Ya know what, I have realized that I had not memoralized my thoughts on this topic here. So here's a link to sombody that interviewed me 2 weeks ago: http://www.mortgageindustrytrends.net/liquidity_crises_alt_a_market you might find my thoughts interesting (as it relates to today's industry wide mess).

He was a bit shy to also mention that I said "first Drexel then Lehman are gonna be statistics pretty quick" as well. Both got too involved with our industry - like DLJ formerly did - (besides their main function of putting MBS's together). These two and a few others, bought mortgage operations, became warehouse lenders, etc ... generally in areas where they had no instincts or experience and then SURPRISE! (similar to the wrong DNA commercial bank reveal whenever they get involved in the subprime arena).