Thursday, December 07, 2006

Dropping Like Flies

Update: Employee of the month at OwnIt Mortgage (from the affilate website Dallas Capital):

Angel anticipates an exciting future with Dallas Capital and Ownit Mortgage Solutions.

Looks like the expected lending shakeout continues with two more players dropping like flies, adding to the REIC dead pool:

Ownit a victim of sub-prime shakeout

The mortgage lender closes suddenly amid a cooling housing market and funding troubles.
Ownit Mortgage Solutions, an Agoura Hills-based wholesale lender, has ceased operations and laid off 800 employees nationwide, part of the shakeout in the sub-prime lending business. One employee, among 300 to lose their jobs in California, said he learned of the company's demise Tuesday while manning the Ownit booth at a mortgage conference in Las Vegas.

Panet said he didn't know how much pay would be coming to employees."I've been told not to expect anything as far as severance goes," he said. "It's not sure we will be getting a last paycheck on the 15th."

Mortgage bank abruptly closes

Sebring Capital Partners, a Texas-based subprime lender with a Denver-area office, falls prey to the rising rate of defaults in another sign of the industry's trouble.

"We were exploring several different opportunities, and unfortunately none of them came to fruition in a manner that allowed us to continue as a going concern," he said.


Bakersfield Bubble said...

Email comment from a reader:

Wow. The crazy thing is that I know the person that was speaking on behalf of the Ownit employees: Kevin Panet. He actually trained me when I first started and then started in the same position as me about a 1.5 years ago. He has 2 daughters and a wife...lives up in Simi Valley.
And he said he didn't expect a severance? I bet senior management is getting a pretty big one.

Anonymous said...

Loan officers will be hanging out on street corners holding card board signs will loan for food.

That's what you get for thinking you actually have a real profession.

Servance for these guys. Why? For making fraudlent loans.

Anonymous said...

CIVC Partners, Dallas Capital and a group of private investors invested $34 million to acquire the stock of Oakmont Mortgage Inc., a leading sub-prime mortgage lender based in Woodland Hills, CA. The company now operates as Ownit Mortgage Solutions .

Bill Dallas is excited by the opportunity to drive Ownit’s vision of becoming a leading wholesale non-agency residential lender. After the acquisition, Dallas stated, “Oakmont is a tremendous platform for three reasons: first and foremost, it is local to our management team and because of its southern California location we can attract talent to the company; second, the company wants to become a nationwide lender that fits perfectly into our vision, and finally, its focus on originating non-agency purchase money products matches our goal of becoming the leading provider in the industry.”

Rob Dawg said...

Can't he just slide on down the hill from Augora to T.O. and sign on with Mozillo at Countrywide? Oh.... yeah layoffs. Nevermind. Hey, I got an idea. He can stretch his commute a little over the Grapevine and work private placement for a $350 million mixed-use project I hear is shootin' up in Bakersfield.

I'm a still rooitin' fer mah neighbors at as they contiue the good fight against shady lending practices.

Bakersfield Bubble said...

" they contiue the good fight against shady lending practices."


Rob Dawg said...

Here comes a David singing oldies, goldies
Be-bop-a-lua, baby what I say
Here comes a David singing I gotta mansion
Down in the estates, trying to make it pay
He got the action, he got the motion
Yeah, the boy can brash
Dedication devotion
Turning all the night time into the cash

He do the flip about the sweet lovin leverage
He do the song about the knife
He do the walk, he do the perp walk of life

Here comes David and hell tell you the story
Hand me down mu flee 'n shoes
Here come David with the power and the glory
Backbeat the flippin' blues
He got the action, he got the motion
Yeah, the boy can lie
Dedication devotion
Turning all the night time into the cry

He do the song about the sweet lovin housin'
He do the song about the knife
He do the walk, he do the perp walk of life

And after all the stealin' and double talk
Theres just a song in the trouble and the strife
You do the walk, you do the perp walk of life

Bakersfield Bubble said...


Robert, you better copyright that song before Dire Straits has a comeback and puts out their "Bubbles and Felons Album"

Bakersfield Bubble said...

Per the Loan Officers forum or blog; the next Company to go down is:

“We also heard Sebring Capital has closed. We also heard MLN may be in the same boat.”


Anonymous said...

MLN has a $300 million dollar project going in CT. They might have to ditch it.

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