Mortgage Woes - More on the Way?
With all of the recent press and attention to banking and lending, now comes news from First Magnus (http://www.firstmagnus.com) on effectively 'shutting their doors' to funding loans.
Just how manyAmericans were literally stuck at the closing table yesterday with mortgages that would not fund? We'd like to find that number. Great Southwest Mortgage, a net branch for First Magnus took a significant hit in the marketplace with this news. In fact, many companies are scrambling to find underwriting / funding for their in-process loans that have been simply 'pushed aside' with recent changes.
We are told this came without warning, but others say that the cards were on the table for this , and still may be on the table for others in the coming days and weeks.
'Will Countrywide Home Loans file for Bankruptcy?' would seem to be the headline of the day, judging by the conversations around water coolers and lunch tables across America today.
It's very interesting (no pun intended), to both those inside and outside of the industry. One important point: the real suffering here is not the stock prices, not the investors, not the corporate heavyweights -- no, it's the consumer.
It's YOU, and ME.
When the dust settles, you can be sure that Joe and Mary Homebuyer, along with their neighbors John and Julie Homeowner, will pay the price for all of this - and dearly. Longer sales cycles, unstable rates, escalating inventory... all affecting the valuation of your property(s).
Blog on - after all it's YOUR Realty here at 'My Realty'... and YOUR Realty is what matters most.
-Todd and the staff at MyREALTY.com
Just how manyAmericans were literally stuck at the closing table yesterday with mortgages that would not fund? We'd like to find that number. Great Southwest Mortgage, a net branch for First Magnus took a significant hit in the marketplace with this news. In fact, many companies are scrambling to find underwriting / funding for their in-process loans that have been simply 'pushed aside' with recent changes.
We are told this came without warning, but others say that the cards were on the table for this , and still may be on the table for others in the coming days and weeks.
'Will Countrywide Home Loans file for Bankruptcy?' would seem to be the headline of the day, judging by the conversations around water coolers and lunch tables across America today.
It's very interesting (no pun intended), to both those inside and outside of the industry. One important point: the real suffering here is not the stock prices, not the investors, not the corporate heavyweights -- no, it's the consumer.
It's YOU, and ME.
When the dust settles, you can be sure that Joe and Mary Homebuyer, along with their neighbors John and Julie Homeowner, will pay the price for all of this - and dearly. Longer sales cycles, unstable rates, escalating inventory... all affecting the valuation of your property(s).
Blog on - after all it's YOUR Realty here at 'My Realty'... and YOUR Realty is what matters most.
-Todd and the staff at MyREALTY.com
Labels: buyers and sellers, first magnus, great southwest, mortgage, my realty, your realty
posted by MyRealty.com at
12:41 PM
1 Comments:
Great post! I am gonna share it with my own blog readers at jason.landbrokr.com ! Thanks.
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