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QuiggleMe

QuiggleMe
Political, Social, and Economic Commentary - Recent focus on sub-prime lending debacle written by an ex-employee of New Century Mortgage Corporation. Incredibly insightful and gut-wretchingly honest blog...

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Articles

Back from haitus…
2008-02-14 19:30:00
For those of you who have read my humble writings before, I’m back. I have not posted anything for maybe six months now. During that time I’ve watched as housing and credit markets continued their long slide into the great unknown. Which brings me to why I have decided to pick up the keyboard and start ...
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Revised 2007 Year End Projections
2007-06-12 18:04:00
In a previous post I made some predictions regarding the housing bubble and its overall effects on the US economy. This post continues on that theme with some minor adjustments to my prior projections. First, for anyone who doubts the US is now facing the greatest challenge to both its economic and social stability in decades, you need ...
More About: Year , Projection

Maui Real Estate - A market to watch…
2007-06-04 21:43:00
I just returned after sixteen days on Maui chasing wind and looking at real estate. The wind by the way was awesome, as always, and I even got my back-loops wired on my foilboard. For those of you who have not read my profile I’m big into wind and ocean sports, mainly kitesurfing and foilboarding. Maui ...
More About: Estate , Real Estate , Market , Real

“There’s a sucker born every minute…”
2007-06-03 20:16:00
“There’s a sucker born every minute”, was a phrase supposedly coined by P.T. Barnum, the American circus mogul. In reality it was originally uttered by Barnum’s competitor, David Hannum, a New York banker turned showman. Hannum made the prophetic statement after Barnum had successfully convinced the media that a ‘giant human fossil’ Hannum had previously unveiled ...
More About: Minute

“There’s a sucker born every minute…”
2007-06-03 20:16:00
“There ’s a sucker born every minute”, was a phrase supposedly coined by P.T. Barnum, the American circus mogul. In reality it was originally uttered by Barnum’s competitor, David Hannum, a New York banker turned showman. Hannum made the prophetic statement after Barnum had successfully convinced the media that a ‘giant human fossil’ Hannum had previously unveiled ...
More About: Suck , Minute

RebelDiesel.com
2007-05-12 22:48:00
Come visit our biodiesel site to learn about the new revolution…

Housing Bubble - 2007 Year End Projections and Beyond
2007-05-08 17:57:00
So far I have been one hundred percent accurate in my predictions for the subprime lending industry, its effect on the housing market and its fallout into other economic sectors. And it didn’t take an MBA or PHD in economics to see it coming. As I sit back and watch the unwinding of what will become ...
More About: Housing Bubble , Housing , Beyond , Sing , Bubble

BioDiesel - Coming to a station near you - Part 2
2007-05-03 02:13:00
Well, I ’m on my way to becoming the first retail biodiesel station in Orange County. My Freedom Fueler is on order and should be delivered the week of May 7th. We’ve found a temporary home for the unit in a place to remain undisclosed for now. We have to fly under the ...
More About: Biodiesel , Station , Part , Stat , Ming

BioDiesel - Coming to a station near you - Part 2
2007-05-02 20:37:00
Well, I’m on my way to becoming the first retail biodiesel station in Orange County. My Freedom Fueler is on order and should be delivered the week of May 7th. We’ve found a temporary home for the unit in a place to remain undisclosed for now. We have to fly under the radar until we ...
More About: Biodiesel , Station , Part , Stat , Ming

Bio Diesel - Coming to a station near you…
2007-05-01 17:20:00
This is the first post in a series that will track my efforts in launching the first retail Bio Dies el fueling station in Orange County, California. To give you a little history on who I am and how I decided to bring biodiesel to market here in the OC I should start with this blog. I launched QuiggleMe.com about ...
More About: Station , Stat , Ming

Housing Bubble and Baja California
2007-04-30 17:43:00
Trust me - if you’re tracking the US housing bubble you’ll want to read this. In the winter of 2001 my wife Jeanine and I took our annual trips over Thanksgiving and Christmas down to Los Barriles, Baja California . For those of you lacking Google Earth, Los Barriles is located south of La Paz and north ...
More About: Housing Bubble , Housing , Bubble

US Housing Bubble - Shocking Ties To Baja California
2007-04-30 17:43:00
Trust me - if you’re tracking the US housing bubble you’ll want to read this. In the winter of 2001 my wife Jeanine and I took our annual trips over Thanksgiving and Christmas down to Los Barriles, Baja Cali fornia . For those of you lacking Google Earth, Los Barriles is located south of La Paz and north ...
More About: Housing Bubble , Housing , Sing

New Century Mortgage - Nice Guys Finish Last - Part 4…
2007-04-29 19:47:00
I wrote the preceding three posts to shed some light on what types of individuals gravitated toward subprime lending as it grew within the mortgage industry. Simply put, all types of people were lured by the potential profits of high risk lending. Some of them were complete industry outsiders. Some of them came from conventional lending backgrounds and saw subprime as a ...
More About: Mortgage , Guys , Part , Nice , Gage

US Housing Bubble and New Century Mortgage - Part 4
2007-04-29 19:47:00
I wrote the preceding three posts to shed some light on what types of individuals gravitated toward subprime lending as it grew within the mortgage industry. Simply put, all types of people were lured by the potential profits of high risk lending. Some of them were complete industry outsiders. Some of them came from conventional lending backgrounds and saw subprime as a ...
More About: Housing Bubble , Mortgage , Housing , Part , Bubble

US Housing Bubble and New Century Mortgage Part 3
2007-04-28 19:25:00
I had left my position at my friend’s company whose focus was second mortgages and took a consulting position with another start up mortgage company. The company was being formed by a young guy who I had actually gotten to know through my business partners in the mortgage company I had owned a few years ...
More About: Housing Bubble , Mortgage , Housing , Part , Part 3

New Century Mortgage: Nice Guys Finish Last Part 3…
2007-04-28 19:25:00
I had left my position at my friend’s company whose focus was second mortgages and took a consulting position with another start up mortgage company. The company was being formed by a young guy who I had actually gotten to know through my business partners in the mortgage company I had owned a few years ...
More About: Mortgage , Guys , Part , Nice , Part 3

US Housing Bubble and New Century Mortgage - Part 2
2007-04-28 18:36:00
Two other cases where I had involvement during the start up phases of a mortgage company, one directly and one as an observer, raise some issues regarding just what it is some of these companies are motivated by. One company where I was merely an observer has become wildly successful as the largest independently owned funder of ...
More About: Housing Bubble , Mortgage , Housing , Part , Bubble

New Century Mortgage: Nice Guys Finish Last Part 2…
2007-04-28 18:36:00
Two other cases where I had involvement during the start up phases of a mortgage company, one directly and one as an observer, raise some issues regarding just what it is some of these companies are motivated by. One company where I was merely an observer has become wildly successful as the largest independently owned funder of ...
More About: Mortgage , Guys , Part , Nice , Gage

New Century Mortgage - Nice Guys Finish Last - Part One…
2007-04-28 17:21:00
I can honestly look my fifteen year old son in the eye and tell him I have never done a fraudulent loan in my entire lending career.** I can honestly tell him that I never sacrificed my morals or ethics when it has come to my professional life. Simultaneously, I would also tell him that ...
More About: Mortgage , Guys , Part , Nice , Gage

US Housing Bubble and New Century Mortgage - Part 1
2007-04-28 17:21:00
I can honestly look my fifteen year old son in the eye and tell him I have never done a fraudulent loan in my entire lending career.** I can honestly tell him that I never sacrificed my morals or ethics when it has come to my professional life. Simultaneously, I would also tell him that ...
More About: Housing Bubble , Mortgage , Housing , Part , Bubble

WAMU At It Again - Turning Homes Into Credit Cards…
2007-04-26 17:52:00
Below is an excerpt from an AP article on Forbes.com regarding a new ‘All-In-One’ product from WAMU. The mortgage enables borrowers to skip the hassles of refinancing to take advantage of fluctuating rates and also to take out ‘automatic’ HELOC’s once again turning their house into a veritable credit card. Yippee! They finally did it! Now I can make irresponsible decisions and charge it to my house easier than ever! On the surface this product may appear to offer some advantages to people who want to take advantage of interest rate fluctuations that fall in their favor. However, I guarantee you the product will be used like a credit card and nothing more. Given the time that it takes to bring a product like this to market we can also assume that it has been in the works for quite some time - like, during the madness of the equity-based lifestyle. My question is this - Why doesn’t WAMU come out with a loan that locks in at a mar...
More About: Credit , Edit , Homes , Credit Card , Again

New Century Paying For Silence Of Top Reps?
2007-04-26 17:14:00
I’ve heard directly from sources at New Century that top Account Executives have been retained on hefty salary guarantees as New Century rides out their BK. On the surface this may seem like a benign move on New Century’s part designed to maintain market share as they emerge from bankruptcy. This notion would be plausible if New Century was still conducting business funding mortgages. However, they are not. A more plausible reason in this environment to pay substantial guarantees to your top Account Executives while they interview for other jobs or simply take time off is keep them close to the vest. Keep your friends close and your enemies closer. Some of these Account Executives could crucify New Century management should they be put on a witness stand. Simultaneously they may also incriminate themselves, but either way I believe New Century counsel would be advising management to keep these people on and motivate their silence with cash. I would even go ...
More About: Silence

SubPrime Lending - Real stories from the front line…
2007-04-25 17:21:00
When I first started in this business about twenty years ago there was a definite amount of respectability across the board in the industry. My position as a loan officer for a major savings and loan was viewed in large part as a professional endeavor. Borrowers were respectful of lending guidelines and of my position relative to their having access to information and loan product in general. Mortgage brokers were thankful for the service provided by lenders in the issuance of mortgage product for their clients. All in all it was an industry where all parties involved respected each other’s roles and a general sense of continuity existed in the dynamic that was the real estate lending industry. Then subprime lending came along. I have written extensively in this blog regarding the outright demise of a respectable business in the wake of subprime and every day I am reminded of the virus it brought - and not just to me, but to you, and your neighbor, and our housing ma...
More About: Stories , Tories , Stor , Real , Ending

My first tank of Bio Diesel
2007-04-24 20:23:00
It’s official - I’ve got my first tank of bio diesel being delivered to my house in Seal Beach tomorrow. I’m going to top off my tank with some veggie oil refined to burn in my Cummins 5.9L and say ‘adios cavron’ to the oil nipple. I can’t wait… I’m exploring investing in a bio diesel distribution business. I think the timing is perfect. I’ll keep you posted on the progress… Below are some shots of the RAM in action and some other fun down in Baja, namely my gorgeous wife Jeanine - who at forty-four years old is still rockin’. This winter, our plan is to drive the entire Baja peninsula completely on bio diesel refined by yours truly on the trip.
More About: Diesel , Tank , First , Dies

More Desperate Borrowers - When it rains it pours…
2007-04-24 18:35:00
Now I am receiving inquiries from borrowers knowingly wishing to borrower more than their home is worth. I had received a few of these over the last few days where the borrowers were unaware that their values had declined below their original purchase prices. Last night I received two inquiries where the borrowers were well ...
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