so many mtg co.s closing (loan, loan, buy, needed)

[progressive networth]

I wonder why so many independent mortgage co.s pretend to be in the black when they are in the red? There is help if you ask for it, but you have to be strong enough to ask for it.
I drive down the street and see so many mtg. co.s that have closed their doors now because they are no longer in business.
Thanks,
Progressive Networth

[TimtheGuy]

Originally Posted by progressive networth

I wonder why so many independent mortgage co.s pretend to be in the black when they are in the red? There is help if you ask for it, but you have to be strong enough to ask for it.
I drive down the street and see so many mtg. co.s that have closed their doors now because they are no longer in business.
Thanks,
Progressive Networth

What help??

The industry needed a good cleaning.

[brokerdave]

im not sure what your talking about, but when your monthly expenses are $5k to $15k i imagine its difficult to keep paying that if your surviving off realtor leads in a slow market.

[Annemieke Roell]

Numerous mortgage brokers were forced to buy back loan packages that were not solid, had falsified documents and/or inflated appraisals.

That kind of money is hard to come by ....................