One by one they'll fall. The Great Unwinding is now underway.
Indymac, Countrywide, HSBC, New Century, Ameriquest, Accredited, OwnIt... And bye-bye to all the corrupt commission-hungry mortgage business scheisters who stuck it to clueless homedebtors these past few years with their no-down, no-doc, interest-only, teaser-rate, liars-loan, bonus-commission loan-porn.
I'm sorry, but I have no pity for these disgusting REIC scum. You did evil, you hurt your fellow man for a buck, and now you'll be on the street just like them. Hope you find an honest living next time around. Scum.
From Indymac:
Indymac profit shrinks as housing slows - Financing firm issues earnings warning
Indymac shares fell Tuesday after it issued a profit warning as the U.S. housing slowdown takes a bite out of the company's mortgage business.
Indymac said it expects fourth-quarter net income of 97 cents a share, lower than its earlier forecast of $1.30-$1.40 a share.
"This shortfall reflects the challenging times being faced by the mortgage and housing industries and the difficult nature of forecasting earnings in our business," the Pasadena, Calif. company said.
IndyMac said fourth-quarter profit will be "substantially below" its forecast, citing difficulties in the mortgage and housing industries.
January 16, 2007
HousingPANIC Declares Sub-Prime Home Lender CODE RED
Subscribe to:
Post Comments (Atom)
18 comments:
Just another one to bite the dust. Yet Lereah is saying we are at the bottom of the housing decline. Again, this is only the start of many of these mortgage boiler rooms going down. The steam is now going away and showing the true numbers.
That is why these kind of homes are no longer moving...
Dr. Housing Bubble - Real Homes of Genius
On the other hand Wells Fargo, including the mortgage section beat analysts expectations and surged in profits - 13%.
If all the mortgage companies go down that you stated would, a lot of people are going to lose their houses and deposits. The government will go into auctioning homes, bank property etc. I do not see it happening. I think excess home inventory may have peaked in August, unless things get worse.
Indymac said it expects fourth-quarter net income of 97 cents a share, lower than its earlier forecast of $1.30-$1.40 a share.
WOW, that quite the missed forecast!
Some firms, e.g. Wells Fargo, keep their broker's in line and/or have their own broker network from which the draw the majority of their business, again Wells Fargo.
It will be the new kids on the block and the others that absorbed loans from seedy brokers that maybe in trouble.
Gov't intervention will all come down to the critical mass of the problem. Federal intervention would require a scale on par w/ the S&L crisis of the late 80's early 90s.
Remember bank lending is a sahred power, some states may need to intervene if they have a statewide crisis that does not rise to teh federal level.
The industry & associations can also intervene to a more limited extent.
The market is already responding.
Indymac got killed because of their FUTURE guideance
The financing caused the bubble, and the financing will cause the crash.
Just the beginning folks. Have to wait another 6 months to really feel the burn.
another 6 months eh...it' been 19 months already, aren't you getting a little tired of waiting?
"Share of IndyMAC fell yesterday....."
Wait, why would their prices fall? I thought all this was already priced into the market? Doesn't the all-knowing, well-adjusted bull market already have everything like this taken into accout?
Hey Keith, interesting to hear that the housing market sky is continuing to fall all around and everyone who hasn't done so already, should run to the freaking hills.
Say, do you think it would be possible for you and your blog to especially notify or call out home buyers in Orange County, California re: these blatantly obvious trends?
You see, home inventories are going down here. The median home price here is increasing since January 2007 YTD by 3% to $642,000.
This might suggest that home buyers, now in January '07, in overvalued hell Orange County, seem to consider cement box homes without a basement priced just below or just below $640K is just A-Ok with them!
And no, the average median income isn't $200K per annum.
You and this blog are slowly becoming that crazy scientist that kept saying that "the meteor is going to slam into the earth and destroy all life as we know it", yet due to the complex aspects of space and time, you can never pinpoint where and when it's going to hit. So people start to lose interest.
Well, judging from the behavior above, home buyers are really petrified here in California, I can tell you.
By the way, I've been in the Housing Panic cheering section (market correction crowd) for months.
You misspelled shyster.
This list doubled in the last month.
http://www.csbs.org/Content/NavigationMenu/RegulatoryAffairs/FederalAgencyGuidanceDatabase/State_Implementation.htm
It's going to get worse. Keith's description of mortgage brokers is spot on. Sometime in the last five years mortgage brokers somehow became financial advisors. The next five years will prove that they were really bad ones.
Check out what Centex Homes reported today at http://tinyurl.com/2jedam
Or let the CEO say it best:
"We are navigating through one of the most challenging housing environments in the past 25 years," Chairman and Chief Executive Timothy R. Eller said.
Just wait til the big banks begin reporting this week. Chase, Citigroup, Washington Mutual...
Their commentary on mortgage lending should be quite interesting.
VOTE ANONYMOUS FOR PRESIDENT!
Florida's population is now decreasing due to high housing costs. More people moved out of Florida than moved to the state in 2006. So 1,000 people were moving there a week, but more than 1,000 were moving out. The ones moving out are the middle class families who can no longer afford to live there. Thanks alot housing bubble.
http://tinyurl.com/2p8t4c
>>another 6 months eh...it' been 19 months already, aren't you getting a little tired of waiting?<<
What 19 months? The bulk of the ARMs start resetting in 2007 with most of the rest in 2008.
Pay attention.
Markus Arelius:
And someone who bought that $642,000 home 5 years ago can sell it and move to Las Vegas or Phoenix. There they can buy the same home for $350K in cash. Sure they won't have the ocean next door, but they'll have no mortgage payment and no income tax (in LV). For hundreds of thousands of Californians that's a trade-off they're willing to make. Hence the steady migration via I-15 and I-10 that has been going strong this entire decade.
This is the missing ingredient in HPland. The nutty professors cry about LV/Phoenix median income and how those numbers can't support the median home prices. They always leave out the part about Californians arriving in town with $400K in the bank who don't really give a rat's ass about income/debt ratios when they write a check for the home.
A dumb question, What happens to my home loan/monthly payment if the company/bank that I owe the money to is belly up?
Just wondering.
Will not happen to me because my mortgage company is a collections company. Nice business model.
Want to make a difference? Go to Radical Title Talk and sign our petition. It's time to stop the bad guys.
Post a Comment