Mortgage Meltdown Leaves Failed & Bankrupt Lenders in Wake
The latest subprime meltdown has left many mortgage lenders out of business.
In addition, several mortgage bankers have filed for bankruptcy or been acquired.
The implosion from this subprime storm (more like a subprime tsunami) has resulted in many failed mortgage companies.
The Mortgage Graveyard focuses on mortgage lenders that have failed, been acquired or are currently struggling.
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.
Another column features lenders that have been acquired.
One column lists subprime mortgage bankers that are currently struggling.
Helping to keep things in perspective, a fourth column highlights recent mortgage company success stories.
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.
read about The Mortgage Graveyard at the Wall Street Journal
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