Mortgage Banking: The Truth Behind Buybacks
For those of you who have been in the mortgage industry for longer than we all care to remember, you, too, have experienced the various stages of "truths." This is true when it comes to industry performance, as well as how new ideas are regarded before they become the norm. For those with less experience, you may have been surprised by the recent credit crisis. However, in some ways, it is just history repeating itself.
It is from this historical perspective - over the last 30 years - that I would like to explore the three stages of truth in the lending industry, and why today's investor repurchases are yet another link in the circle of lending.