Irwin Home Equity

Posted: Thu May 08, 2008 7:11 pm

We put this out to premium members today.
http://ml-implode.com/staticne.....plode.html

Take a look at their latest SEC filings and let us know what you think.

Looks like IFC may want to unload them.

C-4 Joined: 08 Nov 2007 Posts: 1275

I have not read that yet, but my question is this: Irwin is still in business!!!?????!!!????

Nitroglycerin Joined: 24 Jan 2008 Posts: 755 Location: CA

That's what I was thinking.... How are they still in business and CW is tetering on insolvency as I write this?

Posted: Thu May 08, 2008 7:28 pm

EnergyTrader wrote:

I have not read that yet, but my question is this: Irwin is still in business!!!?????!!!????

LOL, yes, for now. $39million for 1stQ '08 - certainly not the volume they used to be doing.

C-4 Joined: 08 Nov 2007 Posts: 1275

Robin wrote:

EnergyTrader wrote:

I have not read that yet, but my question is this: Irwin is still in business!!!?????!!!????

LOL, yes, for now. $39million for 1stQ '08 - certainly not the volume they used to be doing.

Are they still doing 100% helocs behind neg ams with no wind out? If so, I need to get set up with them and open a broker shop!

Posted: Thu May 08, 2008 8:15 pm

Why yes EnergyTrader I do believe that they are still doing those I mean why wouldn't they be? Wink

And I'm almost positive that they're still doing 125's too!

Strouper

Cherry Bomb Joined: 03 Aug 2007 Posts: 115

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C-4 Joined: 08 Nov 2007 Posts: 1275

klifffy wrote:

They are not doing any of that business anymore. Their new name will be Irwin-your home for A paper lending.

They are trying to convert to be another conventional lender. These conversions don't usually work.

Even Indymac's conversion is up in the air as to whether it will work.

I've only seen it work once and that was with a nice cash injection from GMAC. You know, the company that ResCap is trying to bring down. round and round we go.

Posted: Fri Jul 25, 2008 4:21 pm

http://ml-implode.com/staticne.....hList.html

...stay tuned

Posted: Fri Jul 25, 2008 4:30 pm

klifffy wrote:

They are not doing any of that business anymore. Their new name will be Irwin-your home for A paper lending.

They are trying to convert to be another conventional lender. These conversions don't usually work.

Even Indymac's conversion is up in the air as to whether it will work.

I don't think it's "up in the air" anymore as they have been officially "kaput" for a while now.

Irwin's main competitor, GB Home Equity, threw in the towel. Irwin is definitely next on the chopping block.