The inevitable has happened. Fallen mortgage companies now have their own graveyard and we can also see those headed in that direction. Want to know which mortgage lenders are dead, struggling or being acquired? The Mortgage Daily has created a new online destination:
THE MORTGAGE GRAVEYARD
Here we can see the fallen, the failing, and those that have been acquired all the way back to 1999 -and also see the shining glimmers of hope with a separate column of mortgage success stories. Each listed lender is a clickable link leading to a list of news stories presented chronologically for that company. Many of those stories have been written over the years by MortgageDaily publisher San Garcia and his crew of reporters. The Mortgage Graveyard is Garcias latest novel creation.
œWeve seen the secondary market for subprime mortgages disintegrate over the past six months leading to an unprecedented number of company failures, says Garcia, who worked in mortgage lending for 20 years before he started publishing Mortgage Daily in 2000. He goes on to explain, œInformaiton about companies and the lessons to be learned from their failures is now easily accessible for analysis by future mortgage executives, analysts and educators.
We should also add the eyeballs of bubble watchers and real estate professionals everywhere. And even though 2007 (and only at the end of the first quarter) far outweighs any other year listed, it would be interesting to see numbers for failed mortgage lenders in the early and mid 90s. I still recall doomsday estimates in those years that 60 percent of mortgage lenders had gone under.
