There's a basic question I've been meaning to ask readers for quite some time and it goes like this: Who in their right mind would ever buy another stock in their lives? Not me, that's for sure. Think about it. The stock market is down 50% from its all-time high, corporations are laying off thousands of workers, real estate markets are still ugly and the future doesn't exactly look bright. I mean, come on now. Yes, I have money in stocks - my retirement money (like everyone's) has been clobbered. Most of my non-retirement money has been in cash and government bonds for three years. Don't get me wrong. I'm not bragging. Every time I thought about bottom fishing (I'm not allowed to buy bank or mortgage stocks) I've chickened out. Why? I don't know. The only thing I can say is that it just didn't feel right. And let me tell you - buying Bank of America (it fell to $2.53 on Friday) at times seems awfully tempting but then I think: Ken Lewis (what did he know and when did he know it?) was reckless enough to swallow both Countrywide and Merrill Lynch - two of the biggest players in subprime - and there's more damage to come. Mr. Lewis was quoted this past week saying Countrywide's residential loan production is "on fire." I assume he means the refi business. In my many interviews over the years with Countrywide founder Angelo Mozilo he stressed that CFC always cleaned up on refis but wasn't as good when it came to the purchase market. It's nice to see that one of CFC's strengths (refis) has remained intact. Anyway, I mention the stock market because the way things feel right now, at this moment in time, that if any bank, S&L or mortgage company wants to pull off an IPO it's just not going to happen. Never again. Not today, not tomorrow and not five years from now. Then again, maybe this is the "capitulation" that old-time stock investors are talking about when they speak of a bottom. A 50% decline in the Dow certainly should represent a bottom. But I'm never buying another stock outside of my retirement account again. Not a one, though I sort of like Microsoft and Intel. And GE looks cheap. No. Must stay away, must stay away, must stay away...
It's that time of the year again where National Mortgage News launches its annual survey of loan officers - both retail and loan brokers alike. Results will be published in the upcoming eMortgage Industry Directory, SourceMedia's annual Web-based directory. So, if you're still in the business and can share your 2008 volumes (and what you might produce this year) visit
The stock market is in peril and guess what: traders and investors in scratch and dent and nonperforming loans say there's been a flood of new offerings the past few weeks. A coincidence? One trader, requesting anonymity, said a recent alt-A portfolio sold for about 70 cents on the dollar. Here's the kicker: the loans were performing. The lender sold the package at a loss to "free up his warehouse lines," said the trader. Yes, there's still a warehouse lending crisis in this nation but the White House and Treasury have yet to notice - despite calls from the Mortgage Bankers Association and other groups. But here's one piece of good news: Colonial Bancgroup of Alabama is still providing warehouse credit - so says one executive who works there...
Meanwhile: The lack of available warehouse credit for non-depositories continues to be a crisis that's getting little media play outside of National Mortgage News. One investment banker told us this morning, "I keep telling my clients to buy a bank so they can become a warehouse lender. They'll make a lot of money"...
What's going on with Taylor Bean & Whitaker, one of the nation's largest remaining wholesalers? A source inside the company says the lender is still wholesaling, though the firm has tightened up its loan menus a bit...
A quick word about the new White House plan to modify and refi some 9 million home mortgages for struggling homeowners: Who's going to keep track of all these loan mods?...
If you're looking for an updated 4Q list on the nation's top servicers and their delinquency rates drop an e-mail to
He's back: Sy Naqvi, who ran PNC Mortgage last decade. Sy will be in charge of reviewing PNC's residential unit and National City Mortgage operations. (PNC bought NatCity early this year.) For the full story see Monday's National Mortgage News. Don't subscribe? Call 800-221-1809...
WASHINGTON: In the midst of the housing crisis we've all forgotten about RESPA, haven't we? Not exactly. Apparently, several industry trade groups are trying to get the Department of Housing and Urban Development to backpedal on pending RESPA changes, claiming the agency should work with the Federal Reserve Board on making mortgage disclosures complementary with the Fed's so as not to confuse consumers. For the full story see Monday's NMN story by Brian Collins.
MORTGAGE PEOPLE: Trust Title Co. of Florida has named Chaz Seale vice chairman, formalizing a role he has had with the firm for the past few months. Mr. Seale had been an outside advisor to a Trust Title affiliate. Mission Capital Advisors, a commercial, residential and consumer loan sale advisor, named Jason Cohen managing director in its New York office.
MUST ATTEND CONFERENCE: National Mortgage News/SourceMedia's third annual servicing conference. The show will be held April 6 and 7 at the Marriott Dallas/Fort Worth. Larry Litton of Litton Mortgage and many others are speaking. Topics include REO, loss mitigation and much more. For more information call 800-803-3424.
DATA NOTICE: The Mortgage Industry Directory is still available as well as the online version of the book, the eMID. If you need rankings on the top 400 lenders and servicers, loan brokers and much more, this could be your product. Order the MID and receive a free Quarterly Data Report, too. The MID/eMID also provides executive names and telephone numbers, mailing addresses, delinquency info - and news updates (the eMID only). Buy the book and receive a free Quarterly Data Report. For more information e-mail
