Digital Fuel Mizer Works

Okay,

I did not believe it until I read the datasheet on this product. The Digital Fuel Mizer works at helping any driver increase their gas mileage. Its simple to install and ABC News just covered a story on the Digitial Fuel Mizer and its got their seal of approval. What I could find the product sells for $249.oo but right now you can visit www.mpg-rx.com and buy the product for $82.00 out the door and the news gets better! The Digital Fuel Mizer is backed by a 3 year no questions asked warranty. Check out!

I was let go today by a national bank.................

Great. It happened. I was let go today by a California bank that did not have the balls to tell me in person that I was getting let go. They actually emailed me! Can you believe that. I sent this company so many loans, I averaged about 65 per month, and they never closed anything. I guess in a sense its a sign of the times. There is no loyalty whatsoever. I knew something was coming when my last paycheck was in December. For anyone reading my blog I will tell you that this company advertises in Scottmans Guide with full page ads, so be careful. I guess its a good thing. Stay tuned..................................

First Frankling Goes Bye, Bye!

STUART, FL - Two more mortgage entities are closing doors this week resulting in approximately 700 more job losses for industry professionals.

Approximately 650 workers at First Franklin and its NationPoint division based in Lake Forest, California got pink slips as mortgage operations shut down this week. NationPoint is a division of First Franklin Financial Corporation – who is an operating subsidiary of Merrill Lynch Bank & Trust Co. President & CEO of First Franklin, Andrew Pollock, confirmed the rumors in an email to employees.

No information could be found on the NationPoint website, but it does appear that the “apply now” link is disabled. The First Franklin website states, “Effective March 5 at 2 p.m. PST, 2008 First Franklin Financial Corporation will no longer accept mortgage loan applications. Thank you for considering us as a source for your mortgage originations. We realize that our 26 years of success and accomplishments would not have been possible without the people and businesses in the mortgage industry.”

Unique Mortgage Solutions, a FNMA direct lender out of Paramus, NJ has also layed off approximately 50 employees and closed its doors. The company had branch offices in Tallahassee, FL and Easton, PA and was licensed in 11 states. The main website is still up and there is no notice as of print, but a call to the number listed on the website was answered with a, “This number has been suspended…” recording. The company’s wholesale website has been taken offline.

Has The Demise of Indymac Bank Started?

Dear Valued Customer,

As you are all well aware, the secondary markets are currently very volatile, and, in fact, other than the GSEs and Ginnie Mae, there is virtually no secondary market liquidity at present. While Indymac has very strong capital and liquidity, we need to adapt to current market conditions and be very careful with the loans we are funding.As a result, we, along with most other major mortgage lenders, need to make additional product cutbacks and implement additional price widening in order to ensure we can sell the loans we are funding. While we hope that this current difficult environment will be short-lived, we all need to be realistic and be prepared to work within this tough market for a protracted period. In that respect, we need to quickly move as many borrowers as possible to this more full doc, conforming loan environment so that a greater percentage of our loans can be sold to the GSEs.I also want to reaffirm to you our commitment to the mortgage business and assure you we will stay focused on providing you a stable, reliable business partner you can count on to meet your needs, along with the needs of your customers. Indymac Bank?s financial strength combined with and the stability of our national savings and loan charter will ensure we will be one of the strong survivors from this difficult period. I want to thank you for your business and for your commitment to Indymac Bank. We look forward to building an even stronger relationship going forward.

Best Regards,Walter TharpCEO, Wholesale Lending

Mortgage Tree Lending, Bye, Bye!

Since WJ Bradley Company could not work an acquisition deal, Mortgage Tree Lending has been chopped down.

Columbia Home Loans, LLC is officially gone.

OceanFirst Financial Corp. said it decided to close down its mortgage banking subsidiary as the unit incurred significant operating losses in the last two quarters from subprime mortgage loan originations.
The bank holding company estimates $900,000 in employee severance and lease cancellation charges related to the closure of the unit, Columbia Home Loans LLC, it said in a filing with the U.S. Securities and Exchange Commission.
"The discontinuation of Columbia's operation is expected to be completed within six months," the filing said.
On April 25, OceanFirst had said it was in talks with an interested party on the sale of Columbia Homes and that it would shut down the unit if the talks failed.

Texas Wholesaler Shuts Down!

First Consolidated Mortgage Co. is closing down, a spokeswoman confirmed Thursday. A month ago, the wholesaler told its brokers it would stop accepting subprime business. First Consolidated reportedly started business in Texas during 1994. Unfortunately they are another victim of the subprime meltdown.