This industry correction's getting really UGLY

I was sad last month when my 42 year long friend Paul and his MLSG Home Loans (Reno) wholesale company went under; last week my 20+ year long buddy Jim, got canned by Thomson Media (his New York employer of 25 years), and just yesterday my buddy Bart tells me he thinks his 35+ year old mortgage training school (Orange County) may yet become a statistic also! I'm sure most of you have had experiences like these lately with many people you know in the industry as well, but these particular 3 guys I know pretty well and they're not amateurs, nor are they poor businessmen either - the collateral damage is getting seriously ugly out there. Having been an eye witness to the last four industry corrections, I initially predicted this one was gonna be real bad, but not as bad as the one in 1988 - when most of the investor/buyers of residential mortgage loans ALL went under, as did most of the pmi companies - but I feel I was likely incorrect in my original assesment of the ugly degree this 'correction' will reach ... looks like you can't even gird your own loins and make it through!


I do have some happy news; my brother's daughter Acacia is recovering nicely from her double lung transplant last month - yes, of course it's up and down, but looks like she's out of the woods now -- hoooray!