Student Loan Consolidation

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American Home Mortgage is clinging to life, but its time will come. And when it does, it will join a very long list of failed mortgage lenders. The Implode-O-Meter blog, one of our favorites for news on the mortgage industry, now counts 105 lenders that have imploded.

While we’re at it, we also want to express our support for The Implode-O-Meter, and Aaron Krowne, in their current legal battle. Loan Center of California sued The Implode-O-Meter in May, alleging that an e-mail posted on the blog in April caused such damage to the company that two of its major sources of funding -- Credite Suisse and Washington Mutual -- withdrew nearly $4 million in funding.

Aaron fears that the lawsuit could embolden powerful interests to attack blogs that dare to challenge them. If the lawsuit succeeds, he writes, ‘Major corporations could interpret this as ‘open season’ on bloggers and other conversants who criticize their companies (irrespective of merit).

This is from Blown Mortgage’s coverage of the lawsuit and its importance: ‘The whistle blower has always had the tough road. Few people believe them at first; then come threats, lawsuits, illegal discrimination and pressure brought to bear on friends and family. It is no different with blogs. ML-Implode has chosen to shine a bright light on the mortgage industry and it makes those in the light uncomfortable. They react to this unwanted attention by attempting to shut down the light - to shut down the whistle blower through any and all means. The law and precedents set have ensured that whistle blowers are protected. It is vital to the progress of public discourse that bloggers are afforded the same protection.’

Thoughts? Comments?