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Loan Industry Whiners Using Goon Squad to Squelch Free Speech?



August 09, 2007 – Comments (2)

Sure looks like that's what's going on at the Mortgage lender Implode-o-meter. They got a couple tips on a reportedly iffy mortgage lender that seemed to check out, posted the anonymous, claimed whistle-blower email, and when contacted by the whiny lender, offered to publish their side of the story, and even then retracted the entire thing.

Not enough, goes their side of the story, and the california whiners sued them anyway. A Cali judge (no surprise) seems not to realize just how chilling this kind of action can be, and refused an early dismissal.

Shutting down ML IOM would be a great victory for the greasy home-lending industry that has put America into its current iffy economic state, but it would be a shame, because this home-grown site -- a brief look will show you that this is a hobbyists work -- has been one of the few places that the public could get a glimpse of the depth and breadth of the problems that were bearing down on lenders, borrowers, debt-swappers, and the U.S. economy.

I know how expensive and time consuming frivilous lawsuits like this can be, as I've seen them happen. Being right, and all the 1st ammendment protections in the world don't matter in a legal system where the goal is simply to bludgeon the opponent with enough big legal bills to get them to stop reporting.

Aaron Krowne, who runs the implode-o-meter, seems to have made a couple of errors that are making this situation nasty. The first is that he purchased fliptard Casey Serin's site, Though one could argue that getting that silly narcissist off the Net was a public service, I doubt the site is worth the price he paid up front. That money could have been used for this legal defense.

The other is making the mistake of trying to discuss the crummy businesses of the USA. When cornered, these jokers bite.

I don't know all the details here, so there may be something more to the mortgage lenders' complaints, but from what little I've seen, this sure doesn't look like a sueing offense.

If anyone wants to put a few bucks in the tip jar to help Krowne and ML IOM fend off the dogs, here's the link, with IOM's side of the story. I'll be sending something.

2 Comments – Post Your Own

#1) On August 09, 2007 at 11:38 AM, billddrummer (39.17) wrote:

I use the Implode-o-meter on a daily basis, since I'm in the banking business.  I also have some personal experience with a couple of the lenders that have gone down recently--I worked for Aegis Mortgage (gone), nearly went to work for MLSG (gone) and sent deals to AHM (gone) when I was a loan officer at another mortgage company.  It's fitting that the industry is having such a wrenching fall from grace.  Greed and stupidity have long legs in the USA.

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#2) On April 05, 2010 at 10:36 AM, AmandaG33 (< 20) wrote:

It is always nice to read some article which were written before the world wide crisis had actually started. It is pity that our government understood all loan problems only when we were in deep hole. But what can we do about it? Everything we can - just talk and analyze what would been if... But it will give use zero results. I mean there is no point in discussing it now. I hope that we will avoid such mistakes in the future. Thanks for the great article by the way. Keep writing them in the same way in the future too.
Regards, Amanda Gillson from installment loans for bad credit website 

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