Yeah, Baby!

From the Orange County Business Journal: Closing Costs.

With radio ads still pitching potential borrowers, Wesley Hoaglund, owner of Lenox Financial Mortgage Corp. in Irvine, is hoping to survive a market where the number of home loans being made is about half of what it was a year ago.

Lenox hasn’t seen many foreclosures, Hoaglund said. But it recently foreclosed on a Moreno Valley home for which the borrower didn’t even make the first payment, he said.

Yeah, baby! Now, that's the money shot right there!

The house that initially sold for $460,000 has been declining in value and was last listed at $250,000, he said. After paying real estate agent fees, the house could bring a loss of about $150,000, he said.”

$150K loss on a single transaction within a month. Sweet!

Mortgage brokers—middlemen who generate loans funded by banks and other financiers—have seen a big chunk of their business go away in the past year. Some wonder if they’ll survive the downturn.

With brains like that, how could you possibly not survive?