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Mort Gidge
Flash in the pan


Joined: 09 Feb 2007
Posts: 82

Accredited
PostPosted: Fri Mar 09, 2007 5:34 pm Reply with quoteBack to top

Looks like they have dropped alot today...anything new ??
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: Accredited
PostPosted: Fri Mar 09, 2007 7:49 pm Reply with quoteBack to top

Yup; here's what I saw on that:

http://messages.finance.yahoo......&frt=2
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HaleyDog
Flash in the pan


Joined: 14 Feb 2007
Posts: 30

Re: Accredited
PostPosted: Fri Mar 09, 2007 9:50 pm Reply with quoteBack to top

Wow...there is an idea.....

Make good loans to good people
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Accredited
PostPosted: Sat Mar 10, 2007 12:38 pm Reply with quoteBack to top

HaleyDog wrote:
Wow...there is an idea.....

Make good loans to good people


What? Where's is the fun & greed in that? Wink

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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zippyzack
Dud?


Joined: 10 Mar 2007
Posts: 12

accredited
PostPosted: Sat Mar 10, 2007 6:05 pm Reply with quoteBack to top

As an Accredited employee, I can attest personally that we were, and still are one of the tightest "sub-prime" lenders in the industry. By that I mean we walk from more deals than most of our competitors, and we also price at higher wacs than most. Does this hurt our personal income? Absolutely. I guess today I can only say that our lending habits then have left us with jobs today where others have lost theirs. I belive it is a fact that our pools have shown the lowest delinquency amongst our peer group in the industry. Are things rosy with us? No honest man would say yes, but we are adapting to what amounts to the collapse of the industry around us. We are revising product, but so is everyone else with one iota of prudence! Also remember that we are not owned by anybody but our stockholders. No deep pocketed fortune 500 backing us up. That is a testimony of our management team. Will we too succomb to the sudden withdrawl of the secondaty markets from our bread and butter products? Only time will tell. Visit us Monday and we will know what we offer...still doing loans...just not the deals no one is buying. Have faith, cause that's all anyone can have. Whatever happens will happen.[/b]
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sowak
Dud?


Joined: 09 Mar 2007
Posts: 16

.....
PostPosted: Sat Mar 10, 2007 6:33 pm Reply with quoteBack to top

I know and have talked to an Accredited employee several times in the past several days. This person is a sub-prime loan officer. They have not had any new leads for three days. Other branches have also not gotten new leads for days. Something major is going on, but none of the managers will talk about it. It doesn't look good.
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zippyzack
Dud?


Joined: 10 Mar 2007
Posts: 12

Re: Accredited
PostPosted: Sat Mar 10, 2007 6:50 pm Reply with quoteBack to top

We are mostly wholesale, so we don't wait for leads to come to us. Our business comes from brokers. I have had lots of calls, but most are from brokers desperately looking for a lender still willing to write the high LTV deals no one is buying once they put these on their warehouse line, so it's not that clients aren't looking to do business with us. Point is that we will not do loans no one wants. We will do loans that are saleable. The sooner everyone in the industry realizes that all wholesale lenders are all going to tighten the criteria to better paper the sooner we can refocus on offering rational marketable programs. Get over the past. The party is over, so move forward and sell what you have.
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Re: Accredited
PostPosted: Sat Mar 10, 2007 7:05 pm Reply with quoteBack to top

"We are mostly wholesale, so we don't wait for leads to come to us."

What? If you don't have retail outlets this statement makes no sense.
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: Accredited
PostPosted: Sat Mar 10, 2007 7:51 pm Reply with quoteBack to top

thanks zippy
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sowak
Dud?


Joined: 09 Mar 2007
Posts: 16

.............
PostPosted: Sat Mar 10, 2007 9:00 pm Reply with quoteBack to top

"We are mostly wholesale, so we don't wait for leads to come to us."

The branch I am referring to does sub-prime lending and gets almost all of its leads via online sources. The branch has not gotten any new leads for three days. Other branches have also not gotten any new leads. This has never happened before. This employee is used to getting MANY leads per day, and now is getting no new leads. The manager/upper management will not explain what is going on. There is a major problem.
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