for lumber for $1,000 each minimum ...do the math.

    Income from the KMP dividends pays the expenses ... and the price of natural gas is not going to go down much anytime soon. You can buy a zillion acres beyond cheap now.
    Every year your trees become worth more money ... and since they are on the land, so does your land.

    Lots of ways to skin the money cat in a depression if you have some cash.

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