Subprime Sinkhole
22 Nov 2007 / Hostile Witness
The rising tide of the mortgage industry lifted some pretty spurious boats here in Orange County, so it’s fun now to watch the subprime sinkhole laying them low.
Example: John Lynch, the “surfing banker,” executive VP of Secured Funding Corp., specialists in home equity loans and second mortgages to people with bad credit.
I had this guy pegged as a moron years ago, around the same time OC Metro ran a fawning blowjob of a profile on him:
For the foreseeable future, he will continue as a master of both the surfboard and the boardroom — plus anything else that he decides to do.
Well, that was then and this is now:
The party is over in Orange County. These days, Secured Funding’s once-buzzing office building in Costa Mesa, near John Wayne Airport, is gutted.
The imprint of “Secured Funding” is all that remains of the corporate logo that once graced the outside of the two-story building. Above it is a “For Lease” sign advertising the 82,333-square-foot (7,649-square-meter) building.
Lynch was so, so chatty with the press in 2004. What does he have to say now?
Neither [Lorne] Lahodny nor his partner in Secured, John Lynch, responded to messages left by phone and in person at their offices.
