MOST IMPORTANT POST EVER

NEW -> Contingent Buyer Assistance Program
<p>Commuter, </p>

<p> Yep, i've always believed if you give a regular Jo(e) any way to be greedy, they will be. They will make any and all the justification(s) that what they are doing is right. And when things go wrong, its not their fault. Being a engineer for a while now, I recognise there is always a trade off, its just a matter of what you want to have and what you don't want to have.</p>

<p>-bix</p>
 
<p>I believe "Ask Fleck" is a subscribed service. </p>

<p>I wouldn't advise posting the exact column, but a brief synopsis would be nice. </p>
 
Sorry, can't post a link as it is a subscription service. A reader was alerting "Fleck" to the IHB and specifically to lendingmaestro's thread, "The most important thread ever", and the reader included a link to the thread. It wasn't me.
 
Wells Fargo <a href="https://ilnet.wellsfargo.com/ilonline/publicrates/verified.jsp?id=MDNClfBOCkkcqo%2BdfO3CnbjLxf7OAZkmLNpgbKZj">eliminated rebates</a> on all their ARMs and jumbo fixed and ARM loans.
 
I've heard a rumor that Option One of Irvine either announced layoffs today (effectively immediately, no notice to employees) or will announce layoffs very soon. Can anyone confirm?
 
<p>The Mortgage Lender Implode-O-Meter site has the following details: "Further, Option One made some significant lay-offs today. Estimates we are recieving put the lay-offs at 60% to two-thirds of Option One's account executives or 150 - 185 people." </p>

<p><a href="http://ml-implode.com/ailing.html#lender_OptionOne_2007-08-06">http://ml-implode.com/ailing.html#lender_OptionOne_2007-08-06</a></p>

<p> </p>
 
They made major changes to their loan guidelines over the weekend. What was messed up was it was all loans locked, in the pipeline or even thought about. They basically committed suicide.
 
<p>Fear the upcoming crash.</p>

<p minmax_bound="true">Listen. And understand. </p>

<p minmax_bound="true">That thing is out there. It can't be bargained with. It can't be reasoned with. It doesn't feel pity, or remorse, or fear.</p>

<p minmax_bound="true"> And it absolutely will not stop, ever, until you are dead.</p>

<p minmax_bound="true">:)</p>

<p minmax_bound="true"> </p>
 
@LendingMaestro





I am the one that sent the link to this thread to Bill Fleckenstein. Though I agree with Awgee that it wouldn't be right to C&P something from a subscription service, I don't feel there is a problem with telling you what the post was about.





In my email to Bill, I pointed out this thread as a data point on the housing related credit crunch. (A topic widely discussed by Bill in his subscription site and in other free sources such as MSN) He posted the link to this thread and said that the things you mentioned in post #1 agreed with the things he was hearing from his sources in the mortgage industry.
 
<p>"150 - 185 people." </p>

<p>Sad. They are just down the street from my office. At least my commute might get a little better.</p>

<p>I've always wondered: just what does an AE do? I ask because I really don't know. I see them mentioned all over the place, but I don't know how they fit into the mortgage business.</p>
 
<p>An AE is the point of contact for the broker. It is the Account Executive's job to get broker to submit deals. They are out hunting for business as well as making sure that existing loans in the pipeline fund.</p>
 
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