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| Referral Program |
Turn your
contacts into transfers! 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!
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I would like to thank you all for
the tremendous response to last week's DealWire. Contrary to what
the outside world thinks, we know there are still a lot of loans to
be originated and DoublePositive is finding ways to offer solutions
to our clients that differ from our past business process. Between
me and my team, we fielded over 100 calls on Wednesday and Thursday
from originators, throughout the country, inquiring about the new
offerings being rolled out. So, as promised, I would like to give a
bit more detail on our new offerings and would like to get your
feedback as well. Check out my most recent blog post and submit your
comments at the bottom of the post.
What a crazy weekend!
WOW. So, last week I mentioned that I was a bit freaked out when I
heard IndyMac was shutting down their retail business. I guess a lot
of their customers freaked out as well. I am sure the media played a
significant role in this, but it's still stunning to see $1.3
Billion pulled out of IndyMac bank accounts in a 3 day period! As
most of you are probably well aware of at this point, the Feds had
to take over the entire operation and turn the business over to the
FDIC. Considering this has only happened a couple times since
America was formed as a nation, this will be looked upon as a major
historic event. Also, over the weekend, you must have heard the news
of a government bailout of Fannie Mae & Freddie Mac . On Sunday,
Treasury Secretary Henry Paulson unveiled a plan aimed at buoying
ailing mortgage financiers Fannie Mae and Freddie Mac, which are
clearly too important to fail. The urgency was fueled by a $3
Billion security auction scheduled by Freddie Mac for Monday 7/14
(which took place without a glitch, thank goodness).
"GSE
debt is held by financial institutions around the world," Paulson
said in a statement. "Its continued strength is important to
maintaining confidence and stability in our financial system and our
financial markets. Therefore we must take steps to address the
current situation as we move to a stronger regulatory structure."
The three-pronged approach, which is the result of collaboration
between the Federal Reserve, the OFHEO, and the SEC, will address
immediate liquidity and capital needs, as well as protect the pair
going forward. Stocks of both companies got hammered on the news
but, in my personal opinion, if you are a long term investor, you
should buy now and get rewarded in the long run. Keep your eyes out
for the next couple of DealWires as we will have more details in
regards to all of the new DoublePositive offerings.
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Feds to freeze IndyMac's home-equity credit
lines |
| Los Angeles
Times |
| Customers of
IndyMac's reverse-mortgage subsidiary will continue to have access
to their funds. Reverse mortgages provide elderly homeowners with
either... |
Freddie Auction Is Successful After Treasury, Fed
Pledge Aid |
| Wall Street
Journal |
| With home
prices falling and mortgage defaults rising, Congress and the
administration have come to depend even more on Fannie and Freddie.
... |
Silence of the Lenders: Is Anyone Listening? |
| New York
Times |
| DAN A. BAILEY
JR. was desperate when he sat down on May 19 to send an e-mail
message to his mortgage lender, the Countrywide Financial ... |
Discounted Mortgage Notes Can Stop
Foreclosures |
| Bloomberg |
| Yet you won't
see Lee running bus tours of neighborhoods burgeoning with
repossessed homes or short sales (for less than the mortgage
balance). ... |
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21224
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