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“After The Meltdown…”
By Sherman Ragland | October 16, 2007
In my presentation to over 457 DC-REIA members in August at our monthly DC-REIA Meeting.
Specifically, I spoke about what happens next for investors, AFTER THE MELTDOWN…
In my presentation, I spoke specifically about the coming housing meltdown in Frederick, Maryland and the opportunities for investors seeking “soon to be” foreclosure deals in Frederick, Maryland.
Many people sat in the room totally amazed that I would be so BOLD as to predict the MELTDOWN of the housing market in an entire town.
“Who the Hell Does he think he is…” was over heard in the hallways by a number of people who attended this session.
“Does he really believe he possesses some Crystal Ball??” Was overheard by someone else.
“NO!” I do not posesses a crystal ball, BUT I do know that Frederick, Maryland has one of the highest concentrations of workers in the mortgage loan industry in the country, outside of the Metropolitan New York Area.
So, it came as NO SURPRISE TO ME TODAY, when I got the following email from the Business Journal:
Tuesday, October 16, 2007 – 10:15 AM EDT
Lehman Bros. shuts down Md. mortgage company
Baltimore Business Journal – by Joe Coombs Contributor
The Gaithersburg division of a residential mortgage company is closing its doors and laying off 160 workers.
Aurora Loan Services LLC, owned by investment banking giant Lehman Bros. Holding Inc., specialized in mortgages that often featured no-money down options and didn’t adhere to stricter lending standards established by Fannie Mae and Freddie Mac. Lehman representatives could not be reached for comment, but the decision to shutter the Gaithersburg office was part of a broader strategy unveiled by Lehman in September that resulted in 850 layoffs.
Market conditions necessitated “a substantial reduction” in resources, according to a release issued by Lehman. Aurora filed a notice of the layoffs Sept. 7 with the Maryland Department of Labor, Licensing and Regulation.
In August, Lehman shut down its subprime lending unit BNC Mortgage LLC and eliminated 1,200 jobs worldwide.
This is just the beginning of the “beginning” for the workers in Frederick, Maryland, unfortunately.
You do not need a crystal ball to make money in this real estate thing – but you do need to pay attention.
Thanks for reading…
Until next time – “Go For The GOLD!“
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Tags: baltimore business journal, bizjournals, crystal ball, dcreia.com, foreclosure deals, frederick maryland, investors, joe coombs, lehman bros, md mortgage, meltdown, mortgage loan industry, reia, sherman ragland, what happens next
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