The number of mortgage lenders that are in trouble, largely because of the risky home loans they approved, is nearing 300.
That’s the count according to The Mortgage Lender Implode-O-Meter.
The online upstart is featured today in the New York Times, which calls the Implode-O-Meter "a sort of Gawker
of the subprime world," and notes that it has caught the attention of lenders, who want to make sure their companies’ names stay off the imploded list.
To be fair, the site also tracks the top "non-imploded" lenders.
And it also offers readers banking bust news and commentary.
The Implode-O-Meter, according to the story, is the brainchild of Aaron Krowne, a computer scientist, mathematician and former researcher at Emory University in Atlanta. He started the site in 2007, believing that the troubles in the housing market, and by extension the mortgage industry, would worsen.
Too bad for home buyers and lenders who have taken real-estate related hits, but congrats to Krowne for his financial prescience and entrepreneurial spirit.
