More rumors on the brokers blogs (see previous post on rumors becoming reality). These guys are in the trenches and have been feeding this blogger with all the latest on the sub prime arena.
According to these Brokers Secured Funding Appears to have meet the same fate as all the others:
There website has been hacked. I wouldn't think that a company that is a going concern would let their website stay like this all day?
From Brokers Universe they ask who is next and they receive the following comment:
"Secured Funding closed its doors today. My guess of next 3 are Resmae, Fieldstone, and no offense, Investaid. Add to those as many glorified correspondent "lenders" as you want. If the lender is not doing their own securitizations or owned by someone that does, trouble is a coming"
Over at the Brokers Outpost someone mentions the website hacking and receives the following statements:
" know of someone whos trying to get his loan funded with them as we speak. Cant get anyone on the phone..."
"shitty thing to do since they closed down today"
Also, from Brokers Universe comes the following comments :
"Secured Funding Gone?
Read a post on another board that Secured Funding shut down today. There was also an email from a rep posted there confirming. True? Anyone know?"
"Here is copy and paste of email:
Hello, I have just been informed that Secured Funding will discontinue and close the Wholesale Division effective today Wednesday 3, 2007. This means that you will need to look elsewhere to complete your loan.
Thanks for the opportunity for being your lender of choice for your second TD’s.All loans currently in process will need to have all PTD Conditions in our office in order for loan docs to be sent out. All loans must fund by January 12, 2007. Should you need to please contact Rhonda for loans in process her contact information is below for you.Have a Great New Year!"
Tony FernandoSecured Funding by thereishopeyet January 3, 2007 "
Wednesday, January 03, 2007
Another One Goes Down?
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21 comments:
Although many mortgage companies experienced quick growth during the "refinance bubble" caused by lower interest rates from 1998-2003, Secured Funding grew steadily with a long-range vision of the mortgage industry. Recognizing that homeowners would always need second mortgage options, Secured Funding has been steadfast in helping borrowers recognize the equity in their homes and the financial options available to homeowners. In doing so, Secured Funding has become one of the few successful retail and wholesale home equity lenders. Serving both borrowers and brokers, Secured Funding offers a range of home equity products to suit each customer’s situation and goals.
Secured Funding Corporation’s most monumental growth spurts have come at the most adverse times in the industry and this speaks well of the company’s vision, development, and execution. “The level we’re at today may seem unbelievable to some, but the reality is that our ability to attract talent is greater now than anytime before,” President Lorne Lahodny says, "and we will continue to experience the same incremental growth that we always have."
"We will always make changes in order to seek out opportunities," Executive Vice President John Lynch says. "It’s the basic foundation of what our company was built upon and it’s how we’ve gotten to where we are."
that black was driving me crazy
Nothing secure about Secure Financial other than the doors are now secured shut and don't let them hit you in the ass on the way out.
For all the employees, I wish you the best, but if want to talk about any improprieties please comment. This is your chance to come clean with any fraud you might know of. Don't be like Enron employees, just say what feel.
Secured Funding Corporation is "the work hard, play hard company." We are a big proponent of a balanced lifestyle. The company not only throws huge parties for employees but also takes them on trips to Las Vegas, Lake Tahoe, Catalina and other exotic ports o call.
http://company.monster.com/secfunding/
Secured Funding Corporation's own specialty café, Salt Creek Coffee Co. serves espresso drinks, breakfast fare, bottled beverages, soups, salads, sourdough bread bowls, fresh sandwiches, blended drinks, and snacks for you every workday. Then, when you walk into the building where else can you hear the company's own radio station playing current radio hits? Who else has their own state-of-the-art Fitness Center in the building that's open to employees from 7am until 9pm with Nautilus weight and cardio equipment surrounded by flat screen televisions? Where do you fins such amenities in the loan industry? Nowhere, that's where
looks like these guys were doing about $1 B a year in HELOCs, etc. Not in the top 20, but no mom & pop either.
They're beginning to drop like flies! Beginning to get real interesting now.
Thanks Crispy!
Incredible--and frightening.
Thanks for your investigative reporting and for your blog.
just took a look at the financials for ECC-- The interesting part is that the average DTI for the stuff in their own portfolio was 41%. And 43% for the 4.5B they wrote. Hmm..subprime...low 40's DTI... No, nothing to see here, move along....No underwriting standards, never had em, never will.
I love the new format - Good work!
ECC comment - DTI 40+%. I would bet the "income" part of that calculation included some inflated "stated income". Agree - ZERO lending standards!
Thanks for the positive feedback everyone!!
Secured Funding Corporation's own specialty café, Salt Creek Coffee Co. serves espresso drinks, breakfast fare, bottled beverages, soups, salads, sourdough bread bowls, fresh sandwiches, blended drinks, and snacks for you every workday...
Are you sure the name of the company wasn't: eSecuredFunding.com?
jb
Sub-prime lender Champion Mortgage is on the Warn List (mass layoffs) for New Jersey. Layoffs scheduled for February. I wonder what's going on with them.......
Thanks for the tip on Champion Mortgage...
Great scoop Bako Bubble. I think you were the first out with this interesting news. I live here BTW.
If I recall correctly, you heard rumblings of this event in early December, yes?
Thanks Idaho!
Dec 7 post was the first sniff of this stuff in the public forums - but as Cote stated, this has been going on in the corporate boardrooms for some time.
Business Week Online Jan 15, 07
Bankruptcy Boot Camp
How one man is training an army of lawyers to fight predatory lenders
Every week at least two homeowners walk into the office of Boston bankruptcy attorney David G. Baker looking to get out from under their mortgage debt. That's an alarming increase for a sole practitioner like himself. "I've never before had clients who walk in and say: `I just can't afford my house anymore,'" he says. "It's a little scary."
"My goal is to train an army of attorneys to take the fight right to the creditors and their Wall Street aiders and abettors," says Gardner. "They wanted reform, and we're going to give it to them."
Do you see subprime what you have caused. If you any information about mortgage fraud contact the DRE, FBI, DFI, FDIC, or youe local paper.
Perfect-
Thanks for the tip. I had not seen that story yet.
No thank you, for having the blog. I really appreciate all your efforts.
I don't know what the law is for layoff notification in New Jersey, but Champion was sold in two parts: the loan portfolio to HSBC, the origination platform to Fortress investment group. Follow the career links and it leads to Key Bank; apparently Key had a stake in them. It looks like aforementioned parties have any need for Champion employees now... At least, it would seem, their employees had some notification of layoffs. Ownit and MLN told everyone to just pack up and GTFO - no severance, no warning, and not knowing if they were going to get their last paycheck.
latest scoop, a dismantle employee, informed HSBC, of the white washing QC head was doing , and triggered the absolute, THE end of times as we know it for SFC.
Last Anon - thanks for the information!
Is this employee going to discuss this fraud with anyone?
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