Friday, July 06, 2007
Implode-O-Meter in the cross hairs
Since late 2006 followers of the US mortgage market have had the guilty pleasure of regular visits to the Mortgage Lender Implode-O-Meter, which has tracked the demise of dozens of companies connected to the mortgage lending business. In addition to well documented blow-ups, the site has been among the first to note when companies have laid folks off or closed their doors, sometimes receiving tips from customers or employees of the firms in question.
This being the US, where anything you say can and will be used against you in a civil lawsuit, the inevitable lawsuit against the site and its proprietor has been cast. Apparently the influence and market power of the Implode-O-Meter is so vast that it can send an otherwise well functioning company to its demise simply by putting it on its implosion list, or at least so claims the law suit by Loan Center of California, which I suspect would have imploded all on its own.
Defenders of free speech, lovers of the internet, consumers of mortgage industry gossip, and enemies of frivolous lawsuits should consider supporting the defendant.
This being the US, where anything you say can and will be used against you in a civil lawsuit, the inevitable lawsuit against the site and its proprietor has been cast. Apparently the influence and market power of the Implode-O-Meter is so vast that it can send an otherwise well functioning company to its demise simply by putting it on its implosion list, or at least so claims the law suit by Loan Center of California, which I suspect would have imploded all on its own.
Defenders of free speech, lovers of the internet, consumers of mortgage industry gossip, and enemies of frivolous lawsuits should consider supporting the defendant.
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