Mortgage C.A.F.E.- Credit And Finance Expert

If you happen to pick up today's business section, although I get no kudos from my friend Nancy Sarnoff, I am the one that tipped her to today's headline about United and luckily she dug further (as the media tends to do) and got some more info for me. 

Why was is it so important to me.  I had a file that was supposed to close there on beginning of next week.  I had another one set for the end of next week, and their doors are shut, and I have no idea who has the earnest money for my buyers.  A little bit of a problem.

Title companies are like banks.  They're not only supposed to be solid, they are regulated to not ever go out of business.  Seriously.  Even when I was on the phone yesterday with Mr. Roger's, who's the deputy director of the title division of Texas Dept of Ins, he wasn't exactly in the know.  He actually acted like he'd just been steam rolled and didn't know what direction to go in afterwards.  He had obviously gotten many calls from people like myself wondering, WHAT'S GOING ON?

I've never seen a title company go out of business.  Not even a fee office with 2 workers.  In this case, it's like Ford Motors in the auto industry size.  This company's parent company, Mercury, is literally 1/2 the size of Stewart Title, which IS the largest mortgage company in the nation.  SO this company is quite frankly the "IndyMac" of the title business.  Does that mean futures on other title companies are in jeopardy.  Absolutely.  If FNMA/FHHLC is nearly bankrupt, FHA is nearly solvent (by Dec supposedly), and banks like WAMU and Wachovia are near "no pulse, Doctor, call time of death..." we need to have EXPERTS handling this crisis rather than dems/reps trying to figure it out with a WIJI board.

I'm now going to blog about the bailout (supposedly) that legislation just passed without obviously reading the fine print.  Who comes up with this stuff.  Read that Blog FIRST!