Recent Mortgage Fraud Developments and Future Outlook December 23, 2007
Before we use to rely on automated underwriting systems and credit scores we had humans who would carefully underwrite mortgage loan files. During the caveman human underwriter days, loan originators and loan processors knew that underwriters could make or break a file. An underwriter had god-like power to grant or deny the American dream. They [...]
Who is to Blame for the Subprime Meltdown? September 16, 2007
Every day there’s another news story or blog post spreading more blame and anger about the mortgage market, increasing foreclosure statistics, the effects on our economy, fears of more layoffs in the mortgage sector and beyond, and so forth. With enough blame to go around, everyone keeps pointing fingers at everyone else. So [...]
MILA shuts down April 21, 2007
MILA, a subprime wholesale lender based in Mountlake Terrace, WA just north of Seattle, closed it’s doors Friday afternoon, leaving the remaining 100+ employees (down from 600 last fall) only 15 minutes to check their emails and clear out their desks. MILA had been making staff reductions as far back as February of 2006.
The Seattle Times reports that [...]
Professional Status: Perceptions and Reality March 24, 2007
In part one of this series of blog articles about the subprime meltdown, I briefly sketched the rise and fall of subprime loan products and their relation to predatory lending practices within a capitalist system.
Today’s part two will examine the structural relationship between a professional and his or her client.
Is your barista at Starbucks [...]
