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Tuesday, March 24, 2009 8:03:29 PM
I do residential mortgage loans. I live in Seattle. I worked with borrowers and brought loans to WAMU.
Subprime loans are not always a bad idea. Packaging them into bonds and rating them too high is. Let's not throw the baby out with the bath water unless you really don't like babies.
I mean, home ownership went up. Foreclosures are a good way to keep borrowers, appraisers, banks, mortgage lenders and real estate agents honest. I have made money on short sales. But the issue is the Wall Street greed machine that ran amuck for years. I got into commercial lending nationally and internationally. I talked with many of these self-absorbed lending agents. Mostly lies, smoke screen and variations on b.s. is what I got trying to talk sense to lending agents.
I worked on a refi for a couple very large homes on Long Island in '07. They didn't go through but I was told to get the loan in and it would be packaged and sent out within days to the bond makers, np.
So, I heard and saw the process in it's prime. Not a good thing. Again, subprime residential mortgages must and will come back, even the FHA is a type of subprime. It's the guys who go up the ladder and want more and more and more that invented the exotic derivatives that really took us, and many international investors down. I worked on originating a derivative for a client for about 3 months, not knowing exactly what I was doing. I learned from a few more experienced guys that thin ice is not something they tread on. Wrapping this up, I suggest that we go with the new idea from the Fed and the Treasury about a new watch dog bureau that can move quickly. Luckily there is already a new clearing house for derivatives that was recently set up.
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