“Even before this mortgage mess started, one person kept emailing me over and over saying that this is going to get real bad. He kept saying this was beyond sub-prime, beyond low FICO scores, beyond Alt-A and beyond the imagination of most pundits, politicians and the press. When I asked him why somebody from inside the industry would be so emphatically sounding the siren, he said, “Somebody’s got to warn people.”
This was the beginning of Herb Greenberg’s blog and is one of the more sobering looks at the industry. Although a little long, it is a must read. It has a detailed description from twenty year mortgage veteran Mark Hanson. He ends the blog with this:
What I am telling you is not speculation. I sold BILLIONS of these very loans over the past five years.
Read More……
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