Have you heard, the subprime meltdown has another victim, automotive super-power General Motors. That's right, GM Vice Chairman Bob Lutz commented, "The market as a whole has been a little weakish. That has come as a result of the housing market problems and the mortgage industry meltdown."
Come on Bob, I agree a meltdown can cause a ripple effect, but according to GM spokesman John McDonald, "We had a record first quarter globally. We set sales records in three out of our four regions." GM had a record first quarter, the only ripple was the fact that Toyota actually topped GM in first quarter global sales, a spot GM has held for 75 years.
It seems to me that the subprime fallout is an easy scapegoat - and not just for GM - but for many companies that are struggling and looking for someone or something to blame. What I'd like to see is a change in the momentum, swing the pendulum back in the other direction. Instead of focusing on blame, let's learn from this and let the industry re-establish itself as the viable force it once was.
Until next time, have a great week.
P.S. Maybe GM should talk to New Century, they're currently planning to lay off 2,000 workers, with no sales records in sight.
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If you could start your career over...knowing what you know today...would you do anything different this time around?
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Make sure you take advantage of our referral program. For every new client you refer who orders 50 transfers, you'll get 5 free transfers — a value of up to $500! So give call us at 888-376-7484.
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| Industry Fraud |
CNWGroup |
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A lengthy investigation by the Royal Canadian Mounted Police (RCMP) Greater Toronto Area Commercial Crime Section has led to a number of arrests in relation to a mortgage obtained on a residential Toronto property who's title was stolen and fraudulently registered in 2004.
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TucsonCitizen |
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Arizona regulators are cracking down on escrow officers for skimming hundreds of thousands of dollars off home sales as part of a wave of mortgage fraud, officials said.
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TheFraudBlog |
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United States Attorney Don DeGabrielle announced that Marjorie Atkinson Ford, 48, formerly a licensed escrow officer, was convicted by a federal jury conspiracy to commit wire fraud.
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DepartmentOfJustice |
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Isaac Lee Woods was sentenced to 84 months imprisonment while Regina Bailey Woods received a sentence of 24 months imprisonment in this financial fraud case. The defendants were ordered to pay over $1 million in restitution. Last year, after a week-long trial, a jury in New Bern had convicted both defendants of conspiracy, wire fraud, false statements, and money laundering.
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| Industry News |
WashingtonPost |
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Maggie Hardiman cringed as she heard the salesmen knocking the sides of desks with a baseball bat as they walked through her office. Bang! Bang!
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InsideBayArea |
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It's no surprise that consumer groups are blaming the industry for a spike in foreclosures made to high-risk borrowers.
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Boston |
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New Century Financial Corp., the biggest subprime mortgage company to declare bankruptcy, will close its home-lending unit and fire about 2,000 employees after failing to find a buyer.
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Kiplinger |
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Private mortgage insurance is making a comeback. Until six or eight months ago, private mortgage insurance was out of favor as people eager to get into the roaring housing market took adjustable-rate mortgages or "piggyback" loans or some other exotic form of financing.
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CNBC |
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Achieving the American dream of home ownership has never been as simple as just paying for the house itself. There are always the closings costs to pay for, too.
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NewsDay |
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With a second child on the way, Chris Shields and his wife, Michelle, wanted to move from their two-bedroom apartment in Southern California to a house with more space.
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Tennessean |
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Tennessee lenders free to push risky loans to the uninformed. Mary Jennings is struggling to keep her house out of foreclosure, but the arithmetic is working against her.
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McCall |
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For homeowners around the country who are seriously delinquent on their mortgages and hoping for relief, the IRS has bad news: If your lender agrees to modify your loan and forgive any part of your debt, you could owe federal income taxes on the amount forgiven.
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NCTimes |
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When brokers sign up borrowers, they have a big financial incentive to promote risky loans, according to a variety of industry experts.
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BuilderOnline |
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Citing a troubled mortgage market and losses from their former financial arm, General Motors said Thursday its first-quarter profits were down 90 percent from a year ago.
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| International Industry News |
CityWire |
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The number of mortgage possession orders made by county courts in England and Wales rose 1% over the first three months of 2007, compared to the same period last year.
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ThisIsLondon |
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Struggling homebuyers are being ripped off by "money-spinning" charges on mortgages penalising people for not having a large deposit, research has revealed.
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MENAFN |
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The total volume of Islamic home financing schemes offered by various financial institutions in the UK is set to reach 1 billion sterling pound by 2009, and according to the UK Treasury since 2003, the Islamic mortgage market has grown to over 500 million sterling pound - an increase of about 50 percent in the last year alone.
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