Chase this: Chase Closes Wholesale Lending

I'll put this in the list of the Top 10 crappy things going on in the world of real estate financing. A lot of people were just put out of work and a lot more people won't be getting loans at Chase announces that they're closing the doors to wholesale lending. That's TWO MAJOR BANKS with bad news for homeowners in the first two weeks of the new year. First Wells terminates all Jumbo loans, now JPMorgan Chase just going bye-bye. This is only the beginning. Could the debt of the Bear Stearns acquisition be a factor, or is it all a conspiracy theory, or just the next of 1000 papercuts on global financing? Brace yourselves by Locking In and Refinancing NOW before it's impossible. This lock-down could last years, and you might not. Let's talk. Pat Townsley, navigating the incoming shitstorm of 2009. http://www.ptre.net/

More Mortgage Troubles on Wall Street: Bear Stearns

"NEW YORK (CNNMoney.com) -- Bear Stearns swung to a quarterly loss Thursday and said it was taking a $1.9 billion writedown due to bad bets made on risky home loans, becoming the latest Wall Street firm to deliver disappointing quarterly results." Posted on CNN.com 12/20/2007.
Not good news. Merril Lynch has had an even tougher time. WaMu has closed its "subprime" division. Wells closed its Wholesale 2nd's division. Citi, Chase, Wachovia/World, ALS, IndyMac and Countrywide have all reigned in their underwriting criteria. It's going to be tough times to get your next home loan. Those who ARE able to get into the market will do very well. It's a case of "the rich getting richer." We are seeing the early, but bold, warning signs of economic Depression. Time to buckle down and tighten up. If you're in an adjustable loan now, it's time to take advantage of the current low rates and lock in a long-term loan before prices make underwriting impossible. Pat Townsley: Solution Guy. http://www.ptre.net/. 415-485-1776