Friday, December 29, 2006
Here's An Idea
How about this one: a "creative" lending shop is followed through its life cycle. Last Account Executive to cash a pay check that doesn't bounce wins a million dollars. I believe there's a catchy theme song that will work with a little adaptation "Bad loans, bad loans, whatcha gonna do when they pull funding on you...."
MLN looks to be the latest casualty. The rumors have been going on since the second week of December, but now they seem to be postponing closings. I never did see a refutation that they had cut AE compensation by 75%, either. UPDATE: It's confirmed. They are no longer funding residential mortgage loans. Their own people didn't get the word until late today. The rumors were right, even as the company employees were being told they were false.