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Hit and Run: Jungle News and Notes
By The 800lb Gorilla | August 23, 2007
I have updated this site with a few adjustments. The Jungle News RSS feeds on the right column have expanded from 9 to 20 information sources. I will adjust 1 or 2 feeds in the coming weeks if they do not produce the reliable information I am hoping for you. If you have an RSS feed that is extremely good for The Jungle please let me know. As you can see I did not add the Miami Herald simply because they do not have a real estate section separate from the rest of their business column. I may add their business RSS as a replacement.
I also have been steadily adding new links on the left to provide more access to alternative information for your research. If there are favorite sites you rely on please let me know. It is very important for me to make The Jungle Blog as a primary resource for all of you. So far no other blog out there in my findings provides this many resources in one spot, and I refuse to rest. The links will be categorized soon for ease of use to you.
Greenpoint, BNC, Accredited, HomeBanc, Bear Stearns, Mortgage IT, First Magnus, First NLC, Delta and Countrywide have continued with more jobs diminished during this past week. The numbers of lending professionals now dumped on the street are either from downsizing or shutting down business. It was only a matter of time when these companies would add to the unemployment line. There will be more job cuts in the near future. I am saddened more jobs have been cut these past few days. I understand there are slowed mortgage operations in retail banks producing an uneasiness for more potential layoffs. I have spoken with a close friend last night, and he was unnerved by how many of his peers are clueless about what is going on in the industry. He knows it is tougher for lending professionals to get a job regardless how many positions are posted on Careerbuilder, Jobing, etc. Many mortgage insitutions have placed a freeze on hiring until the market warms up which is indefinite.
Countrywide continues to boast their business plans for expansion meanwhile borrowing billions more this week to keep their mortgage machine running from bankruptcy. There has been other news regarding billionaire mogul, Warren Buffet, purchasing parts of Countrywide as he has done with Wells Fargo and Bank of America. We shall see how long Countrywide continues with their Sub-prime lending division.
…Question:”Do you think the Wal-Mart corporation still has plans to open up their own mortgage operation?” I can see it now, as you enter the bank doors of Wal-Mart’s financial center; a blue-vested wearing, Ben Gay smelling retiree from Century Village with a scratchy voice greeting you as you enter, “Welcome to Wal-Mart Lending!”
… experts are counting on more Fed cuts on interest rates, but CNN reports Don’t Count On It . Fed Chairman Ben Burnanke is definitely no Allen Greenspan. Bernanke’s feelings are viewed that the financial industry issues are not a problem for the whole U.S. economy. I guess he never stood in an unemployment line trying to collecting the max $275 a week in South Florida. Way to go, Ben, with your wonderful wisdom.
…by the way, the Bush Administration continues to ignore the mortgage industry problems the same way they did with the Hurricane Katrina debacle. I guess George Bush does not like Mortgage People either…NEWS FLASH! Billions more are being spent in Iraq. “Can I at least get some spare change until I get a spare job?”, says a former New Century underwriter standing in the unemployment line.
Here is news from North Carolina about the State installing regulations for mortgage protections against predatory lending. It is another tell-tale sign to what will happen next in the rest of the nation including Florida. Courtesy of Homes101.net news; North Carolina Again Flexes Regulatory Muscle. Enjoy this article.
According to RealtyTrac.com Florida is Not #1 in foreclosures. Hurrayyy!!!! Nope, we are #2….behind California as reported by the Palm Beach Post.
We shall meet again with more Jungle Blog business later this week. Enjoy!
Topics: Blogroll, Editorial, Misc, Mortgages, Real Estate |
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