Star-Tribune on Centennial Mortgage & Funding

by Alex Stenback on March 29, 2008

Jim Buchta provides some additional color to the story we broke right here yesterday:

Bill Walsh said that such orders, issued in this case for what he calls "substantial financial problems," are unusual for a company this size…in 2006, the latest year for which data was available, Centennial closed 1,828 mortgages.

We’d like to re-iterate the call for any borrowers, employees, (or anyone else) who’ve been impacted by this shutdown, or have direct knowledge of the goings on to contact us via email, or in the comments below.

{ 2 comments… read them below or add one }

Chuck March 29, 2008 at 4:25 pm

From the StarTrib

“Never have they been in an environment where interest rates are 5.5 percent and residential home building is not rising,” Weaver said.” (Pam Perri Weaver, executive vice president for the Builders Association of Minnesota.)

Very slick attempt at a fake-out there by Ms. Weaver.

Wise consumers should be aware by now that home prices and lending during 2002-2007 were driven by “balloon” loan terms (Interest-Only, Option ARM, Negative Amortization loans), irrespective of loan rates.

Prices will fall to 2001 levels. Be patient.

TXBROKER April 1, 2008 at 9:47 am

Right on Chuck,
Balloon loans are exactly what have caused our Mortgage crisis. Getting instant gratification will only hurt you in the long run. Don’t people understand that?

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