It's a sad sad day in South African today, where the banks have officially closed the doors on bond originators. As of 12:00am this morning ABSA, STD, FNB & NEDBANK are no longer paying commission to bond originators for business brought to them...
This statement not yet released to the public means companies like, Bond Choice, MortgageSA, Ooba, Wizard Home Loans and other will need to rely on
Richard Bitner recently released a book about the mortgage meltdown from the perspective of an originator of Mortgages. The book, entitled Greed, Fraud & Ignorance: A Subprime Insider’s Look at the Mortgage Collapse, gives investors some food for thought in considering the faults in the originate, securitize, and issue to investors chain that mortgages went through. The Prince is intrigued by Mr. Bitner’s book mainly because he seems to confirm much of what investors assumed and observed about originators once mortgage securities began to plummet in value.
Richard Bitner spent 14 years in the mortgage industry, five of those as the president of Kellner Mortgage Investments, a subprime mortgage company. He was also a Director for GMAC Residential Fundin
DYING DYING - NEVER, Alive and kicking man!Questions I've heard frequently in recent weeks:Are bond origination services feeling the brunt of the NCA?Is it the end of the road for the bond originator?Will banks take over the bond business?When will bond originators cease to exist?To be totally honest, I think it's the beginning! And please stop bringing all this negative energy into my SPACE people, it's not good for business ;-)Really though, what I do think is that South Africa is going to sift out the little originators from the big originators. I believe that the bond originators that did no prepare for the changes the National Credit Act was going to bring to this country and home financing will be the ones and are the ones that are taking heat and feeling the strain. It's thrown a spanner in the works and they don't know how to deal with certain issues...One reason I firmly believe bond originators will stay around and continue to be the number one source of bonds for banks
Countrywide Financial Corp. has started laying off loan originators, according to a report in Monday's Wall Street Journal, as the credit crunch continues to impact the nation's largest mortgage lender.The layoffs hit the company's Full Spectrum unit, which handles "Alt-A" loans, which fall between the prime and subprime categories and often are for those applying for loans that don't document their income.The number of employees laid off was not disclosed. Full Spectrum employed a sales force of about 6,800, with Countrywide as a whole sporting a loan-origination sales force of about 18,000.Countrywide has offices in Latham and Saratoga Springs. Countrywide did not return a phone call seeking comment on the layoffs.The layoffs come shortly after Countrywide bought five loan origination branches from HomeBanc Corp., then later tapped its credit line of more than $11 billion to increase liquidity.According to the report, Calabasas, Calif.-based Countrywide (NYSE: CFC - News) is cutt
BY NOW YOU MUST BE AS CONFUSED AS THE MAN NEXT DOOR. MAYBE YOU HAVE BEEN DRINKING THIS TEA."This Morning when we drove down the road, we saw 7 garages open on to the street each with a new Mortgage Originator or better known as a Bond Originator offering a new service,where do they come from?"...a confused Lena LeftyWhen I received this mail I knew we needed to do some explaining.Firstly, there are 100's of new bond originators on the market and everyday a new one seems to pop up and offer some FABULOUS new deal , but there is a reality out there. There are the guys who founded this industry with years of seriously great experience and there are the OTHERS who feed off the rest. Then there are the estate agents who have also set up their own deals with banks and of course there are the BANKS themselves who also want a slice of the action - CONFUSED??? I'm not surprised.So who are the real guys and whose next in line etc?Well the original guys on the block with most experience all sta
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