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 Crank up the implode-o-meter: Master Financial - Done! View next topic
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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 11:20 pm Reply with quoteBack to top

Here's what Broker Outpost has it say about it:

http://forum.brokeroutpost.com.....103564.htm

_________________
"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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mktg
Flash in the pan


Joined: 14 Mar 2007
Posts: 36

Re: Crank up the implode-o-meter: Master Financial - Done!
PostPosted: Thu Mar 15, 2007 12:42 am Reply with quoteBack to top

Master Financial is not gone. They are just not originating new loans right now, but they still have their servicing side and they will regroup and come back with different product.
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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: Thu Mar 15, 2007 12:54 am Reply with quoteBack to top

mktg wrote:
Master Financial is not gone. They are just not originating new loans right now, but they still have their servicing side and they will regroup and come back with different product.


psst ... hey buddy, over here! ... I can get you a great buy on the Brooklyn Bridge ...

_________________
"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


Last edited by bdc63 on Thu Mar 15, 2007 12:55 am; edited 1 time in total
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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: Thu Mar 15, 2007 12:55 am Reply with quoteBack to top

Did you read the memo?

Effective March 14th, Master Financial will cease its wholesale loan origination operation including accepting new applications for mortgage loans and funding loans in its pipeline.

All loans that have an approval must close and fund by March 16th, 2007 If you have any questions regarding loans in process, please call 714-456-1000. MFI will, however, continue to service mortgage loans and maintain its customer service line for borrower inquiries, etc.

We apologize for any inconvenience this may cause you or your borrowers. It has truly been a pleasure doing business with you.



Per National Mortgage News:

Master Closes Unit; People's Pulls S-11

Subprime lender Master Financial, Orange, Calif., closed its wholesale division late Wednesday, and another top-ranked funder -- People's Choice Financial Corp. -- pulled a key registration statement with securities regulators, suggesting that it too is in deep financial trouble.



Are you the sales guy who last week said NEW would be going gangbusters in a few days?
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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: Thu Mar 15, 2007 1:13 am Reply with quoteBack to top

Let me connect the dots:

This is the "Mortgage Lender Implode-O-Meter"

These guys announced they are no longer lending money

Therefore, they are done (wholesale lending). They can still be in any business, they are just not in the "lending" business.
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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: Thu Mar 15, 2007 1:45 am Reply with quoteBack to top

Yeah, this applies to People's Choice, too.

Not lending == imploded.

If they start lending again, I'll make some indication of that. But likely the "old" entity will stay "imploded" for posterity.

For all you upper-management types watching, I recommend name changes. Worked for Worldcom.
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