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 Discussion on U.S. Mortgage Corp. - Retail View next topic
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Schumpeter Reincarnate


Joined: 24 May 2008
Posts: 214551

Re: Discussion on U.S. Mortgage Corp. - Retail
PostPosted: Fri Feb 06, 2009 10:01 pm Reply with quoteBack to top

http://ml-implode.com/imploded.....02-06.html
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buffandmisterg
Dud?


Joined: 03 Feb 2009
Posts: 4

What about Icon???
PostPosted: Fri Feb 06, 2009 10:09 pm Reply with quoteBack to top

US Mortgage is the parent compnay of Icon Residential Capital. Are they tanking too?
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sophandcon
Dud?


Joined: 07 Feb 2009
Posts: 2

Re: Discussion on U.S. Mortgage Corp. - Retail
PostPosted: Sat Feb 07, 2009 12:25 am Reply with quoteBack to top

It's looking that way.
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sophandcon
Dud?


Joined: 07 Feb 2009
Posts: 2

Re: Discussion on U.S. Mortgage Corp. - Retail
PostPosted: Sat Feb 07, 2009 12:26 am Reply with quoteBack to top

I feel for the employees, but senior management will get what they deserve.
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alphajej
Flash in the pan


Joined: 09 Dec 2007
Posts: 79
Location: New York

Re: Discussion on U.S. Mortgage Corp. - Retail
PostPosted: Sat Feb 07, 2009 1:26 am Reply with quoteBack to top

I spoke to some people including my Icon rep who I've known for a long time and followed him through some transitions. Here's what all had to say - Us Mtge is the sister company to Icon Res. Both were given lines by Grand / Carnegie Banks. Us Mtge was losing their lines with FNMA and their investors for yet unknown reasons (probably high deliquency ratios as they were primarily FHA). Icon over the past couple months was becoming more and more independant from Us Mtge. Icon did use Us Mtge to u/w their fha business but in the past few months were gaining their independence from them and subsequently all fha business was transferred and u/w by Icon itself out in Cali.
Icon will probably have a bumpy week but they have direct lines with FNMA and these other banks, and other investors and they concentrated more on agency business so all bets are that they will be fine.
Icon has recently hired a dozen or so underwriters, dozen new loan setup people and such, but then again who really knows anything in this market.....
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USMTG ANON
Dud?


Joined: 07 Feb 2009
Posts: 1

US MTG/ICON/CU ...ALL SHUT DOWN FOR THEFT
PostPosted: Sat Feb 07, 2009 4:52 pm Reply with quoteBack to top

I work in the HQ of US Mtg/CU National. What we are being told is that McGrath stole $100MM. He was double booking loans.

FBI took the McGrath's passports and discovered plane tickets out of the country, prior to serving the search warrant on HQ on 1/27.

No more loans are being closed through any of the related companies. Everyone is out of a job and the entire organization is being shut down.
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Pogue Mahone
Dud?


Joined: 09 Apr 2008
Posts: 6
Location: Bergen County, New Jersey

Re: Discussion on U.S. Mortgage Corp. - Retail
PostPosted: Sat Feb 07, 2009 7:54 pm Reply with quoteBack to top

Where is Michael now?

Is he in jail ?

_________________
My neighbor's house sold for 400,000 so mine should be worth 450,000. I have an electric garage door opener and he doesn't.
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MtgGuy111
Dud?


Joined: 07 Feb 2009
Posts: 5

Re: Discussion on U.S. Mortgage Corp. - Retail
PostPosted: Sat Feb 07, 2009 11:40 pm Reply with quoteBack to top

I learned a long time ago that rumors are usually b.s.. US Mortgage is closing, but there isn't any thief laying in the weeds. No one ran off with the money. They just made a whole bunch of bad moves all at the wrong times. They got caught getting into the Wholesale market with the move to buy ICON in the worst mortgage market in US history. They simply bleed to death. Huge overhead at not enough revenue.

True the CEO made some bad investments, but no one stole money and put them ...they just could sustain the ongoing loses.

Sometimes the truth is simple, still hurts. Some people will be held accountable, but USM was doomed by the economy about 2 years ago.

I worked there too......and I know the truth.
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mortgagewoes
Flash in the pan


Joined: 07 Feb 2009
Posts: 30

BS
PostPosted: Sun Feb 08, 2009 1:46 am Reply with quoteBack to top

its all BS...rumors just do not start - someone heard the story, saw fnma drop US/CU like a hot potato and started talking!

i guess CU National should be chalked up as 331 and Icon as 332

the way things are going - Grand Bank better look for a new platform or they will be 333

The mortgage busines sucks and even when things are going well - a greddy P.O.S. owner will bring it ALL down!

i guess 600 people will hit the numbers for the march jobs report from pine brook!
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Mtgchic
Dud?


Joined: 08 Feb 2009
Posts: 1

Re: Discussion on U.S. Mortgage Corp. - Retail
PostPosted: Sun Feb 08, 2009 2:43 am Reply with quoteBack to top

I work there as well and these are not rumors. The owner of the company was stealing money. The FBI were in our offices all day 1/27/2009
I should know.. I was there at my desk when they made us all stop what we were doing and put us all in a little room until they saw if our names were on the list or not. If you work there you would know this Mtgguy111

Micheal Mcgrath was messing with servicing and double selling loans he had no rights to sell in the first place. Why do you think FNMA wont do business with them anymore and most of the credit unions are all pulling out as we speak if they haven't already. The FBI and IRS don't come to your office because you made bad investments! Come Monday, we will all be looking for new jobs.
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