I apologize for the lack of posts this week, but my time has been significantly occupied advising clients and conducting planning sessions this week. In addition I have spent a tremendous amount of time reading and educating myself as to the changes in the mortgage market. We are seeing significant, historical events unfold in the mortgage industry on almost a daily basis. Rather than recap much of what has been said, I'm providing some of the more interesting and noteworthy articles I've run across during the past week.
First Magnus Halts Loans - First Magnus was a very large wholesale lender
Aegis Mortgage Files for Chapter 11 - At one time Aegis was one of the top 30 lenders in the nation
HomeBanc Files for Bankruptcy - A large lender based in Atlanta - and in a related note.....
Creditors Now Awaiting Move by HomeBanc - HomeBanc is also bouncing checks
Accredited Sues Lone Star Seeking Closure Of $400 Mln Takeover - This is the rough equivalent of agreeing to buy a 'classic' European car only to discover during inspection it's a Yugo.