Wednesday, November 21, 2007

By the Numbers: Ameriquest

$2,000,000,000,000

Recent estimated loss to America's overall home values.

30

Number of states with regulators investigating fraudulent loan schemes at Ameriquest Mortgage Company, the nation's largest privately held mortgage company.

62,000

Number of claimants in class-action lawsuit in California alone, many losing homes or declaring bankruptcy.

$325,000,000

Money Ameriquest CEO Roland Arnell has set aside to settle his company's predatory lending practices.

$76,192

Amount of money in 2004 that Arnell donated to political candidates.

1

Ambassadorships bestowed upon Arnell. President Bush recently appointed Arnell as America's diplomatic representative to the Netherlands.

Better put a finger in that home loan levee...

No indictments, no lawsuits, no allegations of illegal misconduct, and not one symbolic appointment abroad, so MyREALTY Mortgage has plenty of Heroic Customer Service ready to help you.

Learn how to buy a house the safe and fun way with the game sensation that's sweeping the nation, Foreclosure Fallout!

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Friday, August 17, 2007

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

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