Comments on: Breaking News: Lender with 9 Local Branches Can’t Fund Loans, Ordered to Cease and Desist

By: Not Feeling Sorry

Not Feeling Sorry — Mon, 18 Aug 2008 16:26:55 +0000

From what I hear, there were several employees that felt fraudulent activity was taking place and tried bringing it to management’s attention to try and stop it. But at that time money was flowing in and executives didn’t seem to think the loans would ever come back to haunt them. All of a sudden, they ended up with a handfull of bad loan buy backs, and ran into a cash liquidity crisis and couldn’t figure out how to pull themselves out!

By: Screwed Employees

Screwed Employees — Sat, 28 Jun 2008 02:18:27 +0000

What’s really sad, is all employees have not been paid their wages and are told they never will be. Also, they have no COBRA benefits either. Hopefully, the shareholders can be held liable for the employees due wages!!!!!!!!!!!!!!!!!!!!!!!!!!!! They are working very hard to cover their personal butts!!!!!

By: rmf

rmf — Mon, 14 Apr 2008 15:37:19 +0000

first of all they were not mortgage “bankers” they were brokers. Second they were far from faithful & honest, they had the same practices as all the other brokers, they may have been better snake oil salesmen which allowed them to survive longer than the others. Back to selling used cars folks, the show is over!

By: kjh

kjh — Sat, 12 Apr 2008 03:54:57 +0000

this is or was one of the only true faithful & honest mortgage bankers out there and that is why they made it through 2006-2007 & were still profitable. these comments appear to be from competitors who couldn’t compete and possibly “jealous” of what Alvin had accomplished!
Per my contacts, the loans that fell into this mishap are still closing, if not closed already.

By: Jimbo

Jimbo — Wed, 09 Apr 2008 17:46:36 +0000

These guys are crooks and try to throw loans back onto hard working brokers!!! Now we know why, they were broke and desperate!!!