S Lundgren

Bankrate Shares Sag On Weak Print Biz, But Analysts Still Glowing

Mortgage Industry Producing Lots of Unemployed****Thanks in part to Bankrate****


I’ve written quite a bit about the nations biggest and best banks sending tens of thousands of jobs overseas; Citigroup 26,500, Washington Mutual 10,000, New Century 6,500 and American Home Mortgage 6,250. But there are hundreds smaller companies involved in the mortgage industry that are closing or belling up to the bankruptcy bar.

Some of the following names haves no numbers attached, Mortgage Lenders Network USA laid off 80% of their staff or 1,440 in January.
see the huge list at thingrayline.blogspot.......

So the following is a lists of the ones that I have been able to come across. From The Truth About Mortgage.com:

Move.com which operates property-search and other real estate Web sites including Realtor.com, on Thursday reported a $3.5 million loss in net income applicable to common stockholders during the second quarter, a result of the sluggish housing market and credit problems.


In fact, on May 2, 2007 during its First Quarter 2007 Earnings Call, Bankrate's President and CEO, Thomas R. Evans, stated as follows:

"One of the things that is a tremendous gating item for us, we believe is
in terms of competition, and barriers for competition, is how does anybody
else break into this, if we have tied up all the best newspaper relations,
the best co-brand relationships and we've got a dynamic organic traffic
website. How does anybody else get into this business and compete with
Bankrate?"

Sounds like a Monopoly : exclusive control of a commodity or SERVICE in a particular market, or a control that makes possible the manipulation of prices.