The Mortgage Graveyard - Free Journal Chronicles Failed, Struggling Lenders

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From the Wires

The Mortgage Graveyard - Free Journal Chronicles Failed, Struggling Lenders

By: PR Newswire

Apr. 4, 2007 02:41 PM

DALLAS, April 4 /PRNewswire/ -- Mortgage lenders that have failed, been acquired or are currently struggling are now chronicled at The Mortgage Graveyard, a newly-launched free journal from http://www.mortgagedaily.com/.

Located online at http://www.mortgagegraveyard.com/, the new journal is supported by nearly a decade of mortgage industry news archives written by a variety of reporters for MortgageDaily.com, the dominant source of online news for the mortgage industry.

"We've seen the secondary market for subprime mortgages disintegrate over the past six months -- leading to an unprecedented number of company failures," said Sam Garcia, creator of The Mortgage Graveyard. "Information about the companies -- and the lessons to be learned from their failures -- is now easily accessible for analysis by future mortgage executives, analysts and educators.

"Before becoming MortgageDaily.com's publisher in 2000, Mr. Garcia worked in mortgage lending for 20 years. His mostly subprime wholesale career included stints at companies that have gone out of business or been acquired.

Lender failures dating back to 1999 are featured in one of four columns. Among the latest lenders to close were SouthStar Funding and LoanCity.

Another column features lenders that have been acquired since 1998. This year, ABN AMRO Mortgage Group and ResMAE are among notable acquisitions.

One column lists subprime mortgage bankers that are currently struggling, such as New Century Financial Corp. and Accredited Home.

Helping to keep things in perspective, a fourth column highlights recent mortgage company success stories, such as hundreds of ongoing job additions and record loan originations at Quicken Loans and new hirings at World Savings.

By clicking on any of the companies listed in The Mortgage Graveyard, users are directed to a chronological listing of search results of news stories for that company.

Visit The Mortgage Graveyard at http://www.mortgagedaily.com/MortgageGraveyard.asp.

About MortgageDaily.com

Founded in 1998, MortgageDaily.com is the dominant online news source for the mortgage industry. More than one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.

CONTACT: Shaun Bartlett 214.521.1300 3811-700 Turtle Creek Blvd. Dallas, TX 75219

MortgageDaily.com

CONTACT: Shaun Bartlett, +1-214-521-1300, for MortgageDaily.com

Published Apr. 4, 2007
Copyright © 2007 SYS-CON Media, Inc. — All Rights Reserved.
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About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.