Headlines...

NEW -> Contingent Buyer Assistance Program
Bad credit has supplanted terrorism as the <a target="_blank" href="http://news.yahoo.com/s/ap/20070825/ap_on_bi_ge/nabe_bad_credit">gravest immediate risk</a> threatening the economy.
 
<a href="http://calculatedrisk.blogspot.com/2007/08/sunday-gross-blogging.html" linkindex="385" set="yes">Sunday Gross Blogging</a>




Good reading from Calculated Risk:





<a href="http://www.nakedcapitalism.com/2007/08/extreme-measures-i-bill-gross-at-pimco.html" linkindex="386" set="yes">Yves at naked capitalism</a> and <a href="http://www.housingwire.com/2007/08/25/the-borrower-bailout-fallacy-why-pimco%e2%80%99s-bill-gross-is-flat-out-wrong/" linkindex="387" set="yes">P. Jackson at Housing Wire</a> both go after <a href="http://www.pimco.com/LeftNav/Featured+Market+Commentary/IO/2007/IO+September+2007.htm" linkindex="388" set="yes">Bill Gross of PIMCO</a> and his recent arguments for a homeowner bailout. I recommend both of these fine examples of clock-cleaning.
 
<p>An OCR opinion article from Chapman's <a href="http://www.ocregister.com/opinion/percent-growth-mortgage-1821047-rate-market">Esmael Adibi</a>.</p>

<p>I take back almost every bad think I have said about him except for his still bullish job growth if the professional services category. Then if he is right I will take back everything. I almost want to go back to school for an econ degree from Chapman just so I can take his class now.</p>
 
<p>I Mish. Looks like Bill Gross has a <a href="http://globaleconomicanalysis.blogspot.com/2007/08/bill-gross-wants-pimco-bailout.html">vested interest in Fannie Mae</a>. </p>

<p>Bleep your bailout you bleep.</p>
 
<p>"Home sales probably would be rising in the absence of the mortgage liquidity issues of the past two months," said Lawrence Yun, the trade group's senior economist. "Some buyers with contracts have been scrambling when loan commitments did not materialize at the last moment, while other potential buyers are simply waiting for the mortgage market to stabilize."</p>

<p>See, y'all are a bunch of worry warts. Mr. Yun assures us that everything will be fine once the mortgage market stabilizes.</p>
 
<a href="http://www.chicagotribune.com/business/chi-sun_crunch0826aug26,0,4784210.story?page=1">The next credit crunch?</a>







<em>"We will have to live within our means. I know it's a troubling phenomenon. But we're not going to be able to spend at levels well above our income levels."</em>





Oh the horror of it -- actually living within our means. How will Californian's do it?


<em>


"This just scares the daylights out of me," said Williams. "This is a call to consumers to rein in their discretionary spending. Your home was never intended to finance your tennis shoes or allow you to carry an $800 designer bag."





</em>Now they tell us {smacks forehead}...


<em>


"Families have been making up the shortfall with credit and someday, perhaps someday very soon, the credit music will stop."


</em>


Now we know why consumer spending is not down despite the end of mortgage equity withdrawals. Well, it isn't down yet...
 
<a href="http://www.marketwatch.com/tvradio/player.asp?guid={7AE3CA10-3E79-4840-87A0-6FDC5F3862FA}">Mark Zandi is a housing bear's best friend.</a>
 
Somehow I linked my way to this site, does anyone know about this? These guys are freakin' out... I haven't seen any chatter on IHB about it, so i thought some of you might be interested. Not really sure what i all means but it reminds me of Ron Burgundy, kind of a big deal :)





<a href="http://www.tickerforum.org/cgi-ticker/akcs-www?post=4669"><strong>URGENT!!! LOOK AT AUG SPY CALL ACTION FROM $65 - $90 </strong></a>


http://www.tickerforum.org/cgi-ticker/akcs-www?post=4669





BTW, love the blog. Been lurkin' hear for a while. I had zero hope of ever owning until i found this blog. I see it clearly now thanks to you guys, oh, and my wife's on board too, that sure helps.





For months I have been telling people some of the truths I have been learning here and most of them would just laugh and riddle me. No more laughing or riddling. I don't say anything anymore. I am eager to see what capitulation looks like in RE.
 
<p>Welcome Woels,</p>

<p>Glad you have decided to stop lurking but could have started with something not so apocalyptic? Seriously welcome and thanks for the link. I will be sending you my tin foil bill however. I need to look into this some more. Was this mentioned on elitetrader too? I haven't been there in a while.</p>
 
Graphrix,





I don't think it was on elitetrader, or I simply couldn't find it. Something similar happened in Europe though, or maybe it's the same thing. I know little about this stuff.





<a href="http://www.elitetrader.com/vb/showthread.php?threadid=102546"><strong>


</strong><strong></strong></a><strong><a name="_top"></a>Mystery trader bets market will crash by a third</strong>





p.s.- i always wanted a tinfoil hat




 
<strong>whoops





<a href="http://www.elitetrader.com/vb/showthread.php?threadid=102546">Mystery trader bets market will crash by a third</a></strong>
 
Graphrix,


.


I don't have much to add, I perfer the lurk/learn approach. This housing market stuff is fascinating, almost consuming. Now that I broke the ice I am sure I will be posting more frequently, mostly questions probably. The stock market is starting to draw me in since I found that thread, I am watching squawk box europe as i type, what the heck is going on, the wife is trippin'. Better throw a surf flick in...





peace.
 
<a href="http://www.ocregister.com/money/strong-layoffs-reported-1690495-edd-mortgage">UPDATE Orange County mortgage casualties</a>




<p class="infobox">These are announced and reported layoffs at major Orange county mortgage companies that have been verified by the Register: </p>

<p> </p>

<p><strong>Acoustic Home Loans</strong>, Orange. Closed in April 2006. Laid off 203 people.</p>

<p><strong>ACC Capital Holdings</strong>, Orange. Laid off an estimated 3,000 of the 6,000 employees at its <strong>Ameriquest Mortgage Co.</strong>, <strong>Argent Mortgage Co.</strong>and <strong>AMC Mortgage Services</strong>on March 15. Reported 1,072 layoffs in Orange County as of June 22 to the EDD. Last year, the companies laid off more than 4,000 people. </p>

<p class="infobox"><strong>BNC Mortgage LLC</strong>, Irvine. Reported 94 layoffs to the EDD, effective Aug. 12.


Lehman Brothers announced Aug. 22 it was closing the unit laying off 1,200 nationwide, 450 in Irvine.</p>

<p class="infobox"> </p>

<p class="infobox"><strong style="">Capital One Financial Corp./GreenPoint Mortgage</strong>, Irvine. The company announced Aug. 20 it would close its wholesale mortgage unit, laying off 1,900 nationwide, 68 in Santa Ana.</p>

<p>Citigroup Inc., Brea. Reported 77 layoffs to the EDD effective June. 29.


</p>

<p><strong>Countrywide Home Loans</strong>, Anaheim. Reported 59 layoffs in January to the EDD.</p>

<p><strong>ECC Capital</strong>, Irvine. Sold its mortgage operation to Bear Stearns in February but said it would keep its 350 local workers. The company laid off about 600 people nationwide last year. </p>

<p><strong>Express Capital Lending</strong>, Newport Beach. Reported 36 layoffs March 30 to the EDD.</p>

<p><strong>Dana Capital Group</strong>, Irvine. The lender reportedly closed the first week of May. Layoffs unknown.</p>

<p><strong>Ditech.com</strong>, Costa Mesa. Reported 181 layoffs effective July 3 to the EDD.</p>

<p><strong>First NLC Financial Services LLC</strong>, Orange. Reported 113 layoffs in March to the EDD.</p>

<p><strong>First Street Financial</strong>, Irvine. Ceased operations June 15. Layoffs unknown.


</p>

<p>Flexpoint Funding, Irvine. Reportedly closed its wholesale unit in July. Layoffs unknown.


</p>

<p><strong>Fremont Investment & Loan</strong>, Brea. The company announced March 2 that it was exiting the subprime business after federal regulators issued a proposed cease and desist order. Reported 62 initial layoffs in Anaheim March 5 to the EDD. Additional reported layoffs in Anaheim and Brea brings total to 470 as of Aug. 6.</p>

<p><strong>H&R Block Mortgage Corp.</strong>, Irvine. Announced 50 layoffs May 17. The company reported additional layoffs effective July 10 bringing the total to 183.</p>

<p><strong>Home Loan Center Inc./Lending Tree Loans</strong>, Irvine. Reported 271 layoffs effective July 10 to the EDD. On Aug. 17, Lending Tree announces 24 additional layoffs in Irvine</p>

<p><strong>Homeview Lending Inc.</strong>, Lake Forest. Reported 21 layoffs March 16 to the EDD.</p>

<p class="infobox"><strong>Impac Mortgage Holdings Inc.</strong>, Irvine. Announced May 9 that it laid off about 100 people out of about 800 in its workforce nationwide. On July 25, the company said it would lay off an additional 190 workers nationwide, including 43 in Orange County. More layoffs announced Aug. 22 –- 350 nationwide of which 270 are in California, mostly Irvine.</p>

<p>IndyMac Bancorp., Irvine. Announced 400 layoffs nationwide July 19 including 20 in Irvine.</p>

<p> </p>

<p class="infobox"><strong style="">Lenders Direct Capital Corp</strong>., Lake Forest.<strong style=""> </strong>Employees report the company closed Feb. 8. California Department of Real Estate records show the license is in non-working status, the company has no broker affiliation and that there is no current main office address. Total layoffs unknown.</p>

<p><strong>Master Financial Inc.</strong>, Orange. Stopped lending March 14. Reported 50 Orange County layoffs to the EDD.</p>

<p><strong>New Century Financial Corp.</strong>, Irvine. Filed for bankruptcy April 2. An initial 2,000 workers were laid off nationwide, including nearly 500 in Orange County. The company reported to EDD that as of May 4, it had laid off a total of 1,051 people in its Irvine and Santa Ana offices.</p>

<p><strong>Novastar Mortgage Inc.</strong>, Lake Forest. Reported 56 layoffs March 16 to the EDD. Announced Aug. 18 it would shut down its wholesale lending operation, laying off an additional 500 workers nationwide, 170 in Lake Forest.</p>

<p><strong>Opteum Financial Services</strong>, Foothill Ranch. Reported 130 layoffs as of June 23 to the EDD.</p>

<p><strong>Option One</strong>, Irvine. Parent company H&R Block said in November that it would sell Option One and close 12 branches, none in Orange County. On May 16, it announced 615 layoffs nationwide, including 133 in Orange County. Aug. 1 an additional 185 cuts announced nationwide. Layoffs in Orange County unknown.


</p>

<p><strong>People’s Choice Home Loan</strong>, Irvine. Filed bankruptcy March 20. Reported 242 layoffs effective May 22 to the EDD.</p>

<p><strong>Quick Loan Funding</strong>, Costa Mesa. Owner Daniel Sadek told the Orange County Register in May that the company payroll had shrunk from 700 at its height to about 125 now. Employees reported the week of Aug. 13 that the subprime lender had closed its doors. The main phone number went unanswered. Sadek declined to answer questions. Total layoffs unknown.</p>

<p><strong>ResMae Mortgage Corp.</strong>, Brea. Filed bankruptcy Feb. 12, saying it would keep 800 out of 1,037 jobs. Reported 185 layoffs effective May 19 to the EDD.</p>

<p><strong>WMC-GEMB Mortgage Corp.</strong>, Costa Mesa. Reported 29 layoffs effective May 7 to the EDD.</p>

<p><strong>WNC-GEMB Mortgage Corp.</strong>, Costa Mesa. Reported 59 layoffs effective June 18 to the EDD.</p>
 
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