Texas Home Loan Blog: January 2008

I wanted to wait and post this until after we made Lender Implode. Well, we have now and even made the Channel 11 News.

Rumors abound that the CFO went missing with $4MM and the FBI is on the case. But all that I can confirm to you is that payroll was yesterday and we did not get paid!!! NOR are they communicating with us WHEN we will get paid!!!

Moving forward:

Tom Burris & DallasLoanGuy.com is portable. As soon as I digest the 10(edit: make that 20+ so far) recruiter calls and countless emails I received yesterday, I will hang my hat with a reputable lender. I suspect that I will only be down for a couple of days(+ any days I go fishing ;-0)

I feel really sorry for the salaried people who may have a tough time getting a job right now. There are so many people job hunting from this industry that it is going to be tough. But as we all know, production people have their choices of jobs.... and that is a very good position to be in right now.

Thanks for the well wishes.

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan for Every Texan"

http://www.dallasloanguy.com/


Texas Home Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

Noone Can Do What Countrywide Can..... NOT!! Bank of America just topped them.

Of course we knew this was coming.... Countrywide's Execs were practically asking to be purchased in the media. And the $2B loan a few months ago should have been the first clue.

Clue #2? Well, that would be the fact that BofA shut down it's wholesale lending arm.... which was struggling.

This purchase makes perfect sense for both parties. Countrywide needed money and the rates they would have to pay for loans would hurt them. BofA needed a wholesale lending arm that knows how to lend in the wholesale market. Both get what they need to be a strong player in this volatile market.

Will BofA get rid of Countrywide's wholesale division? I think not. It can be a money maker for them....

This is a story that has been brewing for some time. I am sure that the time it took to get it done was simply the structuring the Golden Parachutes for the Countrywide Execs....

I look forward to seeing this develop. And welcome the competition.... because neither have been that hard to beat in the past.... and I suspect that they will not be hard to beat in the future.

It says something about a company when one of it's employees goes to a competitor for a better rate. Just last month that happened to me!! A Countrywide employee called and said that he knew he'd get a better rate with me.... "Can I fill out a loan application"?

Christina Oneal, a California Realtor pointed out some concerns. Read her comments.... http://activerain.com/blogsview/334727/Top-4-things-about

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan for Every Texan"

http://www.dallasloanguy.com/


Texas Home Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!