Monday, March 05, 2007

Fremont makes it official

Click this to see the previous information on Freemonts residential lending division.

Their website is now updated with the following information:


Attention Broker Customers

It is with deep regret that we must inform you that Fremont Investment and Loan has ceased lending activities effective Monday, March 5, 2007. This decision was reached as a result of the sudden material impact of regulatory and market constraints on our business.

1.Fremont Investment and Loan will no longer accept any new applications for residential loans effective Monday, March 5, 2007.

2.We are quickly working to make decisions on the status of your loans that are in process. As soon as a decision is reached as to their disposition, we will send out an additional notification to you with that information.

3.Communication on the status of your loans in process, as well as Fremont Investment and Loan’s future, will be communicated as soon as we are able.

4.Continue to check back at this site for further announcements.

We apologize for the difficulty that this may cause you or your clients, and we are working very quickly to answer all of the questions that you may have. It has been our pleasure to do business with you, and we appreciate your support during this difficult time.

Sincerely,
Fremont Investment & Loan

32 comments:

Anonymous said...

ANOTHER ONE BITES THE DUST!

AWESOME!!!!!!!!!!!!!!!!!!!!!!!

Anonymous said...

Where did the $11 billion go? LMAO

Bakersfield Bubble said...

"The ability to structure loans that meet both your customers’ and your objectives"

That might not have been a good idea.

Lander said...

TMSF Holdings Backs Away From CPM Wholesale Deal

Perfect Storm said...

What a bunch of mortgage scum bait losers. I mean damn people listen these idiots are destroying the economy, when you are out of work it will be their fault.

Everbody should get up in the morning and just find the nearest subprime lender and kick his teeth in.

Anonymous said...

http://www.bloomberg.com/apps/news?pid=20601087&sid=a53htS3KpvZg&refer=home

``We made good money,'' said Sean Rones, 41, an account executive who was packing his belongings into a sport-utility vehicle at the Fremont office in Anaheim, California. ``It's a shame that the feds are on a witch hunt against us.''

Wonder how Sean is doing today? I bet he has his head stuck in a whisky bottle! Poor Soul...hehehe

Anonymous said...

seems some you guys are a little jealous because AE's having been making between $200k to over $500k per year for the past 5 yrs. Don't hate the players...hate the game!

Anonymous said...

Game over sucker!

Anonymous said...

What's up with GMFS Lending?

Bakersfield Bubble said...

What is the news on GMFS Lending?

I can't find anything.

Patient Renter said...

"seems some you guys are a little jealous because AE's having been making between $200k to over $500k per year for the past 5 yrs."

It's more like pity than jealousy. I still have a job. I hope those AEs managed to save some of that cash.

Anonymous said...

Are you kidding me. AE's spend it faster than it comes in whether it be 100K or 500K. The AE motto is live for today and worry about tomorrow tomorrow. Those kids have a huge reality check coming when they try to maintain their current standards on 1/3 the income.

Anonymous said...

No sympathy, as most of these types were scammers, pure and simple, and they've made a ton of $$$ for it. There was no incentive to tell ineligible buyers NOT to take out a mortage they couldn't afford, and every incentive (their commission $$$) to do so.

These guys added no skill, no value, no expertise, over the past few years, except for allowing the bubble to continue to inflate, arguably artifically staving off the inevitable recession.

Into this illustrious group of scammers, I'd add the appraiser/realtors/builders/Carlton Sheets types who constitute the Real Estate Complex, where the profits were obscene while the times were good. Obviously, a real estate agent benefits from commissions on inflated prices: which would you want, a 3% commission on a house appraised at $200k or a 3% commission on the same house appraised @ 500k? Either way, the paperwork is the same....

These are the 'greed is good' types who've played their role by helping create a problem that'll now take years to stabilize.

In the meantime, we have buyers who've been driven out of the market due to unaffordability concerns (or who refuse to over-extend, knowing what went up MUST come down), or who've overpaid for houses due to traditionally "un-creditworthy" buyers gobbling up homes and driving up prices with bidding competition.

Bottom line: this is consumer fraud on a massive scale, and the government is sitting idly on it's hands while trying to save the world for democracy. Nice, eh?

Anonymous said...

Apparently the stock market is once again bullish on the sub-prime lenders after the stocks have plummeted in value:

http://www.bloomberg.com/apps/news?pid=20601087&sid=anL0JG4XIi9Q&refer=home

I love this part:

The same day, Fremont said it would stop making loans to people who can't pay and announced plans to get out of the subprime business.

Wow, what bonehead with an MBA came up with the idea of making loans to "people who can't pay"? In my world, that's called a gift....

Bakersfield Bubble said...

This was posted on the Mandalay Mortgage thread today - http://bakersfieldbubble.blogspot.com/2007/01/mandalay-mortgage.html:



Anonymous said...
I pary to GOD every day to remove the hate I have for Mandalay Mortgage and its founders. How do these people sleep. What they did is sad to even say they they are part of the human race. I got bate and switched off a long term job. To be let go in 51 days of my employment. They are monsters at best. Steve, his mother, his father all of them... United Pacific is no better then Mandalay. I want to sue them. They have made my life a nightmare

Tue Mar 06, 11:56:00 AM PST

Anonymous said...

Anyone else hearing rumors of GMFS Lending being in trouble?

Anonymous said...

To the guy who said this:

"Are you kidding me. AE's spend it faster than it comes in whether it be 100K or 500K. The AE motto is live for today and worry about tomorrow tomorrow. Those kids have a huge reality check coming when they try to maintain their current standards on 1/3 the income. "

Can you possibly generalize the position a little more? You have never met an AE who is respectable, trust worthy, and financially conservative in all your goings on?

All I can say is it is my experience that the scum of a given market hang out with their own kind. I don't believe this reflects well on you.

Patient Renter said...

"You have never met an AE who is respectable, trust worthy, and financially conservative in all your goings on?"

I'm not the poster, but I can comment: Respectable, trust worthy, and financially conservative isn't what drove prices up to insane levels and set off a wave of forclosures and lender bankruptcies that looks like it'll be around for a while. The poster did draw up a generalization, but really, it's pretty fair.

Bakersfield Bubble said...

Hopefully my brother does not read this.

But he is an AE and he made a boat of of cash the last few years and spent EVERY CENT OF IT! ALL OF IT!

Anonymous said...

According to my contacts; Crisp and Cole are now being investigated by the DRE!

Anonymous said...

Can you possibly generalize the position a little more? You have never met an AE who is respectable, trust worthy, and financially conservative in all your goings on?

All I can say is it is my experience that the scum of a given market hang out with their own kind. I don't believe this reflects well on you.

Rookie - Reread my post. I never said anything about trust or respect. DO not read into things. I have many friends and co-workers who are AE's. I work for a mortgage company as an HR director and have to deal commissions and compensation all the time. I also adm the 401K and profit sharing and believe me 90% of the AE's are not saving for the future because I try to push them in the right direction on maximizing their 401k's to take advantage of the company match and to set up roth ira's. I am a CFP and offer help but people say they cannot spare funds for retirement as they have mortgage payments, three cars, and all the toys.

Of the 90% mentioned most > 75% have asked for an advance from time to time to meet rent or car payments even though their net after tax was $20K for a given month. Don't get me started on those who have liens or owe child support. Thank goodness for the remaining 10% who are fiscally responsible.

Lastly, the poster I am responding to, you must have a lot of personal problems, be an unhappy person, or an AE...or all of the above to lash out against someone. If you want to say I make generalizations fine but to call me scum that is just plain asinine and unprofessional.

Bakersfield Bubble said...

Does the DRE have a website that show open investigations?

What are they being investigated for?

Anonymous said...

Does the DRE have a website that show open investigations?

No. They do not have anything set up like the NASD where you can check out a broker prior to dealing with them. I wish it were possible as it would aid me on the hiring side

Anonymous said...

To the HR Manager at a Mortgage company.
Are you wholesale or retail?

Anonymous said...

Title companies are being subpoenaed for Crisp and Cole escrow files by the DRE investigation.

Bakersfield Bubble said...

Send me an email if you have any details you can't discuss here.

If you can't - I understand.

Thanks either way!

bakersfieldbubble@hotmail.com

cost conscious said...

I am jealous of these scumbags like I am jealous of the scammers who stole billions during the S&L scandal and the stock brokerages who conned retirees out of their retirement - not at all. I could not live with myself knowing that I was doing harm to people and society. although I am not rich, I make a good living. I have a medium-sized house that cost $175K, about 1/3 of my income. I can pay all my bills, max out my 401K and have enough left for a nice vacation each year and sock away a few thousand in my IRA, CD's and the money market. Would I like to make more money? Yes, but not by being a scammer, whether legal or illegal. What goes around, comes around, and we will all have to face up to our actions at some point.

Anonymous said...

To the HR Manager at a Mortgage company.
Are you wholesale or retail?


Mostly wholesale with pockets of retail.

Anonymous said...

To the Mananger of HR- sure you are not just a little jealous of knowing how much money your AE's have been making and then looking at your paycheck that's 1/4 of the AE's pay check?

Anonymous said...

AE's (good or bad).
Yes there are some good AE's out there who solicit the Mortgage Brokers for files who solicit loans from the consumer. It's the LO's who's making the money, charging $10k to $15k per loan and then getting a point or two on the back. The AE's do not gather the DOCS from the borrower it's the LO's that inflate the incomes of the borrowers! So, why so much hate for the AE's????
(No, I'm not an AE..have several friends that are AE's. They live in modest houses, no fancy cars and they have about $500k each in the bank.)

asuwest said...

caught this tonite--Option One out of the 100% market.
http://www.brokeruniverse.com/grapevine/thread/?thread=372734

Bakersfield Bubble said...

asuwest-

Looks like housingwire.com has confirmed this. I should have posted yesterday...thanks for the tip.