Another (large) nail in the coffin – by my friend Morgan Brown
by Tom on July 21, 2008
in Market Musings, banks
Almost 9 months to the day I penned the most-visited, most-commented article in Blown Mortgage’s (brief) history; Dead Man Walking – Wholesale Lending is Marching Towards Extinction. With Wachovia’s announcement today that they are exiting the wholesale market I have to say that unfortunately I was probably right.
Another (large) nail in the coffin – Wachovia closes wholesale.
While I’ve never actually met Morgan, we’ve talked quite a bit and e-mailed, IM’d and communicated in other electronic ways quite a bit through the last 12 months. I’ve learned a lot from him and as he says it, he was probably right.
I’d encourage you to go back and read what he wrote at www.blownmortgage.com on October 15, 2007. He knows what he’s talking about.
So, the question I’ll be writing about more is what’s the mortgage world going to be looking like going forward and how can Realtors, builders and their clients better prepare for it?
Keep in touch and let’s keep talking about it….
Tom Vanderwell
