If you get no response there, you can check with the title company and pull a property profile. The “chain of title” should be evident there.

I’m sure SouthStar sold loans to multiple investors and they in turn may have done the same. Chasing the rabbit down that hole will take you the long way to the answer.

Good luck and thanks for stopping by!

Good blog here - and long, too.

Give me a call, I’ve left you a VM, let’s talk when you can.

2 items:
* the first is by referral as you know…
* the 2nd is for a spot on our Radion show - the Realty Report. I’d like to have a segment on the shake-up esp. with First Magnus and CW in the news of late; could use your insider opinion.

Best to you!
TM

The SouthStar you worked for wouldn’t tolerate your arrogant, ivory tower mentality and condescending attitude toward the clients that covered your paychecks. The SouthStar you worked for actually used its brain and approved deals that made sense in reality even though you did your best to find the loophole that would let you justify killing a deal. You’re like leftover chinese food, Stevie–definitely “in the box”. If Kirk Smith started another company tomorrow, hundreds of people would leave their job in a heartbeat for the opportunity to work for a man of compassion and character like that.

I have one piece of advice for people such as yourself–a challenging and rewarding career in the janitorial services industry.

Mark

Would throw away good appraisal reviews that didn´t agree with a bad appraisal and keep bad appraisal reviews that agreed with a bad appraisal.

Had a Secondary Dept. that cared more about pushing NINA´s SISA´s and other useless loan products with stupid anacronyms and a repurchase resolution dept. that wasn´t competent enough to resolve the huge amount of repurchases that all of those products accumilated.

Would discard a borrower´s tax returns that didn´t show enough income and switch the program for the loan to “stated” to approve the loan.

Would tell a broker, “Well, it´s a stated income loan but a new debt showed up on the borrower´s credit report and now his DTI is too high. Do you think the borrower could “state” more income?”.

Had underwriters that would think they were sooo clever because they approved a loan that was “bad” but no one would ever know (after all, their bonuses were based on the amount of loans they approved, not how many they declined).

Would hire A/E´s who could never understand that their employer was SouthStar and not the broker. Therefore they would never look after SouthStar´s best interests.

Would incessantly remind their employees that they were provided with month-end lunches and a company paid trip (especially when an employee had to leave work at 5pm for a reason such as picking a child up at daycare or some other “stupid” reason like that).

Would provide a company trip so you could spend more time with the same people that you already spent most of your waking hours with anyway. For most employees, it was too expensive to bring their spouse ($1K+ for basically two full days) or hire a baby sitter for the long weekend. The company trips never were family oriented, unless your only family was SouthStar.

Oh yeah, it´s really a little humorous that you guys blame Wall St. for SouthStar closing. SouthStar did it to themselves. Wall St. has always been a bunch of SOB´s ever since they screwed the subprime companies back in 1997. There´s no sense getting mad at Wall St. for putting a subprime company out of business just like there´s no sense getting mad at a dog pissing on a fire hydrant….they´re just doing what comes naturally. SouthStar should´ve been minding the store better, like the subprime companies that are still in business.

Someone mentioned that SouthStar looked like a “pork chop” to the Wall St. companies. I suspect that SouthStar actually looked more like a floater in a toliet bowl and Wall St. realized they better grab what they could before it sank. After all, SouthStar didn´t accumilate $30MM (I believe I recall reading that amount somewhere?) in repurchases requests in one month and they were probably in default contractually. Considering the shaky ground SouthStar obviously was on, it sounds like the Wall St. made the right business decision.

SouthStar was the most hypocritical company I have ever been associated with. They claimed, they yelled, they screamed “we´re different…..we love our employees…..our brokers are our partners”. What a load of crap! Of the 100+ companies that have gone under this year, none have deserved it more than SouthStar Funding, LLC.

Oh yeah, as far as people who post on here staying anonymous, we all know most SouthStar employees..ummm…ex-employees…can´t handle critism like adults. You can go over to the Implode-o-Meter website and see what happens when their cult/former employer is critized.

SouthStar, It´s Always Personal

Regards,
Mark