This just in from Blown Mortgage.[1]
I wrote a year ago about the site, Mortgage Lender Implode-O-Meter, being sued by a mortgage company for damages allegedly tied to the company’s listing on the site’s imploded lender list. The claims were fanciful, with the lender claiming that their bank accounts had been drained by institutional warehouse lenders and other sorts of malarky that made the suit look exactly as it was: an attempt to simply shut-up the good folks at Implode by a brute force legal battle where they figured to have the upper-hand in capital to silence the critics.
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I urge you to support Implode and the people there who have become the preeminent information source on the industry meltdown in their goal to uncover and bright to light the ridiculous systems and schemes that were set up to generate millions of dollars during the boom from unsuspecting (or suspecting) participants. Please give whatever you can. Free speach is our most basic right, and ensuring that the industry is reformed is the only way to keep another housing-fueled meltdown from bringing this country to its knees again.
[1]: "Bloggers Under Attack - Part 2", by Morgan, Blown Mortgage, December 3, 2008.
