Looking at the news this past week, it appears as though several companies are prospering in the wake of the subprime fall out. Wells Fargo and Countrywide - as well as several other companies reporting first quarter profits - have been capitalizing on homeowners eager to trade in their adjustable terms for fixed-rates.
However, the good news isn't absolute across the industry. It looks as though some companies are taking a page out of Countrywide's book, who on it's way to recovering had to eliminate 3,000 jobs. LendingTree roughly broke even in the first quarter of 2007 and as a result has had to lay off 440 people, 20% of it's work force. In Orange County, the lay offs are so numerous, one publication is keeping a running tab for people to keep track (see the story below).
But there is a silver lining, many of the displaced employees are finding jobs with companies - like Countrywide - that are thriving in the current market. This trend, coupled with a recent report that U.S. applications rose for the third straight week (driven by demand for both purchases and refinancings), leaves me with a strong sense of optimism about the direction we're heading in. Have a great week.
|
|
| Tips of the Trade |
BillSparkmanTheCoach |
|
| Goal Setting can masquerade as procrastination in disguise. Too many loan officers spend too much of their time "goal setting" and little time working on achieving their goals. At one of my seminars, just recently someone told me that they believed the key to success is the ability to set goals. Well, I had to take exception with that comment. I believe that goal setting is an admiral trait that most top producers utilize as part of their success strategy.
Full Story
|
|
| Fraud Alert |
HousingPanic |
|
Here's the deposition from a reformed conman, in a desperate homedebtor suit vs. Ameriquest, in its complete and raw format
Full Story
|
PressZoom |
|
A resident of Dearborn pleaded guilty today to one count of wire fraud in connection with a scheme to defraud over $20 million, United States Attorney Stephen J. Murphy announced. Joining in the announcement was Andrew G. Arena, Special Agent in Charge of the Detroit Division of the Federal Bureau of Investigation.
Full Story
|
MontereyHerald |
|
The slumping real estate market has focused more attention on an unsavory side of what was a superheated market of easy loans and rising real estate values.
Full Story
|
FastPitch |
|
Nearly an over-whelming majority of Americans believe fraud wrecked the real estate market, according to a survey by Housing Predictor.
Full Story
|
EconomistsView |
|
| What the Fed does or fails to do has more effect on the nation's poor than any other policy making body
Full Story
|
|
 |
| |
Stop wasting your time chasing shadowy leads and get to work with Transfers from DoublePositive! Our transfers are different from traditional leads because they pass through two layers of screening and verification. You set the parameters and we'll connect you live to only qualified, interested borrowers.
If you don't have live call transfers of double-verified and interested borrowers in your leads mix, you should. There's no better time to try LIVE Hot Transfer Leads! Sign-up is free, there's no minimum order or long-term contracts and you can name your own price. Visit the link below to find out more:
Learn more about LIVE Hot Transfers!
|
|
| Industry News |
LATimes |
|
The industry may be contracting, but No. 1 lender Countrywide Financial Corp. is making more loans, taking advantage of a period of turmoil to increase its market share.
Full Story
|
MarketWatch |
|
The increase reflects more refinancing because long-term rates continue to be historically low and because rates on long-term loans are lower than short-term rates, he said at a conference in New York monitored by Webcast.
Full Story
|
Reuters |
|
U.S. applications rose for the third straight week, driven by demand for both purchases and refinancings, an industry trade group said on Wednesday.
Full Story
|
Barrons |
|
Hit by the ongoing troubles in the market, IAC/Interactive's (IACI) LendingTree unit has laid off 440 people, or about 20% of its staff, according to the Wall Street Journal.
Full Story
|
OCRegister |
|
Some workers are finding jobs but it's getting harder as more unemployed hit the streets.
Full Story
|
Mcall |
|
Homeowners drowning in debt from homes they cannot afford could get a breather from the state, if a package of emergency measures to be announced today is adopted
Full Story
|
BaltimoreSun |
|
Industry competitors are searching for hidden gimmicks, but Bank of America insists that its "No Fee plan" announced Tuesday delivers exactly what the name implies - without raising interest rates to applicants.
Full Story
|
Reuters |
|
The crisis that has swept the U.S. subprime industry may come down to a simple, three-digit number, multiplied by millions.
Full Story
|
MemphisBusinessJournal |
|
The acquisition of Republic, Nevada's largest employee-owned company, gives First Horizon access to one of the country's hottest real estate markets, the company said Wednesday. Republic originated $1.1 billion in 2006.
Full Story
|
|
| On Capitol Hill |
LocalNewsLeader |
|
Congress is looking at potential reforms to risky home lending practices, although a House subcommittee hearing on Tuesday suggests lawmakers are still sorting out the complex workings of the market and wondering whether reforms will be necessary or helpful.
Full Story
|
RealtyTimes |
|
| When you fall behind on your mortgage and slip toward losing your house to foreclosure or a "short sale," should you have to worry about the IRS whacking you with extra taxes?
Full Story
|
Log In to Your Account | DP website
Copyright 2007 DoublePositive Group, Inc
1030 Hull Street, Suite 300 | Baltimore, MD 21230
888-376-7484
|
