What our industry faces this next 8 to ten months will get really ugly... it's aleady starting. At this point in the residential real estate mortgage loan 'cycle' - wholesale funding sources historically fail at an alarming rate, along with originators (mortgage brokers and loan officers) being killed by the shrapnel - all of which usually results in a great deal of over-reactions and finger-pointing by many. The 'fall out' from this mess, each time during the last 3 cycles I have watched, always improves the industry; they'll be new regulations, more restrictions on who can do what, and a new way to do many things. The professionalizm level will be enhanced, a badly needed effect ... so that's good news.

The folks that make this a career, end up being eager for the riff-raff to go by the way-side (as I do), and for more clarity in lending to be the order of the day. But, like "they" say, this too shall pass.