Here’s a site you guys will find interesting [in fact, many of you probably already have it bookmarked.]  The Mortgage Lender Implode-O-Meter site tracks the housing mortgage industry; keeping a list of all U.S. lenders which have “imploded” since late 2006.  Today’s count: 116.  Bonus: the newest feature to be added to the site is the Hedge Fund Implode-O-Meter.  Today’s count: 11

In addition to maintaining the aforementioned lists, the site posts “Top Mortgage Banking Bust News and Commentary” multiple times daily. These guys hold nothing back with their commentary.  In fact, they’re currently being sued by a California lender for some of their remarks (btw, these guys detail the suit on their site as well.)   

Lots of juicy stuff here.  Check them out while they’re still around.

Comments

[NVMojo]

Cool. I just posted ml-implosion to my blog yesterday after being nagged at repeatedly by my sister in another state to read it. She busts mortgage fraud perps, btw. There are several states going after the crooks actively compared to our state.

[el diablo]

Has anyone seen the advertisements on the back page of the Reno News and Review for Silvercreek Condos. They are dropping the price by $30,000.00 until August 15, 2007. On August 15, the prices will revert up $30,000.00 thereby giving a purchaser instant equity of $30,000.00.

Is this legal? Here is my take, lets go in together and buy a unit. On August 16, 2007 lets put the unit on the market and get our $30,000.00 of instant equity.

If the unit sells, we made a hell of an investment, if it does not, let's sue them for false advertising.

2nd point of interest. Grand Sierra Resort just asked their employees to take a 10% pay cut. Is this a sign that the GSR is hurting financially? Maybe not such a good idea to turn 1200 hotel rooms into 800 condos in an already bloated condo market?

[GuyJohnson]

NVMojo,
Cool blog. I was pleased to see the GapingVoid.com widget. I'm a fan of Hugh MacLeod. He gave a presentation at the Inman Connect conference I attended last week. Most entertaining and thought-provoking presentation at the conference by far. He brought down the house.

Keep on bloggin',
Guy

[NVMojo]

Guy! I envy you! Did Hugh talk about the Stormhoek wines and their blog? He has designed some great marketing stuff for them too!
http://www.stormhoek.com/

I've been able to get this wine at World Market although they are not good about keeping the pinotage in regular stock. Highly recommend a try!

[Guy Johnson]

NVMojo,
Yes, Hugh presented the whole history of Stormhoek Wines and how he helped to take them from a little known South African winery to gaining a 19% share of the South African wine market, using the power of blogs and viral marketing. His was a pretty cool presentation.