First Magnus is done

Erik · #1 (**permalink**) 08-16-2007, 03:13 PM

Well, not sure if this is news now or not, but First Magnus is done.

Greg · #2 (**permalink**) 08-17-2007, 11:29 AM

I am going on a limb here but I think the top is coming off too sometime early next year.

Erik · #3 (**permalink**) 08-17-2007, 11:42 AM

The situation right now is like a forest fire... ugly when it happens but overall a good thing for the forest because everything grows back greener and healthier.

Greg · #4 (**permalink**) 08-17-2007, 07:58 PM

Let me rephrase. The true Mortgage Banks are ok but the companies focusing on mortgages mainly are in jeopardy. Especially the one at the top..... Borrowing 11.4 billion and maxing out credit lines.... This particular lender just said it had over 200 billion in liquidity yet it scrambles to 40 banks and maxes out credit lines to get 11.4??? Also a CEO selling off almost 200 million in options in the past year reminds me of some other company I used to work for....

Erik · #5 (**permalink**) 08-18-2007, 12:06 AM

I guess I skipped over that part... that money won't stay in his pockets long once the indictment is handed down. Hopefully.

Greg · #6 (**permalink**) 08-18-2007, 06:47 AM

Nah I just made it so vague only I knew what was going on.

Almost all of my approved lenders have exited or suspended sub-prime.

Then there is that other joy of being a broker that comes into play. I ask them if there is an updated lender list. Mine is dated 3/06. They say "no we have not gotten around to that yet. We know there is a lot of lenders that are no longer in business on it"

So I said "Well, it is not so hard to figure out who those lenders are and cross them off but which new lenders have been added to the list?"

None....

Wow quite impressive. lol