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 Crank up the implode-o-meter: Master Financial - Done! View next topic
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Crank up the implode-o-meter: Master Financial - Done!
PostPosted: Wed Mar 14, 2007 6:43 pm Reply with quoteBack to top

http://bakersfieldbubble.blogspot.com
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Aaron
A-Bomb


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

Re: Crank up the implode-o-meter: Master Financial - Done!
PostPosted: Wed Mar 14, 2007 6:54 pm Reply with quoteBack to top

Got any details on them?
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Re: Crank up the implode-o-meter: Master Financial - Done!
PostPosted: Wed Mar 14, 2007 6:57 pm Reply with quoteBack to top

Master Financial, Inc., formed in 1981, is a mortgage banking company headquartered in Orange, California engaged in the acquisition, origination, and servicing of residential first and second mortgages nationwide. Today, MFI produces products, commonly referred to as ?Alt-A? or "Non-Prime", for borrowers that generally do not satisfy the credit, documentation or other underwriting standards prescribed by conventional mortgage lenders.


The company is also qualified to service all types of products including but not limited to prime, non-prime, Alt-A, second trust deed and HLTV loan products. The company is approved to service mortgage loans for both Fannie Mae and Freddie Mac.
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Re: Crank up the implode-o-meter: Master Financial - Done!
PostPosted: Wed Mar 14, 2007 6:57 pm Reply with quoteBack to top

Another Orange County lender getting out of the wholesale market...
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Re: Crank up the implode-o-meter: Master Financial - Done!
PostPosted: Wed Mar 14, 2007 6:58 pm Reply with quoteBack to top

Mission Statement:

Our goal is to produce loan products of the highest quality, to work with our business partners to maximize our mutual profit objectives, and to create a work environment where our employees can fully realize their potential. We are innovators of new consumer loan products that satisfy the real, rather than the perceived, needs of each borrower. These products will be bellwethers of change in our industry. We believe that our superior service, products and business partnerships will ensure our position as an industry leader into the 21st Century and beyond.
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Re: Crank up the implode-o-meter: Master Financial - Done!
PostPosted: Wed Mar 14, 2007 6:59 pm Reply with quoteBack to top

Underwriting (maybe that extra mile was too far?):

Master Financial's loan program guidelines are balanced, sophisticated and intelligently crafted. Our skilled and experienced underwriters are backed by the latest technology, guarantying you prompt and consistent decisions on each submission. By empowering our underwriters, we have given them the freedom and flexibility to find solutions to even the most challenging cases. At Master Financial we are ready to go the extra mile to get your borrower approved.
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Aaron
A-Bomb


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

Re: Crank up the implode-o-meter: Master Financial - Done!
PostPosted: Wed Mar 14, 2007 9:02 pm Reply with quoteBack to top

forwarded to me:

------------

To all of the employees of Master Financial, Inc.

It is with the deepest regret that I have to announce that we are ceasing operations in our wholesale sub-prime origination unit effective today. This comes as a result of a continued strain in the secondary market and lack of liquidity for the loans we, as an industry, produce. The news over the last few weeks from New Century, Accredited, Fremont, and others has put us into a position where we have no choice but to discontinue our origination business right now. We have been aggressively looking for ways to navigate this tough market and to find alternatives to funding and sources for capital; however, with the news today and pressure from Wall Street, we are now out of options.

We are not in this position because we have problems, or that our loans are bad, or that we did anything wrong. This is an industry-wide phenomenon, strictly due to the unprecedented market conditions that exist today. There is really nothing we could do right now or could have done over the last twelve months to avoid this.

We have accomplished so many good things during the turn around at MFI, and each of you played an important part in our success. Each of you should be proud of your contribution to our organization and achievements. We are working diligently on trying to create a future here, but in the interim, there will be a tremendous amount of activity and necessary moves in an effort to serve our customers as best we can. So, here is what you can expect to happen over the next day or two.

* We are going to announce, today, to our broker customers that we will be ceasing operations immediately and that the last day of funding will be this Friday, March 16 th.

* We will be working with all MFI Associates over the next 24 hours on how this will impact each of you.

* We will work to protect our licenses and franchise value.

* We will continue to service loans and work hard to mitigate our exposure to early pay defaults and delinquency.

We are working on our plans to hopefully re-emerge as a better company once the market returns and will do what we can to deal with our situation right now. We understand that it is a difficult time for everyone in our industry, so we will do what we can to help you and our customers adjust through this transition.

We will do what we can to provide information as we have it available.

David J. Vida
Chief Executive Officer
Master Financial, Inc.
505 City Parkway West, 8th Floor
Orange, CA 92868
714-456-1020 (direct)
714-456-1149 (fax)
949-322-0120 (cell)
dvida@mfinet.com
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Re: Crank up the implode-o-meter: Master Financial - Done!
PostPosted: Wed Mar 14, 2007 9:05 pm Reply with quoteBack to top

"We are not in this position because we have problems, or that our loans are bad, or that we did anything wrong."


Another "its everybody elses fault" memo.

Let me get this straight, all the good is because who great you are ("turned company around, etc...) and all the bad is everyone elses fault? No wonder you went out of business!
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Crank up the implode-o-meter: Master Financial - Done!
PostPosted: Wed Mar 14, 2007 9:10 pm Reply with quoteBack to top

quite a moving letter ... could someone pass me a tissue?

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"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
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qwopzxnm
Flash in the pan


Joined: 09 Feb 2007
Posts: 95
Location: Irvine, CA

Re: Crank up the implode-o-meter: Master Financial - Done!
PostPosted: Wed Mar 14, 2007 9:43 pm Reply with quoteBack to top

I think in any type of business where you sell one type of product, when that product goes away you are pretty much sunk.
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