I came across an interesting Q&A article this week that featured Kerry Killinger, chairman and CEO of Seattle's Washington Mutual Inc. I don't usually gravitate towards these types of stories, however, as I scanned through it, the first question roped me in. It asked:
"Q: In broad terms, could you tell us your impression of what happened in the mortgage market and how it happened? Foreclosure activity is increasing as adjustable-rate loans are reset. Who is to blame?"
Who is to blame? What a question! Take a minute to read Kerry Killinger's response and then tell us your thoughts. Who do you think is to blame?
In addition, DoublePositive is attending the Leads2007 conference in Tampa this week. Below you'll find up to the minute blog posts that chronicle the discussions and break-out sessions at the conference - make sure you check them out.
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Chris Beauchamp |
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| A DoublePositive client and friend, Noel Collins of Equity Direct, is leading this session which is focused on best practices in lead buying. This session is the best one yet — lots of really good discussion between lenders, lead generators/providers, and lead management system companies.
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Chris Beauchamp |
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| A lot of discussion about the standardization of the consumer experience on the front end. There are stories on both ends of the spectrum here. Of course there are stories of borrowers who are contacted by a dozen, overly aggressive lenders. Still, many agreed that the number one complaint that branded Tier 1 lead generators get from consumers is that they were not contacted by all of the lenders they were promised.
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Chris Beauchamp |
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| The main question at hand here is "What technology innovations will have the most significant impact on the industry?"
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Chris Beauchamp |
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| How do you build and maintain long-term relationships with your clients? This is the question posed to originators (with consumers) and lead providers (with originators).
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BillSparkmanTheCoach |
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| By learning how to balance two basic drives - the need to close, with the need to develop relationships - every salesperson can become a star performer. Great salespeople are able to apply both talents equally. But the salesperson who focuses too much on building relationships will make a lot of friends, but few sales. The salesperson who is too preoccupied with closing the sale will forfeit customer loyalty and repeat or referral business.
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Bloomberg |
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| Fannie Mae shares fell 3.5 percent after the Bush administration refused to allow the government- chartered company to expand its purchases of mortgage bonds by $72 billion to help relieve a credit crunch.
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NewsDay |
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| Parking around American Home Mortgage Investment Corp.'s Melville offices was always a problem: Cars overflowed from the company's parking lots, clogging side streets and blocking entrances to other buildings. Employees arrived early to get spots, or took shuttles between their parking spaces and buildings.
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USAToday |
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| The collapse of the subprime mortgage business has revived interest in federally backed Federal Housing Administration loans among low-income and first-time home buyers who have been shut out of the mortgage market.
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MarketWatch |
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| Countrywide Financial the nation's largest mortgage lender, said Tuesday that its total July mortgage fundings rose from year-ago levels, but dropped more than 10% from June as tightening credit cut back business.
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BusinessWeek |
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| With the mortgage industry imploding, the only hope for many lenders is to find someone bigger and more financially secure to buy them out.
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RealtyTimes |
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| With many lenders shutting down programs for first-time borrowers and tightening underwriting requirements for everyone else, it's nice to see a lender show some consideration for the nation's 16 million-strong police, fire fighters, teachers, and medical workers.
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OriginatorTimes |
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| With over 70 victims already claimed by the Subprime/Alt-A mortgage mess, add Trump Mortgage to the list. According to published reports, Donald Trump has pulled the plug on Trump Mortgage less than two years after its launch.
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Forbes |
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| Standard & Poor's Ratings Services lowered its long-term counterparty credit rating on Thornburg Mortgage Inc to 'B' from 'BB', and placed the rating on negative watch, reflecting the unsteady state of secured financing capital markets.
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Forbes |
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| Impac shares plunged 32 cents, or 16.7 percent, to $1.61 in afternoon trading. During the past 52 weeks, the stock sank from a high of $10.35 in August 2006 to a low of 95 cents on Tuesday.
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Forbes |
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| The latest crisis in financial markets has once again served as a reminder of how vital and interconnected the health of the U.S. economy is to that of the rest of the world.
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FoxNews |
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| The nation’s banks, in response to the subprime lending mess, are making it tougher for high-risk borrowers to get mortgages they can’t afford, and are moving to tighten lending standards across the board — even for borrowers with good credit.
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FreeP |
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| Banks reported softer demand for mortgage and commercial loans in the three months ending in July, the Federal Reserve said Monday, adding to evidence that the pace of economic growth has slowed.
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KansasCity.com |
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| A jury began hearing evidence today in the mortgage fraud trial of former Kansas City Councilwoman Saundra McFadden-Weaver.
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