Released: July 08, 2008

Loan pains turn site into a hit

Source: Louise Story, NY Times (Free Registration)

The misery in the housing market is registering on the Implode-O-Meter.

Implode-O-Meter’s page experienced a surge in traffic as mortgage problems deepened.

As millions of homeowners fall behind on their mortgages, a fledging Web site called the Mortgage Lender Implode-O-Meter is gleefully tallying the number of lenders that run into trouble too. On Monday, the count was 265 — and rising.

With its tongue-in-cheek tone and running lists of the “imploded” and the merely “ailing,” the Implode-O-Meter has become a sort of Gawker of the subprime world. At a recent Mortgage Bankers Association conference, a speaker addressed what has become a hot topic among lenders: how to keep your company’s name off the site.

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