Awwww... we'll sure miss 'em won't we?
Won't we?
A major transition is underway in the U.S. mortgage lending industry, with consolidations and lay-offs at the forefront as companies try to deal with waning demand for home loans.
This shift is expected to pick up steam in 2006 if the housing market, as widely expected, cools off from its record-breaking five-year run.
"There are some very important signals emerging in that we have seen some pretty good companies go on the block for sale or have been sold recently, which is a clear sign that consolidation is seriously underway," said Douglas Duncan, chief economist at the Mortgage Bankers Association, an industry trade group.
March 07, 2006
Consolidation and lay-offs hit mortgage industry
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15 comments:
The blame can be spread, but the majority lies right at the feet of all the members of The Federal Open Market Committee. They have made poor choices since 9/11, and they waited too long to remove accommodation, and when they did act, they were too timid.
And now this sets up what could be the largest slide in the American Economy since The Great Depression.
NEEDS AIRBAGS... for the Housing Bubble Crash !!!
Global Bond rates affecting Mortgage rates to go higher now !!!
I do have to say one thing about this blog, first of all I appreciate the information that is presented and I do believe and know their is a housing bubble and a housing crash that is eminent. However, I don't feel like we should be happy about it and it feels like some people are actually a little happy inside. This will most likely initiate a global depression, not something we should be happy about, accept it but don't snicker at the lost jobs, and the losers of this game. That's all I have.
It is not about laughing at the misfortune of others, it is about being prooven right after having been laughed at. It is about vindication.
oh, no, seriously, i'm laughing at the misfortune of the immoral corrupt players in this scam
realtors, mortgage bankers, builders, speculators, they all have what's coming to them (the bad ones)
I'm sorry, but you reap what you sew, and every dog has his day
karma
you know david that brings up a good point.
most people (good people, good work ethic) work for a living, get a paycheck, pay their taxes. the american way
what happened the past few years flew in the face of that - and was in some ways un-american
why?
because the gains on home sales went un-taxed. so those profits, 100% of them, went into people's pockets, or more likely into shopping sprees of foreign goods.
Not paying taxes on gains is un-american. No, I'm not a socialist. I hate paying taxes. But we pay taxes for the good of the country. So we can have safety for our people, roads and bridges, good schools, healthcare and no debts or deficits
With this giveaway that congress wrote into the law to pay off their real estate industrial complex contributors, no taxes. and this was not good for america. and meanwhile, the fiscal accounts of our country have never looked worse. ever.
I worked for 2 different home builders in the last 8 years. But a few months ago, I decided to get the heck out because I could see what direction it was going. New industry, new area to work, a complete change. I know a number of people I used to work with will probably be laid-off when it all comes crashing down. But, a lot of them see it coming. It's up to them whether they jump ship while it's still close to shore.
Top 10% wage earner in the country can't afford a house.....honestly that can't be, unless you have mistaken what the top 10% wage earner actually earns. Be careful what you wish for.
I am happy this is happening.
everyone thinks they can pay that huge mortgage payment for the next 30 years, that nothing will ever go wrong with the economy, and we'll always make tons more money in the future, pay raises every year. (fools) The world needs a really bad depression to stop the over consuming population from depleting every freeking resource we have, we need to save some for our future. If that means a global depression then lets get it on now!
Kieth
has anyone fead the blogger yet?
I hope prices drop quick. If you earn 150,000 in SOCAL and don't have a sizable down payment and want a 30 year fixed you can't buy a decent house. Most people i know in SOCAL make combined over 100,000 easy but can't afford a house so all have went with io loans and prop taxes are out of site. A friend in new jersey says his house is worth 650,000. His prop taxes are 11,000 a year and he has a io loan so basically he renting and hoping for the value to keep going up. I purchased a house in 99 for 195,000 in socal and thought i was over paying. the house sold prior 97 for 150,000. The house was sold in 2005 for 710,000 average area of socal 1,700sq ft outrageous.
The upcoming housing crash is unfortunate but necessary to regulate our economy and restore balance. Most of us realize this and are increasingly annoyed at the realtors, flippers, etc that want to perpetuate the manic appreciation through manipulating the media for their own selfish and greedy gain.
As sadistic as it seems, I'm looking forward to that 60 Minutes or 20/20 special (hopefully by Oct-Nov 2006) where they profile greedy flippers getting f*cked by their RE investments gone bad.
dogcrap - over $1000 in 24 hours - amazing
seriously, nope. i think people think content should be free (or ad supported)
i'd tip me!
The truth is a lot of us are going to take some satisfaction from seeing the whole thing come down. Even though, God knows, a lot of people are goingn to get hurt badly. It's a contradiction: however, greed-driven bubbles must explode; it is the proverbial moral of the story. Without the moral, the story wasn't worth the telling.
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