Mat Ishbia is on the cusp of becoming a billionaire at age 40

Robert J Sakimano wrote:yeah, good for him, I guess.. but not my scene.. kinda makes me nauseous, actually.

speak of overblown American opulence, do any of the local 517/East Lansing folks know what's up with the property that was Walnut Hills? I've been by there a few times on Lake Lansing Road and someone is building a freakin' mansion there.

IIRC, that’s another big time Spartan donor and friend of Tom’s. First name might be Steve. Can’t recall the last name, but it might start with St. or Van or close, but not Mc. Someone here will know.



Edit: Steve St. Andre. He went in with Ishbia to up Mel Tucker’s contract and keep him here.

GRR Spartan wrote:Ishbia has Billion$ and he isn’t the first uber-wealthy person in SE MI to build a massive estate in SE MI or even the state.  Names like Ford; more recently DeVos come to mind.  Lumber barons, copper barons, automotive, pharmaceutical founders,  their families and even professional athletes like Matt Stafford have built or bought over the top estates in MI for over 100 years.

It’s getting big coverage because Ishbia knocked the the former  local guy national mortgage king Dan Gilbert off his throne and Gilbert is calling in favors

It’s notably also not the first time ishbia has built a mega estate. He already lived in a 22,000 square ft home built in 2015. Now he’s knocking that down to be even more absurd. Fuck this dude.

Travis of the Cosmos wrote:

GRR Spartan wrote:Ishbia has Billion$ and he isn’t the first uber-wealthy person in SE MI to build a massive estate in SE MI or even the state.  Names like Ford; more recently DeVos come to mind.  Lumber barons, copper barons, automotive, pharmaceutical founders,  their families and even professional athletes like Matt Stafford have built or bought over the top estates in MI for over 100 years.

It’s getting big coverage because Ishbia knocked the the former  local guy national mortgage king Dan Gilbert off his throne and Gilbert is calling in favors

It’s notably also not the first time ishbia has built a mega estate. He already lived in a 22,000 square ft home built in 2015. Now he’s knocking that down to be even more absurd. Fuck this dude.

Yeah, I’m with you. I get that someone with his money needs security, but come on.

The mortgage business isn’t the friendly savings and loan, credit union or home town bank anymore. It’s been cut throat highly competitive business for over 2 decades where your mortgage is often bundled and sold within a month of closing.

From speaking to a few people who worked for Dan Gilbert’s Rocket Mortgage what Ishbia is being accused of is no different than what Rocket and other mortgage giants do selling their mortgages.

Don’t lose sight that Dan Gilbert is in the midst re-engineering his public persona and has earned some favors for fronting the money for the new Wayne County Jail and other redevelopment projects in Detroit.

He’s also a tough businessman and competitor. Gilbert is in what’s turned into a very personal battle with Matt Ishbia for the top spot in home mortgages nationally.

Right now the winners will be lawyers.

DWags wrote:Ishbia being sued for Racketeering

Nobody ever became a billionaire without being a dick

https://therealdeal.com/national/2024/04/04/hedge-fund-shorts-united-wholesale-mortgage/

If this stuff is true it might be more than a case of being a jerk.

https://hntrbrk.com/uwm/

Turtleneck wrote:

DWags wrote:Ishbia being sued for Racketeering

Nobody ever became a billionaire without being a dick

https://therealdeal.com/national/2024/04/04/hedge-fund-shorts-united-wholesale-mortgage/

If this stuff is true it might be more than a case of being a jerk.

https://hntrbrk.com/uwm/

Might be true but seeing the same investor group releases a report put together by an affiliate that throws shade at UWS, shorts its UWS position and goes long on Rocket Mortgage raises an eyebrow.

I am not going to pretend I understand financial markets, but if Hunterbrook was colluding with Rocket Mortgage, would it do so in such a public manner? While the report's methodology section seems strong, you're right. Eyebrows have been raised. Another thing you're right about is that this is a lawyer's dream.

News-powered hedge fund raises $100mn to trade on reporters’ scoops
https://www.ft.com/content/38bc7834-10fe-4510-956b-272daf99ad3b

Turtleneck wrote:

DWags wrote:Ishbia being sued for Racketeering

Nobody ever became a billionaire without being a dick

https://therealdeal.com/national/2024/04/04/hedge-fund-shorts-united-wholesale-mortgage/

If this stuff is true it might be more than a case of being a jerk.

https://hntrbrk.com/uwm/

Interesting read.  My guess is WMM will be sued in a class action lawsuit and have to payback some the closing costs. Some people will get $12 checks and lawyers will make a bunch of money.

WMM will get slap on the wrist, maybe some new regs get put in place. A bunch of brokers will lose their jobs and Mat will be riding go karts around his new compound with the 2025 NCAA Championship team.

Does it matter? It’s his toy now, he can do with it as he pleases.

Motown Spartan wrote:Does it matter? It’s his toy now, he can do with it as he pleases.

Fine by me, as long as the Richie Richsters who own the Detroit pro teams don’t take this approach.

tGreenWay wrote:

Motown Spartan wrote:Does it matter? It’s his toy now, he can do with it as he pleases.

Fine by me, as long as the Richie Richsters who own the Detroit pro teams don’t take this approach.

They already have been. There is a reason the Lions sucked so bad for so long. Pistons guy now?