Subscribe to our RSS feed
Follow us on Twitter
Which mortgage lenders will implode next? Will Fannie and Freddie Mac survive the crash? How sick is Sallie Mae? The Mortgage Lender Implode-o-Meter has been tracking the ailing and imploding lenders since late 2006. So far, 266 major U.S. lenders have imploded. Right now, 16 lenders, including IndyMac and Sallie Mae, are on the "Watch List" of lenders in serious poor health.
Founded by blogger Aaron Krowne, the web site has been tracking the housing crisis and the major role subprime mortgages and lending fraud have played in it. The site includes a discussion forum where topics about corrupt lenders are examined and news stories about the "housing turnaround" are vetted. The creators also aim to help those suffering from the meltdown by offering links to organizations offering foreclosure-related and loan-modification services.
Included in the many links is plenty of commentary, like that of Ron Paul, dedicated to halting the government bailout of major lenders that would force Americans, as one commentator says, to pay for "the acts of greedy bankers, mortgage brokers, flippers, and over-extended home-borrowers."
There’s link on the homepage to a petition started by Ron Paul to banish the Federal Reserve System because, as he says: "Wall Street’s ‘business as usual’ call for the FED to intervene and bail out the corporate perpetrators of the scam is like asking a child molester to run a day care center or a drug dealer to teach our children all about drugs. The private banker owned FED is the cause of our problems not the solution."
The bloggers don’t offer many solutions to the crisis, other than rallying together against bailouts. But major media outlets have taken note of this watch-dog site that has major CEOs shaking in their Brugno Maglis and calling the bloggers begging to be removed from the watch list. This week, the Implode-o-Meter was featured in both the New York Times and the Wall Street Journal. The Implode-o-Meter also would’ve been featured on Fox News this week, but according to one of the site’s writers, Fox News lost the footage they themselves had recorded.
Leave a comment
Become a fan on Facebook
2 Comments »
Comment posted July 10, 2008 @ 12:35 am
Actually, Fox DID lose the clip, but our savvy readers picked it up, and sent it in (it was a live interview around 2 pm). Here’s the link (4-minutes):
http://www.redlasso.com/ClipPlayer.aspx?id=eaaa2234-298b-41b3-97ad-aef9b628c09e
In regards to “don’t offer many solutions,” that I would have an issue with. By exposing the hypocrisy from within, creating transparency from the AE in the field to the Boardroom planners, we have become part of the HUMAN solution.
In some cases where a company lays off 30 people in one part of the state, and 40 more in another, we become the communication link letting them know to check the WARN Act.
Many Mortgage companies have had to think twice, and then think again before they mistreat either the public, or their employees because of the Implode-O-Meter… the truth WILL get out there, it WILL be published in papers and the ‘net coast-to-coast, and corporations WILL act more responsible with the knowledge we are watching, and reporting.
Industry whistle blowers send us the info and hundreds-of-thousands, including the mainstream press and the regulators watch our site daily.
It’s good for the industry, and your term “watch-dog” is appropriate.
Randall Marquis, Senior Editor
The Mortgage Lender Implode-O-Meter
http://www.ml-implode.com
Comment posted July 9, 2008 @ 7:35 pm
Actually, Fox DID lose the clip, but our savvy readers picked it up, and sent it in (it was a live interview around 2 pm). Here's the link (4-minutes):
http://www.redlasso.com/ClipPlayer.aspx?id=eaaa...
In regards to “don't offer many solutions,” that I would have an issue with. By exposing the hypocrisy from within, creating transparency from the AE in the field to the Boardroom planners, we have become part of the HUMAN solution.
In some cases where a company lays off 30 people in one part of the state, and 40 more in another, we become the communication link letting them know to check the WARN Act.
Many Mortgage companies have had to think twice, and then think again before they mistreat either the public, or their employees because of the Implode-O-Meter… the truth WILL get out there, it WILL be published in papers and the 'net coast-to-coast, and corporations WILL act more responsible with the knowledge we are watching, and reporting.
Industry whistle blowers send us the info and hundreds-of-thousands, including the mainstream press and the regulators watch our site daily.
It's good for the industry, and your term “watch-dog” is appropriate.
Randall Marquis, Senior Editor
The Mortgage Lender Implode-O-Meter
http://www.ml-implode.com
RSS feed for comments on this post.
Leave a comment