Don't Glow in the Dark
I know it's Sunday ... just leaving for breakfast and to check out the new movie Vantage Point, trailer looks exciting, we'll see through.
Far as the residential mortgage training & education business is concerned, it's DEAD - if you check out that link you'll see one of my own favoriute terms - one I use frequently to friends and family in my real world life.
As I was leaving my last 'test' with the nuclear medicine folks, the tech told me I would be radioactive for 60 hours! The results from all of them, I should hear more about this Thursday at my next doctor appointment; whatever's up with all these tests (inside the suspicious mind of my primarty care physician) I'm sure it's not more Cancer. That ship saled almost 10 years ago now.
Far as the residential mortgage training & education business is concerned, it's DEAD - if you check out that link you'll see one of my own favoriute terms - one I use frequently to friends and family in my real world life.
As I was leaving my last 'test' with the nuclear medicine folks, the tech told me I would be radioactive for 60 hours! The results from all of them, I should hear more about this Thursday at my next doctor appointment; whatever's up with all these tests (inside the suspicious mind of my primarty care physician) I'm sure it's not more Cancer. That ship saled almost 10 years ago now.
posted by Secret! at 10:01 AM
2 Comments:
I think that the whole industry is dead.
Values keep falling, equity keeps shrinking, UW gets tighter, investors demand higher risk premiums (which is what I suspect happened last week).
My buddy went slummin' the other day (that is what we call one of the major industry forums). Seems like most folks there are lucky to approve ONE in ten to fifteen apps: YIKES! Their marketing costs are eating them alive and all seem to be crying about BoA's low rates.
I think that it is going to get worse (and you follow the Case/Schiller-much much worse) before it gets better.
I just read today that the Gov-enator appropriated millions to retrain former mtg employees....
In all seriousness Mr. Cugno, how long until we can all get back to doing loans?
-the anonymous guy (real name is leo)
Thanks for the comments leo, I appreciate your continued interest in my Blog.
..."getting back to doing loans?" in this context, I think you mean to resume doing the sorts of loans you did during the 8-98 to 12-05 industry cycle. That answer is ... NEVER again.
In our coming March 1st edition of The Mortgageland Journal (which I trust we send to you), I talk quite a lot about what was new during that cycle period, what's now gone and going, from those times - and what's happening right now and ahead, during this industry cycle ... be sure you take a close look at it.
Things are different from your memory (if you started in our business during that last cycle), it's now time to adapt to change :-}
Thanks again for your remarks.
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